Wax can be defined as the organic substances that remain solid at room temperature but turn into a liquid state when heated. It is widely used in water repellences, mold release, antifouling, polishing, and dispersion. Numerous applications of the wax include crayons, candles, cosmetics, and car waxes, moreover, it is also used in industrial products such as adhesives, tires, inks, and paints.

The wax market is projected to proliferate rapidly in the near future, attributed to various factors such as expansion in the end-use industries, resulting in the increase in demand for natural waxes. The most common industrial and commercial application of the wax and wax compounds is impregnation, it is a process that protects the products against corrosion, water, and water vapor. Impregnating wax melts at low temperatures and possesses less viscosity and higher penetration on porous materials. The natural color of wax includes black, brown, tan, amber, and yellow.

The chemical composition of the wax includes a mixture of fatty acids and combines esters with heavy hydrocarbons. Wax is also categorized based on its hardness, viscosity, color, melting point, and others. Moreover, wax can be utilized to perform several functions such as binder and dispersing agent, moisture, control, moldability, viscosity regulation, surface treatment, and emulsifier. A massive share of wax is produced from insects, vegetables, animals, crude oil, natural gas, and lignite.

Under the type segment, synthetic wax is projected to witness significant growth in the wax market in the near future. GTL wax has reflected the massive growth among all the types of synthetic wax. It is produced in the process of conversion of natural gas into liquid fuel. GTL wax is also produced by the conversion of syngas into paraffinic compounds, known as the Fischer-Tropsch.

Additionally, the candles segment contributes extensively to the wax market, and it is predicted to retain the same position in the near future, due to its rising home decor application. Moreover, APAC dominated the market geographically, the next significant contributor to the market in North America.

The rising demand for natural wax and escalation of the end-use industries results in wax market propulsion. The surge in the requirement for animal and vegetable waxes in the cosmetic and healthcare industry is caused by the numerous benefits of wax, attributed to their sustainability, renewability, biodegradability, high melting point, petroleum-free content, and eco-friendly nature.

The key players in the wax market include China National Petroleum Corporation, Royal Dutch Shell PLC, Petroleo Brasileiro S.A., Akzo Nobel N.V., The Lubrizol Corporation, Honeywell International Inc., Sasol Limited, and Hexion Inc.

Therefore, the massive demand for the natural wax propels the market.