The global wax market size reached around USD 10.81 Billion in 2023. The market is projected to grow at a CAGR of 2.90% between 2024 and 2032 to reach nearly USD 13.98 Billion by 2032.
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Historical Year
Forecast Year
In 2021, the market demonstrated remarkable vitality, with imports totalling an impressive 3.7 billion Euro. According to data on candle imports, the leading nations in this sector include the United States, Germany, the United Kingdom, the Netherlands, and France. Projections based on global trade data indicate that the global scented candle market is anticipated to reach a value of USD 3.76 billion by 2023, leading to the wax market development. The United States stands out as the foremost importer of candles worldwide, with a trade value exceeding one billion US dollars. In the same year, Germany and the United Kingdom ranked second and third, with import values of approximately USD 576 million and USD 432 million, respectively. As the candle sector continues to expand, wax has emerged as a vital material, providing essential attributes such as burn stability, fragrance retention, and visual appeal. Natural waxes, including soy and beeswax, are gaining traction due to their clean-burning characteristics, aligning with consumer preferences for eco-friendly, high-quality candles suitable for home décor and wellness.
As per the wax market analysis, the worldwide market for personal care and beauty products is anticipated to grow by 5.7%, reaching an estimated value of USD 1,436.7 billion by 2027, as reported by the Global Wellness Institute in its Global Wellness Economy Monitor 2023. Within the cosmetics sector, waxes play a crucial role by providing texture, stability, and moisture retention. Frequently incorporated in lip balms, creams, and mascaras, waxes such as beeswax and carnauba contribute to product consistency, enhance spreadability, and assist in maintaining the desired shape across various beauty formulations.
Value in USD Billion
2024-2032
Wax Market Outlook
*this image is indicative*
The wax market growth can be attributed to escalating demand in cosmetics and personal care, expansion in candle production, and growth of the packaging sector.
The rising popularity of candles for home decoration, aromatherapy, and gifting has increased the demand for waxes, particularly natural varieties such as soy and beeswax. Consumers are increasingly inclined towards eco-friendly options that enhance both aesthetic appeal and burn performance.
One of the notable wax market trends is the expansion of the packaging sector. Waxes play a vital role in packaging, particularly for protective coatings in food and e-commerce sectors. There is a growing global demand for moisture-resistant and sustainable packaging solutions, which supports the market for both synthetic and natural waxes.
The increasing awareness of environmental issues has spurred demand for sustainable and biodegradable waxes, such as soy and beeswax, as alternatives to petroleum-based options. This trend aligns with the preferences of environmentally conscious consumers across various sectors.
Waxes are utilised in various sectors, including automotive, construction, and pharmaceuticals, for coatings, adhesives, and polishes. This wide range of applications sustains a consistent demand for both synthetic and natural waxes, particularly as industrial production expands globally.
The market is experiencing growth due to heightened demand across various sectors, including cosmetics, personal care, packaging, and candles. A notable trend is the increasing preference for natural waxes such as soy, beeswax, and carnauba, which attract environmentally conscious consumers in search of sustainable options to replace petroleum-based products, leading to the wax market growth.
In the cosmetics sector, waxes play a crucial role in ensuring product texture and stability, while in packaging, wax coatings enhance moisture resistance. Furthermore, the popularity of home décor and aromatherapy is contributing to the expansion of the candle market. Additionally, innovations in synthetic and specialty waxes for industrial applications, including coatings and adhesives, are broadening the global use of wax.
The EMR’s report titled “Europe Wax Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Type
Breakup by Application
Breakup by Region
Based on type, the market is segmented into mineral, synthetic, and natural. The natural segment is projected to dominate the market, representing a CAGR of 3.4%, leading to the global wax market expansion. Natural waxes offer eco-friendly and biodegradable options, reducing reliance on products derived from petroleum. Their non-toxic nature makes them ideal for clean-burning candles, gentle cosmetics, and sustainable industrial applications. These waxes encourage decisions that are advantageous for both environmental sustainability and health.
Market players are focusing on the manufacturing of sustainable and eco-friendly wax products to improve wax market outlook.
Headquartered in Minneapolis, Minnesota, United States and founded in 1865, Cargill, Incorporated is a global leader in food, agriculture, and industrial products. It produces various waxes for applications in food, cosmetics, and industrial sectors, emphasising sustainable and high-quality solutions.
Based in Dallas, Texas, United States and founded in 1947, HF Sinclair Corporation is an energy company specia...
Established in 1871 and headquartered in Malmö, Sweden, AAK AB specialises in plant-based oils and waxes for ...
Founded in 1989 and headquartered in Ontario, Canada, Westech Wax Products provides custom and natural wax ble...
*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 major players in the market are BASF SE, The International Group, Inc., Exxon Mobil Corporation, Evonik Industries AG, Honeywell International Inc., Shell Plc, Repsol S.A., and Polwax S.A., among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market attained a value of nearly USD 10.81 Billion.
The market is assessed to grow at a CAGR of 2.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024 -2032 to reach about USD 13.98 Billion by 2032.
The major drivers of the market are escalating demand in cosmetics and personal care, expansion in candle production, and growth of the packaging sector.
As per the EMR report, the different types of wax in the market are natural, synthetic, and mineral.
Regions considered in the market are North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
The major players in the market are BASF SE, The International Group, Inc., Exxon Mobil Corporation, Evonik Industries AG, Honeywell International Inc., Shell Plc, Repsol S.A., Polwax S.A., Cargill, Incorporated, HF Sinclair Corporation, AAK AB, and Westech Wax Products, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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