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Industrial Wax Market Analysis by Type {Fossil-based (Mineral Wax, Paraffin Wax, and Microcrystallion), Synthetic (Fischer-topsch, and Others), and Bio-based); and by Application (Candles, Packaging, Coatings & Polishing, Hot Melt Adhesives, Tire & Rubber, Cosmetics & Personal Care, Food, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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  • PJSC LUKOIL has signed the final agreement on acquisition of Shell's Russian retail and lubricants assets in Moscow.

  •  Sasol Limited and ArcelorMittal South Africa have joined hands to develop carbon capture technology to produce sustainable fuels and chemicals, and green steel production through green hydrogen and derivatives.


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

Base Year


Forecast Year



~ 5%

Base Year Market Size (2022)

~ USD 10 Billion

Forecast Year Market Size (2033)

~ USD 15 Billion


The global industrial wax market is estimated to garner a revenue of ~ USD 15 Billion by the end of 2033 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 10 Billion in the year 2022. The primary factor attributed for industrial wax market growth is the expansion of candle industry in the recent period. A report publishes recently stated that the worth of candle industry stood at approximately 3 billion in 2019, which is further projected to increase to around 6 billion by 2027.

industrial wax market overview image

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

Global Industrial Wax Market: Growth Drivers and Challenges

Growth Drivers

  • Growth in Candle Exports -  Candles that do not form soot and burn well are in high demand for various applications, which is expected to drive growth of the global industrial wax market. Thus, an increase in candle exports is projected to be a positive sign for industrial wax market growth. Between 2019 and 2020 the exports of Candles grew by 5.02%, from USD 3.22 billion to USD 3.38 billion, as per Observatory of Economic Complexity.

  • Expansion of Beauty 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.

  • Notable Elevation in Packaging Industry - The latest reports, revealed 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.

  • Boom in the Chemical Industry – In the year of 2021, the world’s chemical industry generated a revenue of approximately USD 5 trillion.


  • Declining Usage of Paraffin Wax in Numerous Application
  • Rising Costs of Bio-based and Synthetic Wax
  • Stringent Regulations Over the Preservation of Resources

The 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 rising demand of candles by the burgeoning population. A significant amount of wax is being used in producing candles thus, expanding the industrial wax market sixe. 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.

Major Macro-Economic Indicators Impacting the Market Growth

industrial wax market impact graph

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Industrial Wax Market Regional Synopsis

Regionally, the global industrial wax market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to the large amount of candles exported.As per Observatory of Economic Complexity, China was 2nd exporter of candles in 2020 with USD 618 million. Further, the boom in end-use industries of industrial wax such as cosmetics in the region is anticipated to be an another growth factor. A recent suggested that Asia Pacific accounted almost 45% of the global cosmetics industry in 2020.

industrial wax market share image

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The global industrial wax market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global 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
  • Others

Top Featured Companies Dominating the Global Industrial Wax Market


    • 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



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