Industrial Wax Market Trends

Growth Drivers

Significant Expansion in the Chemical Industry to Boost the Demand for Wax – The demand for wax in the chemical industry is escalated owing to its utilization in complex formulas, coatings, and plastic colorants, and its resistance to paints.In the year 2021, the world’s chemical industry generated a revenue of approximately USD 5 trillion.
Rising Demand for Wax in the Packaging Industry – Industrial wax is used in laminating, coating, impregnation, and treating primary food contact material such as aluminum, paper, and others. In addition, it is used in flexible packaging that can be molded according to the product’s shape and size. Therefore, it is anticipated to surge the growth of the global industrial wax market. It was noticed that the packaging industry in the United States was valued at USD 190 billion in 2021 and is forecasted to reach USD 220 billion by 2027.
Increasing Utilization of Wax in the Personal Care Industry – The recent study revealed that the global beauty industry is projected to generate a revenue of USD 716 billion by 2025. Further, it is being disclosed that in 2020, the global spending of the beauty industry amounted to USD 485 billion.
Production of Candles Across the Globe - Candles are part of nearly every occasion since there are several types of candles available in the market based on the requirement. Candles have been a source of light from ancient times, and even though there are many other methods of lighting available in modern times, people cannot turn their backs on the use of candles. People buy candles in large quantities as a result, and given that candles are entirely formed of wax, this is anticipated to boost industrial wax market growth during the forecast period. Between 2019 and 2020, the exports of candles grew by 5.02%, from USD 3.22 billion to USD 3.38 billion, as per the Observatory of Economic Complexity.

Challenges

Declining Use of Paraffin Wax in Numerous ApplicationsA remarkable decline in the utilization of paraffin wax is estimated to limit market growth over the forecast period. It was also noticed that paraffin-based candles also emitted benzene and toluene, which had major toxic properties.
Rising Costs of Bio-based and Synthetic Wax
Stringent Regulations Over the Preservation of Resources

Industrial Wax Market: Key Insights

Base Year	2024
Forecast Year	2025-2037
CAGR	5.3%
Base Year Market Size (2024)	USD 11.12 billion
Forecast Year Market Size (2037)	USD 21.41 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of industrial wax is estimated at USD 11.58 billion.

The 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. Increasing incidences of irritable bowel syndrome and the growing availability of over-the-counter drugs will boost the market growth.

Asia Pacific industry is anticipated to account for largest revenue share by 2037, due to increasing export and import volumes of candles in the region.

The major players in the market include 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.

Industrial Wax Market Trends