Packaging Wax Market Size To Reach $2.63 Billion By 2030

Packaging Wax Market Growth & Trends

The global packaging wax market size is expected to reach USD 2.63 billion by 2030, registering to grow at a CAGR of 4.5% from 2024 to 2030 according to a new report by Grand View Research, Inc. Several characteristics, including non-toxicity, high gloss, outstanding chemical resistance, and good water repellency, are among the key factors driving the product demand. The food & beverage segment led the packaging wax industry accounting for over 58.0% of the overall revenue share in 2017. Some of the leading companies, such as Amcor Limited, Ball Corporation, Crown Holdings, and Mondi PLC, offer a wide range of packaging materials in the market.

Other prominent companies include Charlotte Packaging Ltd., EuroWaxPack, Nicholas Paper Company, and Mil-Spec Packaging of GA. Developments in the pharmaceutical industry are expected to augment the industry growth over the forecast period. Synthetic waxes find various applications in the pharmaceutical sector on account of their water repellent, anti-settling, and anti-blocking properties. The growth of pharmaceuticals and cosmetics and toiletries sector, most notably in the upcoming markets of Asia Pacific, is anticipated to have a positive impact on the market growth during the forecast period.

Packaging wax applications including furniture and cabinets and automotive are anticipated to offer substantial growth prospects in the coming years. Asia Pacific, North America, and Europe held a significant market share in 2017 and is likely to witness the fastest CAGR over the forecast period. Shale gas development, especially in North America, has resulted in huge ethylene capacity expansions. These developments have also lowered the prices of ethylene, which, in turn, has positively impacted the growth of polyethylene packaging wax industry.

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Packaging Wax Market Report Highlights

• Mineral wax dominated the market and accounted for a share of 70.3% in 2023 attributed to its low cost of production as they are derived from petroleum products and are less expensive to produce than plant-based materials.

• The rigid segment dominated the market with a share of 56.9% in 2023 due to the increasing demand for sustainable and durable packaging solutions, which are essential for preserving product integrity.

• The personal care segment is projected to grow at the fastest CAGR of 5.0% over the forecast period. This can be attributed to the rising consumer demand for premium packaging that enhances product appeal and functionality.

Packaging Wax Market Segmentation

Grand View Research has segmented the global packaging wax market based on product, packaging, application, and region:

Packaging Wax Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Mineral Wax

• Synthetic Wax

• Natural Wax

Packaging Wax Packaging Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Flexible

• Rigid

Packaging Wax Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Food & Beverage

• Pharmaceutical

• Furniture

• Personal Care

• Others

Packaging Wax Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

• Japan

• China

• India

• Australia

• South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in Packaging Wax Market

• China Petrochemical Corporation

• CNPC

• HF Sinclair 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

• Dow

• Honeywell International Inc.

• Royal Dutch Shell P.L.C

• Mitsui Chemicals, Inc.