Global Wax Melts Market, By Product Type (Beeswax, Para-soy Paraffin Wax-Blends, Soy Palm and Others), Application/End-Users (Home, Offices and Commercial Buildings) – Industry Trends and Forecast to 2030.
Wax Melts Market Analysis and Size
The wax melts market has expanded steadily in recent years. Wax will remain widely used in the manufacture of candles. Furthermore, wax melts is commonly used to manufacture waterproof tarpaulin, which is widely used to protect or cover crops and vehicles due to its benefits such as durability, waterproofing, and cost-effectiveness. As a result, high utilization increases the popularity of wax across industries, resulting in a positive market outlook hence is expected to drive the market growth during the forecast period.
Data Bridge Market Research analyses that the wax melts market was valued at USD 2.84 billion in 2022 and is expected to reach the value of USD 4.26 billion by 2030, at a CAGR of 5.21% during the forecast period of 2023 to 2030. Beeswax segment is expected to dominate the market due to rising consumer awareness of environmental and health hazards. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Wax Melts Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product Type (Beeswax, Para-soy Paraffin Wax-Blends, Soy Palm and Others), Application/End-Users (Home, Offices and Commercial Buildings)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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BASF SE (Germany), Clariant (Switzerland), Numaligarh Refinery Limited (India), Trecora Resources (U.S.), Indian Oil Corporation Ltd (IOCL) (India), Goyel Chemical Corporation (India), Nippon Seiro Co., Ltd. (Japan), AVERY DENNISON CORPORATION (U.S.), Marcusoil (U.S.), Mitsui Chemicals, Inc., (Japan), 3M (U.S.), Sika AG (Switzerland), Honeywell International (U.S.), Westlake Corporation (U.S.), CPCL (India) and Innospec (U.S.)
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Market Opportunities
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Market Definition
Wax is a hydrocarbon fat that melts above 40°C and produces a viscous liquid after melting. Wax is primarily used in industry, particularly in coatings. Wax is also widely used as an additive and as a base material in processing. A wax melt is a shaped piece of wax that contains a fragrant substance. This wax is heated in a special device. When it melts, it emits fragrance. Fragrance wax melts come in various shapes, sizes, and fragrances. They produce a mild and fresh scent; hence, their application is increasing in cosmetic products.
Global Wax Melts Market Dynamics
Drivers
- Rising Concerns on Air Quality and Hygiene
The rising concern for air quality and hygiene in commercial and residential buildings propels growth in the global wax melts market. Furthermore, wax melts are safe and environmentally friendly and do not produce harmful flames. This is yet another market factor that is fueling an upward trend. Moving forward, wax melts are expected to generate massive revenues due to high demand for air fresheners and aromatherapy. Rising consumer awareness of environmental and health hazards, primarily posed by aerosol sprays, will increase demand for wax melts.
- High Prevalence of Aromatherapies
Aromatherapy is an alternative medicinal therapy that aids in the recovery of people suffering from a variety of disorders such as pain, anxiety, cardiovascular disorders, respiratory disorders, skin-related issues, cold and cough, digestion problems, immune system dysfunction, and insomnia. People are seeking aromatherapy for pain relief, mood enhancement, and other health benefits as the number of working professionals and urban population grows. This propels the aromatherapy industry, particularly in Asian countries like India and Thailand. People in these countries are increasingly turning to spas, rejuvenation, and other similar services to relieve stress as a result of their hectic lifestyles. As a result, demand for fragrance wax melts is expected to rise in the near future.
Opportunity
- Cost Effectiveness
We have an abundance of opportunities and several opportunities in the market where we could actually remain intact with the rising flow and growth. As one of the drivers, the busy schedules of workers in various sectors are changing people's lifestyles to make them look nicer, and cosmopolitan wax melts are owing to their soothing effects and project a high demand for it in the forecast period. As they are less expensive than other alternatives, they are affordable to all socioeconomic groups, increasing demand.
Restraint/Challenge
- Price Fluctuations
The main ingredient, paraffin, which is highly consumed in the production of wax melts, is now affecting the market as the price of paraffin fluctuates due to the price of petrol, particularly crude oils.
Recent Developments
- In September 2020, Ellis Brooklyn secured a seed round of USD 1 million from Stage 1 Fund and NYX founder Toni Ko. The company plans to utilize the funds to enhance its global distribution network and hire additional staff to strengthen its e-commerce operations
- In November 2021, LUMIRA Co Pty Ltd. released the Botanica fragrance, the third and final scent in their Gardens collection. The Australian Botanic Garden in Mount Annan served as inspiration for this scent. The Botanica Candle, which is available for a limited time and has a burn time of about 80 hours, is the full-size version of this fragrance
Global Wax Melts Market Scope
The Wax Melts market is on the basis of product type and application/end-users. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Beeswax
- Para-soy Paraffin Wax-Blends
- Soy Palm
- Others
Application/End-User
- Home
- Offices
- Commercial Buildings
Global Wax Melts Market Regional Analysis/Insights
The wax melts market is analyzed and market size insights and trends are provided by type and end-user industry as referenced above.
The countries covered in the wax melts market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
The market for wax melts is dominated by North America. The positive outlook for air care and aromatherapy, and rising consumer awareness of the environmental and health risks associated with the use of aerosol sprays, are expected to boost brand demand. Furthermore, changing lifestyles, hygiene concerns, and hectic work schedules have led consumers to use more fragrance products, which is expected to grow the market size in the coming years.
On the other hand, Europe is expected to grow steadily due to increased consumer awareness of synthetic ingredients in fragrance products. Furthermore, harmful aerosol emissions, combined with strict regulations on the use of aerosol fresheners, are expected to shift consumer preference to wax melts over the forecast period.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Wax Melts Market Share Analysis
The wax melts market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the company’s focus related to global wax melts market.
Some of the major players operating in the global wax melts market are:
- BASF SE (Germany)
- Clariant (Switzerland)
- Numaligarh Refinery Limited (India)
- Trecora Resources (U.S.)
- Indian Oil Corporation Ltd (IOCL) (India)
- Goyel Chemical Corporation (India)
- Nippon Seiro Co., Ltd. (Japan)
- AVERY DENNISON CORPORATION (U.S.)
- Marcusoil (U.S.)
- Mitsui Chemicals, Inc., (Japan)
- 3M (U.S.)
- Sika AG (Switzerland)
- Honeywell International (U.S.)
- Westlake Corporation (U.S.)
- CPCL (India)
- Innospec (U.S.)
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