Wax Market Size, Share & Trends Report

Wax Market Size, Share & Trends Analysis Report By Product Type (Mineral, Synthetic, Natural), By Application (Candles, Packaging, Plastic & Rubber), By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-2-68038-024-8
  • Number of Pages: 122
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the wax market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for wax market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of wax market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Wax Market Categorization:

The wax market was categorized into four segments, namely product (Mineral wax, Synthetic Wax, Natural Wax), application (Candles, Packaging, Plastics & Rubber, Pharmaceuticals, Cosmetics & Toiletries, Fire Logs, Adhesives), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa). 

Segment Market Methodology:

The wax market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The wax market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seven countries, namely, the US; Canada; Germany; the UK.; China; India; and Brazil

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Wax market companies & financials:

The wax market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Sinopec Corp. - Sinopec Corp. is an energy and chemical company. It is listed on the Shanghai, Hong Kong, London, and New York Stock Exchange markets. The company operates as a subsidiary of China Petrochemical Corporation. It has over 100 subsidiaries and a strong market presence across all geographical regions. Exploration & production, refining, marketing & distribution, chemicals, and corporate & others are the critical business operating segments of the company. The company offers various products, including catalysts, asphalt, petroleum coke, white oil, paraffin wax, and lubricants. It also provides significant petrochemical products, including petrochemical intermediates, chemical fertilizers, synthetic resins, synthetic fiber monomers, and polymers

  • China National Petroleum Corporation - China National Petroleum Corporation (CNPC) is one of China's major oil & gas producers and suppliers. The company operates through nine business segments: production & exploration, new energy development, pipelines & natural gas, construction & engineering, oilfield services, trading & marketing, manufacturing, finance, and refining & chemicals. It also offers several products such as paraffin, lube oil, bitumen, fuel oil, synthetic resins, organic materials, fertilizers, fine chemicals, synthetic rubber, and synthetic fiber, as well as services such as surface construction works, pipeline construction, geophysical prospecting, well drilling, well logging, acid fracturing, and offshore engineering. The wax products are manufactured at its Fushun facility, which has 76 production installations with a primary and secondary crude processing capacity of up to 11.5 million tons per annum, and its annual output of gasoline, kerosene, and diesel fuel reaches over 6 million tons. The company produces 3.6 million tons of chemicals per year, including alkyl benzene, ethylene, acrylonitrile, polystyrene, and wax products. It has a presence in the Americas, Europe, Asia Pacific, Middle East, and Africa.

  • HollyFrontier Corp. - HollyFrontier Corporation is a petroleum refiner that produces & markets high-value products. The company and its subsidiaries produce and market diesel, gasoline, asphalt, jet fuel, specialty lubricants, and heavy products. It operates across the Rocky Mountains, mid-continent, and southwestern regions of the U.S. The company has four oil refineries with an overall crude oil processing capacity of over 405,000 barrels daily. Its refining operations are in Artesia, New Mexico; Cheyenne, Wyoming; Tulsa, Oklahoma; Wood Cross, Utah; and El Dorado, Kansas. Various products manufactured by the company include wax, asphalt performance products, horticulture oils, base oils, process & specialty oils, and rubber process oils.

  • BP PLC - BP PLC is a multinational oil and gas company. The company is listed on the New York Stock Exchange. The company’s primary business segments include oil & gas, oil refining, and marketing. It owns over 18,000 retail sites worldwide, which are engaged in producing acetic acid, purified terephthalic acid, and paraxylene. The company’s upstream segment is involved in exploration & production of oil and gas, midstream transportation, processing, and storage. In addition, it trades natural gas, including liquefied natural gas (LNG) and natural gas liquids (NGL). The company’s downstream activities include manufacturing, transportation, trading, refining, supply, and marketing of crude oil. Its petroleum products cater to various industries, including food packaging, plastics, and textiles. It has a presence in 70 countries across the Americas, Europe, Asia Pacific, and Middle East & Africa.

