Wax Market Size Is Poised To Reach USD 14.2 Billion By 2030

Posted by Neha Bora on September 29th, 2022

In general, wax is a solid substance that ignites easily and contains carbon. It turns into a liquid when heated above room temperature. Wax is widely used in making candles.  The wax melts, evaporates, and ignites when a candle is lit, generating heat and light.

Candles can be made from a wide variety of wax kinds. Beeswax has remained the popular choice, while petroleum- and coconut-based waxes are more recent innovations. The characteristics of each variety of wax vary, making some superior at retaining and transmitting aroma whereas others excel at burning gradually and producing smokeless flame.

Access Research Report of Wax Market @ https://www.grandviewresearch.com/industry-analysis/wax-market

Recent Developments And Trends In The Candle Wax Market

• Candles are generally classified as home accessories and décor in the Home Decoration and Home Textiles (HDHT) sector. Candles are of three different kinds, viz., basic Candles: A diameter of 2.2 cm, which commonly suits conventional candle holders; fancy ones: decorative candles with unique shapes; scented Candles: the ones infused with essential oils and transmit modest scents when lit
• According to a recent Grand View Research, Inc. report, the global wax market was valued at USD 9.8 billion in 2021 and is projected to expand at a CAGR of 4.3% from 2022 to 2030
• Wax demand is predominantly driven by its superior properties such as good water repellency, high gloss, and outstanding chemical resistance
• Was has widespread applications in the coating, printing, and ink industries. It is an additive to inks comprising letterpress, gravure, lithographic, and flexographic
• The use of wax in candles accounted for the maximum revenue share of 31.5% in 2021. The use of candles for aromatherapy has gained massive traction in the past few years and has become a household essential
• Demand for organic candles in the past few years has bolstered the demand for natural wax. Natural wax reduces carbon blackening, thus, moderating the carbon footprint
• The votive-type candles captured over 25% of the market share in 2021 and are available in a variety of colors. They are usually placed in a glass jar to boost the aesthetic appeal
• Pillar candles are likely to experience the fastest growth rate by 2030 as a result of their increasing adoption as a home décor element. Furthermore, they are smokeless and have long burning hours
• Paraffin wax is the most widely used wax to make candles, attributed to moldability and low cost
• Soy wax is anticipated to register the fastest growth rate as there is an increasing demand for using environmentally sustainable products to reduce the global carbon footprint
• Online sales of candles are expected to see the highest CAGR by 2030 as a result of the boom of e-commerce platforms and an increasing number of millennials shopping on these online stores. Prominent brands such as Louis Vuitton and Yankee prioritize product sales via online channels
• North America dominated the market, accounting for over 30% of the revenue share in 2018, and is attributed to the rising product demand for festive seasons such as Christmas and Easter
• A variety of SA or BSCI-based methods of social compliance are quickly becoming the norm, and candles are frequently created in a factory setting. In the more homemade sector, candles have long been a well-liked fairtrade commodity. In this industry, WFTO accreditation is well-known
• Some of the key players include Better Homes and Garden, Bridgewater Candles, Colonial Candle, Diptyque, Malin + Goetz, Jo Malone, NEST, Thymes, Circle E Candles, Village Candles, Bath & Body Works, Slatkin & Co, Yankee Candles, and White Barn Candles
• In March 2021, Supplies for Candles LTD, a Yorkshire-based company, contributed £2.5 million toward the acquisition of Glassprint Ltd., specialized in printing on glassware such as candle glasses and perfume bottles
• In February 2021, the largest home fragrance company in the world, Yankee Candle®, announced the launch of its new Signature Collection. The new line gives Yankee Candle's style hand-illustrated labels and the fresh life of tumbler candles that show the aroma notes in each scent

List of Key Players of Wax Market

• Sinopec Corp
• China National Petroleum Corporation
• HollyFrontier Corporation
• BP P.L.C
• Nippon Seiro Co., Ltd
• Baker Hughes Company
• Exxon Mobil Corporation
• Sasol Limited
• The International Group, Inc.
• Evonik Industries AG
• BASF SE
• Dow
• Honeywell International Inc.
• Royal Dutch Shell P.L.C
• Mitsui Chemicals, Inc.

In Conclusion:

Companies sell candles made from different types of wax, making it easy for you to choose the perfect candle for your needs. Whether you favor the scent strength of the eco-style of rapeseed and soy waxes or mineral wax candles, you can explore thousands of options in the market. The candle wax industry is booming and is set to see brighter days ahead. Get consciously cozy and add that extra comfort to your life by buying the right candles for your home.