Industrial Wax Market to Hit USD 14,509.5 Million by 2027; Growing Demand for Luxury Candles for Gifting Purposes to Promote Growth

The global industrial wax market is expected to reach USD 14,509.5 million by 2027 backed by the growing culture of gifting luxury items that drives the demand for innovative candles across the globe. Fortune Business Insights, in its latest report, titled, “Industrial Wax Market Size, Share & COVID-19 Impact Analysis, By Type (Fossil Based Wax, Synthetic Wax, Bio-based Wax), By Application (Candles, Coatings & Polishes, Packaging, Food, Tires & Rubber, Cosmetics & Personal Care, Hot-melt Adhesives, and Others), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 9,539.7 million in 2019 and is projected to exhibit a CAGR of 5.9% between 2020 and 2027.

Sasol’s Completion of Wax Expansion Project Propels Production in South Africa

In February 2018, Sasol, a leading producer of industrial hard wax, announced the completion of the FT Wax Expansion Project (FTWEP). The company further reported that the completion required about R 13.6 billion of investment to produce premium waxes that offer superior performance and unique properties.

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Bongani Nqwababa, CEO of Sasol Limited, said, “The completion of this project enables South Africa to be one of the leading countries of industrial wax production across the globe.” Such initiatives are expected to bode well for the market growth.

Growing Adoption of Gifting Culture to Augment Growth

The high disposable income of the working population and the rising awareness regarding luxurious gifting products is surging the adoption of gifting culture across the globe. The people are reaching out for their loved ones by giving them luxurious items that include scented and colored candles. These candles are manufactured using this wax such as paraffin wax that is propelling the manufacturers to develop innovative and aesthetically-appealing candles of several shapes and forms. This is expected to contribute to the growth of the global market in the forthcoming years.

Eminent Companies Focus on Acquiring Small Companies to Maintain Their Market Dominance

The global industrial wax market is consolidated by the presence of established companies such as HCI Wax, Exxon Mobil, and others. These companies are actively focusing on acquiring other small companies to expand their industrial wax production and further strengthen their market positions. Adoption of strategies such as the introduction of new products, joint ventures, and collaboration by other key players to maintain market presence will bode well for the market growth in the forthcoming years.

Industry Development:

• March 2020 - Calumet Specialty Products Partners L.P. announced the acquisition of Paralogics LLC, a leading industrial wax supplier in the U.S. According to the company, the acquisition is expected to strengthen its position in the packaging industry.

 List of the Companies Profiled in the Global Market:

• Sinopec (China)


• Exxon Mobil (U.S.)


• Oil Co. Lukoil PJSC (Russia)


• Sasol (South Africa)


• Royal Dutch Shell (Netherlands)


• Numaligarh Refinery (India)


• The Blayson Group (UK)


• International Group (Canada)


• HCI Wax (U.S.)


• Petrobras (Brazil)


• Calumet Specialty Products Partners L.P. (U.S.)


• Gandhar Oil (India)


• Other Key Players

Further Report Findings:

• Asia-Pacific is expected to remain dominant and hold the highest position in the global market during the forecast period. This dominance is ascribable to the presence of established manufacturers that are focusing on developing innovative advanced industrial wax products. The region stood at USD 2,872.3 million in 2019.  


• The market in Europe is expected to showcase an exponential growth backed by the increasing demand for industrial waxes by the medical and cosmetics industries in the region between 2020 and 2027.


• The coatings & polishing segment, based on application, held a market share of about 4.50% in 2019 and is likely to gain momentum owing to increasing demand for wax coatings by the automotive sector.

Table of Segmentation: