The wax market was USD 10.6 billion in 2023, which will touch USD 14.7 billion, growing at a 4.9% compound annual growth rate, by 2030.
The paraffin category is the largest contributor to the industry. This is because of the fact that paraffin wax is employed for various applications in different sectors. For example, paraffin wax is employed for coating packaging material in the packaging sector.
In addition, it is utilized in the lubrication and electrical insulation sectors as it offers exceptional heat retention and absorption abilities.
The candles category, on the basis of application, is the largest contributor to the wax market. This is because of the growing need for aromatherapy via scented candles for relaxation and stress reduction. Furthermore, the rising trend of people selecting candles with color and fragrance, to improve room décor or ambiance, boosted the requirement for wax.
The packaging category is the second-largest contributor to the industry. Quality control is highly essential in the food sector, particularly in developed nations, where government rules are strict. Waxes possess great moisture barrier properties; therefore, they are employed in packaging to preserve the food products' quality.
Moreover, the surging utilization of cosmetic products like lotions, makeup, sunscreens, and creams by the younger populace in India, Japan, Indonesia, China, and South Korea will further boost the regional industry expansion.
With the rising need for this product across different sectors owing to its good chemical resistance, high gloss, and water repulsion, the wax industry will continuously progress in the coming years.
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