Wax Additives Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 1.68 Billion |
| Market Size (2029) | USD 2.20 Billion |
| CAGR (2024 - 2029) | 4.95 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Wax Additives Market Analysis
The Wax Additives Market size is estimated at USD 1.68 billion in 2024, and is expected to reach USD 2.20 billion by 2029, growing at a CAGR of 4.95% during the forecast period (2024-2029).
The outbreak of COVID-19 resulted in hindrances in construction activities. Furthermore, due to semiconductor chip shortage and other supply chain disruptions, automotive manufacturing was also affected severely. However, the wax additives market recovered from the pandemic and is growing significantly.
- The growing consumption of candles in home decor and health centers is likely to drive the demand for the market forward. Furthermore, the properties imparted by the wax additives in coatings and inks are also expected to fuel the market growth.
- However, the volatility in crude oil prices is likely to hamper the market growth.
- Nevertheless, emerging bio-based wax additive applications on a worldwide scale are likely to present lucrative opportunities for the market in the future.
- The Asia-Pacific region is expected to dominate the market with enormous consumption from countries such as China, Japan, and India.
Wax Additives Market Trends
Wax Additives Expected to find High Demand in Coatings Segment
- Wax additives are widely used in coatings to improve the appearance of finished products, help protect from bruising or scratching during the shipping and handling of goods, and act as a carrier for active compounds.
- They are used extensively in coatings because of their flexibility and significant positive impact on many formulation types. They can provide general durability, scratch and abrasion resistance, and even anti-slip properties.
- According to the World Paint and Coatings Industry Association, in 2022, the global sales volume of paints and coatings stood at around USD 179.9 billion, with an annual growth rate of 3.1%.
- The North American market value stood at USD 33.92 billion, while Europe was valued at USD 42.37 billion in 2022, respectively. The growth of these respective regions is attributed to an increase in the number of house renovation activities in Canada, Germany, and the United States.
- The Asia-Pacific paints and coatings market stood at USD 63 billion in 2022. The East Asian region is the most lucrative market for paints and coatings worldwide. The Chinese market further increased by 5.7 % in 2022. From the current trend, in 2022, China's total sales of paints and coatings exceeded USD 45 billion.
- The paint and coatings industry grew over the years due to increased demand from the automotive, building, and construction sectors. Such increased demand led to several expansion projects by global and domestic players in several countries to reduce the demand and supply gap. For instance, in June 2023, AkzoNobel unveiled the USD 55 million expansion of its wood coatings manufacturing campus in south High Point in North Carolina, United States.
- Therefore, all the above factors are expected to drive the coatings application, enhancing the demand for wax additives during the forecast period.
Asia-Pacific Region Expected to Lead the Global Market
- The Asia-Pacific region saw significant growth in the wax additives market, with countries such as China and India accounting for significant consumption of coatings and printing inks.
- In China, the major demand for wax additives is driven majorly by applications such as coatings, printing inks, candles, leather finishing, and others.
- According to the World Paint & Coatings Industry Association, China presently dominates the region market, which is growing at a CAGR of 5.8%. The Chinese paints and coatings market increased by 5.7% in 2022.
- From the current trend, in 2022, China鈥檚 total sales of paints and coatings exceeded USD 45 billion. It is, thereby, depicting the country鈥檚 dominance with the largest market share (78%) in East Asia.
- The Indian Paint and Coating Industry accounts for around USD 8 billion. It is considered one of the fastest-growing economies globally. India comprises around 3,000 paint manufacturers. The country exhibits a 75% share of architectural and a 25% share of industrial paints.
- Further, the usage of candles in China is very popular, particularly during the holiday season. The most important of all traditional Chinese holidays is Chinese New Year, also known as Spring Festival.
- As per the trade map, the country exported candles with a value of USD 77,583, 91,034, and 98,438 in the June, July, and August months of 2023.
- Japan, on the other hand, imported USD 2,495 worth of candles from all around the world in August 2023. A particularly popular design is a candle with flower patterns that became popular amongst Buddhists as a daily offering in the country. Moreover, painted wax candles are used by people who love candles.
- Furthermore, international ink manufacturers also hold a major presence in China. Hangzhou Toka Ink, a joint venture with T&K Toka, and Tianjin Toyo Ink Co. Ltd, a joint venture with Toyo Ink, are China鈥檚 two largest ink manufacturers. DIC, Flint Group, Sakata INX, Siegwerk, and other ink industry leaders also include a sizable presence in China.
- The factors above, coupled with government support, are contributing to the increasing demand for the wax additives market during the forecast period.
Wax Additives Industry Overview
The market for wax additives is fragmented in nature. Some of the major players in the market include The Lubrizol Corporation, Honeywell International Inc., BASF SE, Arkema, and Clariant (not in any particular order).