  • Nippon Seiro Co., Ltd. - Nippon Seiro Co., Ltd. is a company that manufactures petroleum and petroleum refining products. The company is engaged in the manufacturing of various petroleum waxes, chemically & physically converted fuel oils, and wax products. Its total annual production capacity of waxes is 90,000 metric tons, wherein its production plants are located in Tokuyama, Yamaguchi, Tsukuba, and Ibaraki cities of Japan. The company is publicly listed on the Tokyo Stock Exchange. It produces various waxes, including paraffin, microcrystalline, HNP & SP series, antiozonants, and Fischer-Tropsch. These waxes find applications in adhesives, plastics, paper cups, cosmetics & pharmaceuticals, candles, plywood, textiles, matches, polishes, rubber, chewing gums, lamination, electric insulation, tires, inks, toners, and waterproof corrugated paperboards.

  • Baker Hughes Company - Baker Hughes Company is an industrial and oil field service company formed with the merger of Hughes Tool Company and Baker International. The company provides solutions for various oil & gas industry segments, including upstream, downstream, and midstream. It specializes in products and services, such as reservoir services, plug & abandonment, integrated operations, subsea production alliance, drilling, specialty chemicals, evaluation, downstream chemicals, completions, process & pipeline services, production, tubular services, and pressure pumping. The company is integrated and has acquired several oilfield participants, including Brown Oil Tools, BJ Services, CTC, Western Atlas, EDECO, Eastman Christensen and Drilex, and EXLOG. It has a presence in more than 120 countries across the globe.

  • Exxon Mobil Corporation - ExxonMobil Corporation is a U.S.-based, integrated energy company that produces and supplies oil & gas worldwide. The company operates through three business segments: upstream, chemical, and downstream. It markets its products under brands including Exxon, Mobil, and Esso. The company’s product portfolio comprises olefins, aromatics, fluids, synthetic rubber, polyethylene, polypropylene, and zeolite catalysts. The company owns 37 refineries located in 21 countries and has an overall manufacturing capacity of 6,300,000 barrels per day. The company's upstream division carries out activities such as oil exploration, extraction, shipping, and wholesale. The downstream division is engaged in marketing, refining, and retail operations. The upstream division contributes to about 70% of the company's total revenue. The company is also a significant producer of petrochemicals and operates in all parts of the world, including Canada, Egypt, Iraq, Brazil, Germany, Nigeria, China, and India, among others.

  • Sasol Limited - Sasol Limited is a chemical and energy company that manufactures chemicals, liquid fuels, and electricity. It operates its business through three major segments: chemicals, fuel & oils, and gas. The company has operations in over 30 countries. It is engaged in the production of petrochemicals, liquid & gaseous fuels (fuel oils, fuel alcohol, jet fuel, diesel, and gasoline), lubricants, and synthetic fuels. The company utilizes petroleum as a feedstock in some chemical products, including solvents and polymers. Its gas-to-liquids (GTL) and coal-to-liquids (CTL) projects are becoming progressively international. The company supplies its paraffin wax worldwide for various applications such as tires, polymer & processing rubber, pharmaceuticals, packaging, industrial applications, cosmetics, construction board, bitumen modification, and adhesives. Candles also form a significant market segment for the company’s waxes. Sasolwax offers high-quality macro- and micro-crystalline paraffin and FT paraffin products.

  • The International Group, Inc. - The International Group, Inc. (IGI) is a company that manufactures and develops wax products. It is an ISO 9001:2015 and ISO 14001:2015 certified company. The company develops and manufactures wax-based products with a wide range of applications in plastics, inks, chewing gums, candles, rubber, cosmetics, adhesives, packaging, and specialty applications. It offers candle blends for candle-making applications, petroleum products for packaging, corrugated waxes for folding cartons, flexible packaging, paper cups, food containers, the rubber industry, anti-ozone waxes for tires, and other cosmetics and personal care products. The company serves its customers in the U.S., Canada, Mexico, and Brazil across North America and Latin America.

  • Evonik Industries AG - Evonik Industries AG is a global manufacturer and supplier of specialty chemicals. The company operates through four business divisions: resource efficiency, nutrition & care, service segment, and performance materials. It operates in over 100 countries through strategically located production plants in 25 countries. The company’s diversified product portfolio includes adhesive & sealing compounds, animal nutrition products, automotive applications, cleaning products, coatings, catalysis, colorants, construction materials, crop protection agents, plastics, plasticizers, personal care products, displays for TVs and computers, water treatment, semiconductors, polyurethane additives, road markings, and processing aid for monomer process.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Wax Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Wax Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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