Asia Pacific Wax Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Asia Pacific Wax Market Growth

Southeast Asia has emerged as the rising sun for the global automotive tyre industry. Though China alone accounts for around 30% of global tyre production and is home to around 161 tyre factories, the region is giving it tough competition. The Southeast Asia has an annual production capacity of 388 million units, and accounts for nearly 10% of the total volume of tyre production. Thailand is the largest tyre manufacturer in the region (79.4 million), followed by Indonesia, Vietnam (79.25 million), and Cambodia (10 million). The region boasts of 9 tyre factories, with the presence of 29 prominent global manufacturers. This positive trajectory is expected to favourably impact the demand for microcrystalline wax, which is extensively used in the processing of rubber, thereby aiding in the Asia Pacific wax market development.

Paraffin wax is extensively used in paper product processing and candle making. While wax-based packaging is moisture proof, waterproof, glossy, retains fragrance, and provides lubrication, wax candles are solid at room temperature and have good flammability. Paraffin wax also finds extensive applications in manufacturing matches, inks, leather, and stationary products. This wide range of applications are driving the market growth.

Key Trends and Developments

Asia Pacific Wax Market Trends

India is the largest global producer of beeswax, and harvests around 23,000 tons annually. Beeswax is renowned for its natural honey-like aroma and is extensively used by cosmetic manufacturers for producing skin creams and lotions. It forms a protective skin barrier which locks in moisture while ensuring breathability. Also, it is a natural choice for people suffering from skin problems, such as sensitivity, irritation, or acne. These applications and trends are expected to drive the Asia Pacific wax market expansion.

Asia Pacific Wax Industry Segmentation

Asia Pacific Wax Market Share

Based on region, the market is segmented into China, Japan, India, ASEAN, and Australia, among others. India is projected to dominate the market, representing 11% of the overall market share. Over the forecast period, it is expected to grow at a CAGR of 3.8% due to the increasing appeal for beeswax-based cosmetics products among consumers. Moreover, increasing government investments in the expansion of the local petrochemicals industry is also expected to drive the market growth over the forecast period.

Leading Companies in the Asia Pacific Wax Market

Major players are shifting towards the production of plant-based wax to enhance their consumer appeal and gain a significant Asia Pacific wax market share.

King Honor International Ltd.

King Honor International Ltd. was founded in 2008 and is headquartered in Dalian, China. It is a chemical manufacturing company which is a leading supplier of waxes in many foreign countries.

SCG Chemicals Public Company Limited

SCG Chemicals Public Company Limited was founded in 1994 and is headquartered in Bangkok, Thailand. As per Asi...

Mitsui Chemicals, Inc.

Mitsui Chemicals, Inc. was founded in 1997 and is headquartered in Tokyo, Japan. It is a chemical manufacturin...

Jiangsu Faer Wax Industry Co., Ltd.

Jiangsu Faer Wax Industry Co., Ltd. was established in 2007 and is headquartered in China. It specialises in t...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the Asia Pacific wax market report are China Petroleum & Chemical Corp. (Sinopec), China National Petroleum Corporation, Shell Plc, Nippon Seiro Co., Ltd., ExxonMobil Corporation, and Indian Oil Corporation Ltd., among others.