Asia Pacific Wax Market Size & Outlook, 2024-2030
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Asia Pacific wax market highlights
- The Asia Pacific wax market generated a revenue of USD 3,596.9 million in 2023.
- The market is expected to grow at a CAGR of 4.8% from 2024 to 2030.
- In terms of segment, mineral wax was the largest revenue generating product in 2023.
- Synthetic Wax is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 3,596.9 million |
| Market revenue in 2030 | USD 4,986.4 million |
| Growth rate | 4.8% (CAGR from 2023 to 2030) |
| Largest segment | Mineral wax |
| Fastest growing segment | Synthetic Wax |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Mineral Wax, Synthetic Wax, Natural Wax |
| Key market players worldwide | China Petroleum & Chemical Corp Class H, PetroChina Co Ltd Class H, HF Sinclair Corp, BP PLC, Baker Hughes Co Class A, Exxon Mobil Corp, Sasol Ltd, American International Group Inc, Evonik Industries AG, Basf SE, Dow Inc, Honeywell International Inc, Shell PLC, Mitsui Chemicals Inc |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 34.4% of the global wax market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 4,986.4 million by 2030.
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Wax Market Scope
Wax Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| HF Sinclair Corp | View profile | 5218 | 2828 North Harwood, Suite 1300, Dallas, TX, United States, 75201 | https://www.hfsinclair.com |
| China Petroleum & Chemical Corp Class H | View profile | 368450 | No. 22 Chaoyangmen North Street, Chaoyang District, Beijing, China, People's Republic of, 100728 | http://www.sinopec.com |
| PetroChina Co Ltd Class H | View profile | 375803 | No. 9 Dongzhimen North Street, Dongcheng District, Beijing, China, People's Republic of, 100007 | http://www.petrochina.com.cn |
| BP PLC | View profile | 87800 | 1 St James's Square, London, United Kingdom, SW1Y 4PD | https://www.bp.com |
| American International Group Inc | View profile | 25200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | https://www.aig.com |
| Sasol Ltd | View profile | 29073 | 50 Katherine Street, Sasol Place, Sandton, Johannesburg, GT, South Africa, 2196 | https://www.sasol.com |
| Shell PLC | View profile | 100000 | Shell Centre, London, United Kingdom, SE1 7NA | https://www.shell.com |
| Mitsui Chemicals Inc | View profile | 18933 | 1-5-2, Higashi-Shimbashi, Shiodome City Center, Minato-ku, Tokyo, Japan, 105-7122 | http://group.mitsuichemicals.com |
| Exxon Mobil Corp | View profile | 61500 | 22777 Springwoods Village Parkway, Spring, TX, United States, 77389-1425 | https://www.exxonmobil.com |
| Baker Hughes Co Class A | View profile | 58000 | 575 North Dairy Ashford Road, Suite 100, Houston, TX, United States, 77079-1121 | https://www.bakerhughes.com |
| Dow Inc | View profile | 35900 | 2211 H.H. Dow Way, Midland, MI, United States, 48674 | https://www.dow.com |
| Honeywell International Inc | View profile | 95000 | 855 South Mint Street, Charlotte, NC, United States, 28202 | https://www.honeywell.com |
| Evonik Industries AG | View profile | 33409 | Rellinghauser Strasse 1-11, Essen, NW, Germany, 45128 | https://www.evonik.com |
| Basf SE | View profile | 111855 | Carl-Bosch-Strasse 38, Ludwigshafen am Rhein, Germany, 67056 | https://www.basf.com |
Asia Pacific wax market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to wax market will help companies and investors design strategic landscapes.
Mineral wax was the largest segment with a revenue share of 70.27% in 2023. Horizon Databook has segmented the Asia Pacific wax market based on mineral wax, synthetic wax, natural wax covering the revenue growth of each sub-segment from 2018 to 2030.
Asia Pacific is expected to be the fastest-growing market for wax over the forecast period. Growing construction activities, mainly in rapidly emerging economies, such as China and India, have driven the demand for adhesives in the past.
This, in turn, is expected to positively influence the wax market growth over the forecast period. In addition, the strong manufacturing base of the personal care industries in India, China, and Japan and the governments’ commitment to develop the industry are likely to increase the market demand for wax over the coming years.
The application of wax in the packaging segment is expected to witness high growth rate owing to increasing demand for wax packages from hospitals, especially medical equipment, in both urban and rural areas of developing economies.
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Target buyers of Asia Pacific wax market databook
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Our clientele includes a mix of wax market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific wax market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific wax market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific wax market size, by country, 2018-2030 (US$M)
Asia Pacific Wax Market Outlook Share, 2023 & 2030 (US$M)
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