Wax Additives Market Leaders
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BASF SE
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The Lubrizol Corporation
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Arkema
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Clariant
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Honeywell International Inc.
*Disclaimer: Major Players sorted in no particular order
Wax Additives Market News
- July 2022: Munzing announced the start-up of water-based wax emulsions and other specialty additives at their new plant in Zeitz Chemical and Industrial Park. The plant, built over 20,000 sq m with an investment of more than EUR 50 million (USD 5.19 million), includes the possibility of further expansion on land that is still undeveloped.
- January 2022: Shamrock Technologies, Inc., a manufacturer of specialized wax additives, announced their plan to invest USD 19.4 million to set up operations in Laurens County. It is present just south of the Greenville Country line. Micronized wax, dispersions and emulsions, and related products are in the plan for production at the proposed site. Source: /industry-reports/wax-additives-market.
Wax Additives Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Consumption of Candles in Home Decor and Health Centers
4.1.2 Wax Additives Benefits in Coatings and Inks
4.2 Restraints
4.2.1 Volatility in Crude Oil Price
4.3 Industry Value Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Material
5.1.1 Natural
5.1.2 Semi-synthetic
5.1.3 Synthetic
5.2 Type
5.2.1 Dispersion
5.2.2 Emulsion
5.2.3 Micronized
5.3 Application
5.3.1 Coatings
5.3.2 Leather Finishing
5.3.3 Printing Ink
5.3.4 Candles
5.3.5 Other Applications (Plastic Processing, Adhesives, and Rubber Additive)
5.4 Geography
5.4.1 Asia-Pacific
5.4.1.1 China
5.4.1.2 India
5.4.1.3 Japan
5.4.1.4 South Korea
5.4.1.5 Rest of Asia-Pacific
5.4.2 North America
5.4.2.1 United States
5.4.2.2 Canada
5.4.2.3 Mexico
5.4.3 Europe
5.4.3.1 Germany
5.4.3.2 United Kingdom
5.4.3.3 Italy
5.4.3.4 France
5.4.3.5 Rest of Europe
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 South Africa
5.4.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Arkema
6.4.2 BASF SE
6.4.3 BYK-CHEMIE聽GmbH
6.4.4 Clariant
6.4.5 Concentrol
6.4.6 Evonik Industries AG
6.4.7 Honeywell International Inc.
6.4.8 Innospec
6.4.9 M眉nzing Corporation
6.4.10 Paramold Manufacturing LLC
6.4.11 Shamrock Technologies, Inc.
6.4.12 The Lubrizol Corporation
6.4.13 Tianshi Wax
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Emerging Bio-based Wax Additives Applications
Wax Additives Industry Segmentation
Wax additives are surface modifiers that enhance and protect the appearance, feel, slip, durability, abrasion, and scratch-resistance of inks and coatings. The wax additives market is segmented by material, type, application, and geography. By material, the market is segmented into natural, semi-synthetic, and synthetic. By type, the market is segmented into dispersion, emulsion, and micronized. By application, the market is segmented into coatings, leather finishing, printing ink, candles, and other applications. The report also covers the market size and forecasts for the wax additives market in 15 major countries across various regions. The report offers market size and forecasts for the studied market in value (USD) for all the above segments.
| Material | |
| Natural | |
| Semi-synthetic | |
| Synthetic |
| Type | |
| Dispersion | |
| Emulsion | |
| Micronized |
| Application | |
| Coatings | |
| Leather Finishing | |
| Printing Ink | |
| Candles | |
| Other Applications (Plastic Processing, Adhesives, and Rubber Additive) |
| Geography | |||||||
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Wax Additives Market Research FAQs
How big is the Wax Additives Market?
The Wax Additives Market size is expected to reach USD 1.68 billion in 2024 and grow at a CAGR of 4.95% to reach USD 2.20 billion by 2029.
What is the current Wax Additives Market size?
In 2024, the Wax Additives Market size is expected to reach USD 1.68 billion.
Who are the key players in Wax Additives Market?
BASF SE, The Lubrizol Corporation, Arkema, Clariant and Honeywell International Inc. are the major companies operating in the Wax Additives Market.
Which is the fastest growing region in Wax Additives Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Wax Additives Market?
In 2024, the Asia-Pacific accounts for the largest market share in Wax Additives Market.
What years does this Wax Additives Market cover, and what was the market size in 2023?
In 2023, the Wax Additives Market size was estimated at USD 1.60 billion. The report covers the Wax Additives Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Wax Additives Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Wax Additives Industry Report
Statistics for the 2024 Wax Additives market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Wax Additives analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
