The Industrial wax market was USD 7.3 billion in 2020 and is projected to reach USD 8.9 billion by 2025, at a CAGR of 4.0% from 2020. This is due to the growing demand for industrial waxes from various applications such as candles, cosmetics, and tire & rubber. The candle market is the largest application segment of industrial waxes. Colored candles and candles with fragrances are gaining more importance in home decor industries for ambiance improvement and other purposes. Bio-based wax demand is growing in food, packaging, cosmetics & personal care, and other applications, due to environmental regulations in developed regions such as North America and Europe.