The global wax market size was valued at USD 9.8 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2030.

Wax has a wide range of properties which include excellent thermal stability, high softening point, high melting point, high chemical resistance, perfect lubrication, which makes it ideal for use in packaging, cosmetics, and textile industries.