Industrial Wax Market Share

APAC Market Statistics

The Asia Pacific industrial wax market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the increasing export and import volumes of candles in the region. In rural areas, candles are highly used to deal with frequent electricity breakouts. However, the rising trend of gifting candles, especially scented candles that are used as an air freshener, is also projected to up-surge the purchase volume of candles in the region. As per the Observatory of Economic Complexity, China was the 2nd exporter of candles in 2020, with USD 618 million. Furthermore, the boom in end-use industries of industrial wax market, such as cosmetics, coatings & polishing, and others, in the region is anticipated to be another growth factor. Additionally, beeswax is highly used in cosmetics, along with olive oil and water, to make an ointment for healing skin problems. The cosmetic products that have wax properties are, lipstick, eye & facial makeup, baby products, nail care products, sunscreen, fragrances, and others. It was estimated that Asia Pacific accounted for almost 45% of the global cosmetics industry in 2020. Hence, all these factors are projected to hike the market growth over the forecast period.