Global Wax Market Overview 2024-2029
The global wax market size reached US$ 10.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 12.4 Billion by 2029, exhibiting a growth rate (CAGR) of 3.2% during 2024-2029.
Wax is a water-repellent, organic substance that is solid at room temperature and becomes liquid when heated. It consists of various combinations of lipids, including hydrocarbons and fatty acids. It is derived from multiple sources, such as plants, animals, and petrochemical processes. It is produced through a process known as wax extraction, wherein raw materials like crude oil or beeswax undergo purification to yield the final product. It exhibits different colors and degrees of transparency depending on its source and processing. It is typically a solid substance that becomes pliable or even liquid when heated, making it moldable and adaptable for various uses. It is flammable and serves as a fuel source in candles and other applications.
Global Wax Market and Drivers:
At present, the increasing utilization of waxes, particularly in the automotive, aerospace, and manufacturing sectors, for manufacturing protective coatings, lubricants, and polishes represents one of the key factors impelling the market growth. Additionally, the rising employment of wax in the cosmetic and personal care industries for the formulation of various cosmetic products, including lipsticks and eyeliners, is supporting the market growth. Besides this, the growing utilization of wax in the packaging sector for packing and protecting food and pharmaceutical products from moisture and enhancing their shelf life is positively influencing the market. Moreover, the increasing investment in infrastructure and construction activities worldwide is promoting the adoption of waxes for their water-repellent and weather-resistant properties. In addition, the rising number of technological advancements in the extraction and processing of waxes is making it easier and more cost-effective to produce high-quality products. Furthermore, the growing need for high-performance waxes in high-stress mechanical operations is offering a favorable market outlook. Apart from this, the increasing incorporation of wax in the textile industry for processes, including dyeing and finishing, to ensure that fabrics are vibrant and durable is bolstering the market growth.
Global Wax Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are:
Baker Hughes Company, BASF SE, Cepsa, China Petrochemical Corporation, Eni S.p.A., Evonik Industries AG, Exxon Mobil Corporation, HF Sinclair Corporation, Honeywell International Inc., Mitsui Chemicals Inc., Nippon Seiro Co. Ltd., Sasol Limited and Shell plc.
The report segmented the market on the basis of region, type, form and application.
Breakup by Type:
- Mineral Wax
- Synthetic Wax
- Natural Wax
- Others
Breakup by Form:
- Flakes
- Granules
- Powder
- Others
Breakup by Application:
- Candles
- Cosmetics
- Packaging
- Emulsions
- Hot Melts
- Floor Polishes
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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