wax market

The Wax market was valued at USD 7.3 Billion in 2020, and it is expected to reach a value of USD 12.4 Billion by 2027, at a CAGR of 2.80% over the forecast period (2020 - 2027).

The home decor and personal care industry are key drivers of the wax market. Rising demand for wax in various applications, including candles, packaging, rubber & plastic processing, and cosmetics will propel the market growth. The use of wax for cosmetics and personal care products is increasing. In 2019, these categories represented 15% of the share of the wax market. Thus, it is expected that the demand for wax in cosmetics will grow at a CAGR of 3%.

Several benefits such as UV resistance, anti-caking properties, excellent insulation, and resistance from microorganisms, moisture, and odor have led to increased consumption of wax. Thus, it is estimated that the wax market will grow significantly in the future. Furthermore, it is estimated that the demand for synthetic wax will support market growth. Synthetic wax is used in various products ranging from hair care products, makeup, adhesives, and coatings.

This report provides in-depth analysis of Global Wax market. We have analyzed 20+ data points that include product price trends, consumer purchase patterns, company annual sales performance, COVID-19 impact on distribution channels, parent industry performance, regional trends, and technological innovations, for tracking the Global market size and performance in the recent years.

Global Wax Market: Impact of COVID 19

Due to the Covid-19 pandemic, the manufacturing activities of various sectors such as packaging, cosmetics, chemicals, and candle making came to a halt. Disruption in the supply chain stopped the supply of raw materials to these industries. As a result, the demand for wax from these and many other industries that depended on wax for production reduced. The impact was further intensified by declining oil and gas prices. Furthermore, declining demand for cosmetics, candles, and consumer products across the globe has resulted in a decline in wax demand..

Key Trends in Global Wax Market

• The demand for home decor items such as colored and scented candles is fuelling the market growth of wax. The use of candles is shifting from a commodity that gives light to be more of a luxury. Candles are now used as a decorative item and make a perfect gift. Thus, the trend among people to use candles for their color and fragrance which, lightens up the ambiance of the room will crease the demand for wax.
• Yet another trend within the industry is the use and demand for bio-based wax. This demand is mainly because the consumer is now concerned about the ill effects chemical products might have on their health. Therefore, there is a shift towards bio or green products which, can also be seen in the wax market. Several cosmetic and care products manufacturers have started developing bio-based products. For instance, In October 2017, Burt's Bees (U.S.) had launched beeswax-based balms and other cosmetic products lined, and currently, in 2020, they are selling one balm per second across the globe.
• The increasing demand for wax from the personal care industry is another market driver for the wax industry. Cosmetics and personal care are one of the main applications of wax. The personal care industry accounted for a healthy share in the global market in 2019.​ Also, the trend for low-priced cosmetics, especially in south Asian countries has a significant influence on the wax market.