Industrial Wax Market Size & Share, by Type {Fossil-based (Mineral Wax, Paraffin Wax, Microcrystallion), Synthetic (Fischer-topsch), Bio-based}; Application (Candles, Packaging, Coatings & Polishing, Hot Melt Adhesives, Tire & Rubber, Cosmetics & Personal Care, Food) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4661
  • Published Date: Feb 15, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Industrial Wax Market size is estimated to cross USD 15 Billion by the end of 2033, growing at a CAGR of 5% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of industrial wax was USD 10 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.

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Industrial Wax Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 10 Billion

Forecast Year Market Size (2033)

~ USD 15 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)

Industrial Wax Sector: Growth Drivers and Challenges


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. 


  • 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 Segmentation

Application (Candles, Packaging, Coatings & Polishing, Hot Melt Adhesives, Tire & Rubber, Cosmetics & Personal Care, Food)

The global industrial wax market is segmented and analyzed for demand and supply by application into candles, packaging, coatings & polishing, hot melt adhesives, tire & rubber, cosmetics & personal care, food, and others. Out of these, the candle segment is attributed to garner the highest market share by 2033, owing to the rising demand for candles by the burgeoning population. A significant amount of wax is being used in producing candles, thus expanding the industrial wax market size. Candles have an ignitable wick that provides light and fragrance. Moreover, candles are the classic solution for eliminating darkness, and it is anticipated to drive the segment’s growth in the market. A report published in 2022, calculated that the candle industry consumes over 1 billion pounds of wax in producing candles in the United States every year.

Type {Fossil-based (Mineral Wax, Paraffin Wax, Microcrystallion)

The global industrial wax market is also segmented and analyzed for demand and supply by type into type {fossil-based (mineral wax, paraffin wax, and microcrystallion), synthetic (fischer-topsch, and others), and bio-based}. Out of these segments, the bio-based segment is estimated to hold a significant share of the market over the forecast period. Bio-based wax is a renewable replacement for fossil-based waxes, and also provides thermal stability, mechanical protection, hydrophobicity, scratch resistance, and others. A major benefit of bio-based wax is that it can be recycled easily after utilization. Moreover, it is also used in skin treatments to remove dead skin cells. Hence, such factors are estimated to hike segment growth over the forecast period.

Our in-depth analysis of the industrial wax market includes the following segments:

          By Type

  • Fossil-based
  • Mineral Wax
  • Paraffin Wax
  • Microcrystallion
  • Synthetic
  • Fischer-topsch
  • Others
  • Bio-based


        By Application

  • Candles
  • Packaging
  • Coatings & Polishing
  • Hot Melt Adhesives
  • Tire & Rubber
  • Cosmetics & Personal Care
  • Food & Beverages
  • Others

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Industrial Wax Industry - Regional Synopsis

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 2033. 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.

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Companies Dominating the Industrial Wax Market

    • ·The PJSC Lukoil Oil Company

      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • 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


In The News

  • The PJSC Lukoil Oil Company announces its acquisition of Russian retail and lubricants assets. The acquired assets combine a large chain of filling stations that are situated in the Central and Northwestern federal districts of Russia. Russia's federal antimonopoly service approved the sale.

  • Sasol Limited and ArcelorMittal South Africa have joined hands under a joint development agreement (JDA) to develop carbon capture technology to produce sustainable fuels and chemicals, and green steel production through green hydrogen and derivatives.

Author Credits:  Smruti Ranjan, Rajrani Baghel

  • Report ID: 4661
  • Published Date: Feb 15, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing incidences of irritable bowel syndrome and the growing availability of over-the-counter drugs are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2023-2033.

Declining usage of paraffin wax in numerous applications is estimated to be the growth hindering factor for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Sasol Limited, Exxon Mobil, Calumet Specialty Products Partners, L.P., Shell group, HF Sinclair Corporation, Numaligarh Refinery Limited, Blayson Olefines Ltd, HCI Wax, and others.

The company profiles are selected based on the revenues generated from the product segment, the company's geographical presence which determines the revenue-generating capacity, and the new products being launched into the market by the company.

The market is segmented by type, application and by region.

The candle segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Industrial Wax Market Report Scope

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