New York, July 17, 2023 (GLOBE NEWSWIRE) -- The global industrial wax market size is expected to expand at ~5% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 15 billion by the end of 2033, up from a revenue of ~USD 10 billion in the year 2022.Industrial wax uses are not only limited to candle production but also have widespread applications in packaging, polishes, cosmetic products, adhesives, pharmaceuticals, and rubber and plastic processing; hence, the growth of these industries, such as chemical, pharmaceutical, paints& coatings, and the cosmetic industry, is expected to boost the growth of the market in the above-mentioned assessment period.
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It was found that the paint and coatings industry amounted to ~USD 160 billion in 2020, whereas the chemical industry worldwide generated revenue worth ~USD 5 trillion in 2021.
Industrial Wax Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Candle segment to garner the highest growth
- Market in North America to grow at the highest rate
Augmenting Production of Candles to Boost Market Growth
The broadening categorization of candles, such as innovative bath and body works candles, scented candles, and romantic candles, as well as the widening usage of candles for prayers & remembrance, decoration, celebration, interior decoration, candle-based craft materials, meditation, and romance, have resulted in the production of candles worldwide increasing tremendously. The total worth of the global candle industry was observed to reach ~USD 3 billion in 2019 and is estimated to hit around USD 6 billion by 2027. Moreover, the Observatory of Economic Complexity (OEC) revealed that the net worth of candles that were traded globally amounted to nearly USD 3.38 billion in 2020. With a prominent amount of wax being used in producing candles, the swift expansion of candle manufacturing companies globally is expected to boost the market size significantly in the projected time frame.
Industrial Wax Market: Regional Overview
The market is classified ahead in five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Candle Exports to Drive Growth in the Asia Pacific Region
The industrial wax market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth of the market can be attributed majorly to the increasing trade volumes of candles in the region as well as the rising demand for candles in rural areas of developing and underdeveloped countries in the region, together with the heightening consumption of industrial wax in end-use industries such as cosmetics. Candles are projected to maintain a dominant position in the industrial wax market, and according to the Observatory of Economic Complexity, China exported candles worth ~USD 618 million in 2020, holding the 2nd position as a candle exporter. Additionally, Asia Pacific accounted for nearly 45% of the global cosmetics industry in 2020. This, as a result, is expected to boost market growth in the region over the forecast period.
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Speedily Augmenting Pharmaceutical Companies to Drive Growth in the North America Region
The industrial wax market in the North American region is estimated to garner the highest CAGR by the end of 2033. The growing drug, cosmetic, and toiletry wholesale industries in the region, together with the rising consumption of paraffin wax in the region, besides the rising demand for the above-mentioned industry products, along with the increasing GDP per capita and the rising purchasing power parity, are expected to augment market growth in the region over the forecasted period. For instance, it was found that North America accounted for ~49% of total pharmaceutical sales in 2020. Moreover, the drug, cosmetic, & toiletry wholesale industry in the United States is expected to generate revenue of more than USD 1 trillion by the end of 2023.
Industrial Wax Segmentation by Application
- Candles
- Packaging
- Coatings & Polishing
- Hot Melt Adhesives
- Tire & Rubber
- Cosmetics & Personal Care
- Food & Beverages
- Others
The candle segment is anticipated to hold the largest revenue by the end of 2033. Out of these, the candle segment is attributed to garner the highest market share by 2033, owing to the changing consumer behavior towards candles, which are now progressively demanded as a luxury item. The rising trend of gifting candle-based craft products along with their rising usage as decorative items, along with candle manufacturers becoming more brand-conscious together with the increasing use of candles for meditation & relaxation and overall increasing their aesthetic values worldwide, are also expected to propel the segment growth in the upcoming years. It is estimated that every year the candle industry consumes more than 1 billion pounds of wax for the production of candles in the United States.
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Industrial Wax Segmentation by Type
- Fossil-based
- Mineral Wax
- Paraffin Wax
- Microcrystallion
- Synthetic
- Fischer-topsch
- Others
- Bio-based
The bio-based segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include the rapidly growing personal care industry as well as the rising expenditure on health & wellness backed by the increasing per capita income, changing lifestyle, and rising living standards, along with the growing demand for eco-friendly green cosmetics made of natural wax such as carnauba wax and beeswax in addition to the rising demand for a renewable replacement for fossil-based waxes by natural wax’s natural properties such as UV and water resistance, which are estimated to hike segment growth in the projected period. According to research, the worldwide spending of the beauty industry amounted to about USD 485 billion in 2020. Furthermore, it is predicted that the global beauty industry will generate revenues of around USD 716 billion by 2025.
A few of the well-known market leaders in the industrial wax market that are profiled by Research Nester are The PJSC Lukoil Oil Company, Sasol Limited, Exxon Mobil, Calumet Specialty Products Partners, L.P., Shell group, HF Sinclair Corporation, Numaligarh Refinery Limited, Blayson Olefines Ltd., HCI Wax, Gandhar Oil Refinery (India) Limited, and other key market players.
Recent Development in the Industrial Wax Market
- The PJSC Lukoil Oil Company which specializes in the business of extraction, production, transport, and sale of petroleum, petroleum products, natural gas, and electricity acquired Russian retail and lubricants assets with the approval of Russia’s federal antimonopoly service. The assets of the lateral combine a large chain of filling stations that are situated in the Central and Northwestern federal districts of Russia.
- Sasol Ltd. the South African energy and chemical company sold its German subsidiary Sasol Wax GmbH to AWAX s.p.a. The lateral is an international group specialized in developing, producing, and distributing wax products.
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