Soy Wax Market Size, Share, Growth, and Industry Analysis, By Type (Pure Soy Wax, Blend Soy Wax, Soy Wax), By Application (Candle, Cosmetics), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Soy Wax Market REPORT OVERVIEW

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The global soy wax market size was USD 5780.4 million in 2022 and is projected to touch USD 10795 million by 2031, exhibiting a CAGR of 7.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Global Soy Wax Market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Soy wax, a refined version of soybean oil, is used to make soy candles. Because soy wax often has a lower melting point than conventional waxes, they are normally container candles, but they can also be turned into pillar candles by adding particular ingredients to the soy wax.A natural wax made from soybeans is called soy wax. It differs from paraffin, palm, and other mineral oils in that it has a high melting point and a low molecular weight. Soy waxes are used in a variety of items, including paints, chocolate coatings, vehicle polishes, personal care and cosmetic products, food and beverage packaging, and more.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

In coating and printing formulations, wax is often used. Due to its characteristics of mark & scratch resistance, rub resistance, and water repellency, it is extensively used in the paint, coating, and printing ink industries. It is used as an additive in a number of inks, including flexographic, gravure, letterpress, and lithographic. Wax also serves essential roles in the coating and ink industries by preventing obstruction, increasing friction, preventing setting, and preventing sagging. The growth of the wax sector is anticipated to be aided by the increased use of cosmetic items among young people in China, Japan, India, Indonesia, and Korea, including creams, lotions, sunscreens, and makeup.

Soy Wax Market SEGMENTATION

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• By Type

Based on type the global soy wax market is classified as pure soy wax, blend soy wax, soy wax.

• By Application

Based on application the global soy wax market is classified candle, cosmetics.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

The rising demand for natural and eco-friendly products is to blame for the market expansion of soy wax. Produced from soybeans, a crop that occurs naturally, soy wax is a renewable resource. As a result, soy wax provides a greener alternative to other kinds of waxes. The growing acceptance of candlemaking as a hobby is another significant factor driving the soy wax business. Custom candles with distinctive scents and colours may be made quickly and affordably through candlemaking. Because it burns cleanly and doesn't produce soot or smoke like some other forms of wax, soy wax is a favourite among candlemakers.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Polyunsaturated and monounsaturated soy wax are both included in blend soy wax. Its qualities are comparable to those of paraffin wax, but the fragrance business accepts it more favourably. The product was initially created by Kao Chemicals Co., Ltd. in Japan in 2000 under the brand name "KAWA" for use in the food and cosmetics sectors.  The market's expansion can be ascribed to rising consumer demand for organic and environmentally friendly goods, greater knowledge of soy wax's advantages, and the expanding appeal of soy-based candles and cosmetics. Type, application, and geographic regions are used to segment the worldwide soy wax market. The market is segmented by type into pure soy wax and blended soy wax.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

The chemical molecules that make up waxes are solids that are pliable and hydrophobic at room temperature. These include lipids and higher alkanes that are soluble in nonpolar, organic solvents but insoluble in water. Mineral, natural, and synthetic waxes, as well as other wax-related goods, are created using petroleum-based materials like base oil and natural gas, chemicals like polyethylene, or plants and animals. The demand for wax has increased in nations including India, China, Brazil, the United States, Germany, and the United Kingdom due to the expansion of the polymer manufacturing, pharmaceutical, food, and personal care industries. It is projected that the rapidly expanding demand for the product will support global improvements in the wax sector. These applications include textiles, agriculture, and adhesives.

Soy Wax Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

In terms of revenue, Asia Pacific was the largest regional market, and it is anticipated that it would hold this position during the projected period. Due to strong demand from numerous application industries, the area accounted for a volume share of more than 70%. It is anticipated that rising consumer expenditure on home care goods would combine with the rapidly expanding cosmetics industry to further fuel product demand. Candles are becoming increasingly popular among customers worldwide as an alternative gift item for holidays like Christmas, Valentine's Day, and Easter, which is driving the growth of the North American soy wax industry. Over the past several years, soy-based candle sales in this region have surged due to growing knowledge of the advantages they offer.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Golden Brands (US)
• CJ Robinson (US)
• Kerax (UK)
• HCI (US)
• IGI Wax (US)
• BASF (Germany)
• SRS (US)
• EcoSoya (US)
• NatureWax (US)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of several factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.