China Wax Market Size & Outlook, 2023-2030
China wax market, 2018-2030 (US$M)
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China wax market highlights
- The China wax market generated a revenue of USD 2,294.8 million in 2023 and is expected to reach USD 3,161.4 million by 2030.
- The China market is expected to grow at a CAGR of 4.7% 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.
Wax market data book summary
| Market revenue in 2023 | USD 2,294.8 million |
| Market revenue in 2030 | USD 3,161.4 million |
| Growth rate | 4.7% (CAGR from 2023 to 2030) |
| Largest segment | Mineral wax |
| Fastest growing segment | Synthetic Wax |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, China accounted for 21.9% of the global wax market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China wax market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 286.7 million by 2030.
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Wax Market Scope
Wax Market Companies
| Name | Profile | # Employees | HQ | Website |
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China 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 68.92% in 2023. Horizon Databook has segmented the China wax market based on mineral wax, synthetic wax, natural wax covering the revenue growth of each sub-segment from 2018 to 2030.
China is home to key wax manufacturers including Sinopec Corporation and China National Petroleum Corporation. PE wax is one of the major synthetic wax produced in China and is widely used in the paints & coatings sector due to its anti-settling characteristics, water repellent, and anti-blocking properties.
Moreover, one of the key points of applications of polyethylene wax is in formulating printing ink and coatings, wherein typically the level of PE wax added lies in the concentration levels between 0.25% to around 2%.
In China, PE wax is broadly utilized in the paints & coatings industry due to its properties such as mark resistance, rub resistance, improved slip resistance, and water repellency. Furthermore, rising construction activities in 2021 in the country reflected high demand for paint products in the industry, which directly led to the high consumption of wax in China.
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Target buyers of China 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 country-level data and insights on the China wax market , including forecasts for subscribers. This country databook contains high-level insights into China wax market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China wax market size, by product, 2018-2030 (US$M)
China Wax Market Outlook Share, 2023 & 2030 (US$M)
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