Industrial Wax Market Size

Industrial Wax Market size was valued at USD 11.12 billion in 2024 and is expected to cross USD 21.41 billion by the end of 2037, expanding at more than 5.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of industrial wax is estimated at USD 11.58 billion.

The growth of the market can be attributed to the increasing demand for wax for the manufacturing of candles. Candles are highly in demand since they are part of several occasions held by people. Additionally, the prevalence of candle gifting is at its peak owing to its safety, product innovation, and ease of use. Furthermore, the demand for candles is also spurred by the vogue trend of home décor. All these factors have initiated expansion in the candle industry, propelling the demand for wax. It was stated that the total worth of the global candle industry stood at approximately USD 3 billion in 2019, which is further projected to increase to around 6 billion by 2027.

The production of industrial wax market is anticipated to be driven by the growing demand in various industries owing to its superior properties such as high gloss, good water repellency, and outstanding chemical resistance. As a result, industrial wax is being highly utilized, in the production processes of candles, cosmetics, rubber, and various other things. Therefore, the high demand for candles is projected to bring lucrative growth opportunities for the industrial wax market. As per the data released by the Observatory of Economic Complexity (OEC), in 2020, candles worth USD 3.38 billion were traded across the world.