NEW YORK, United States, Sept. 27, 2022 (GLOBE NEWSWIRE) — According to Facts and Factors has published a new research report titled “Microcrystalline Wax Market Size, Share, Growth Analysis Report By Type (Flexible and Hard), By Application (Cosmetics and Personal Care, Candles, Adhesives, Packaging, Rubber, and Others), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Microcrystalline Wax Market size & share in terms of revenue was valued at USD 689.3 million in 2021 and it is expected to surpass around USD 1034 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 5.2% during the forecast period 2022 to 2028.”
Microcrystalline Wax Market Overview:
Chemically, microcrystalline waxes are inert. Micros have a larger iso-paraffinic hydrocarbon to naphthenic hydrocarbon ratio than paraffin waxes do. Microcrystalline waxes’ large proportion of branching, iso-paraffins is what gives them their flexibility and stickiness. In contrast to paraffins, the waxes have a microscopic, crystalline structure, and these tiny crystals give them more flexibility. Crystalline structure and size, molecular weight, and the iso-paraffin/normal paraffin ratio are three factors that significantly differentiate micros. All micros are flavorless and odorless.
Like paraffin waxes, microcrystalline waxes are soluble in a wide range of fixed and volatile oils as well as chloroform, ether, benzene, carbon disulfide, and other organic solvents. Micro waxes barely marginally dissolve in 100% alcohol and don’t dissolve at all in water or alcohol. Microcrystalline waxes are exceedingly flexible yet quite strong. As a result, they have great tensile strength and are extremely ductile and bendable, even at low temperatures. Because of their high levels of cohesion, micros have sticky capabilities and are resistant to both water & water vapor. Excellent for coating, laminating, or hardening materials are microcrystalline waxes. Their ability to transition from solid to liquid across a constrained temperature range, low viscosity as a liquid just above their melting point, opalescence in thin layers, and electrical characteristics are further advantageous characteristics.
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Market Growth Dynamics
Micro waxes can be used for the base of chewing gum, cosmetics, ointments where they harden, lubricate, and protect against moisture, food packaging, increasing the fluidity and flexible bonding of hot-melt adhesives, crayons, candles, and insulating materials. They can also be used to protect against moisture through wax-impregnated paper, film, foil, and corrugated board.
Microcrystalline wax has become primarily used in several significant sectors, including the cosmetics and pharmaceutical industries. Additionally, production facilities for rubber, adhesives, castings, and corrugated boards have become significant users. Therefore, it is anticipated that in the upcoming years, the total amount of revenue in the global microcrystalline wax market would reach new heights. Microcrystalline wax is used in a variety of sectors due to its reshapable and moldable nature. The use of microcrystalline wax to create beautiful jewelry and decorative products has further fueled industry expansion. Microcrystalline wax is used to paint and polish wood, ivory, and jewels in museums and old structures. Microcrystalline wax has a wide range of industrial applications.
Microcrystalline Wax Market: COVID-19 Impact Analysis
In 2020, COVID-19 had a detrimental effect on the market for microcrystalline wax worldwide. Microcrystalline wax is used in coatings, paints, and adhesives in addition to being a lubricating polymer ingredient. Due to the lockdown caused by the pandemic scenario, construction activities were halted, which decreased the need for microcrystalline wax, which is used in products like adhesives and others in the construction business. During the market analysis, this hurt the market. However, the demand for microcrystalline wax, which is used in paper packaging, has increased significantly in the food and e-commerce sectors. As an antifoaming component, microcrystalline wax is also used in soaps and other personal care products. The market demand for microcrystalline wax is significantly influenced by the market demand for soaps and other personal care products due to the rising awareness of personal cleanliness. For instance, in June 2020, global retail e-commerce traffic reached a record 22 billion visits per month, with demand being particularly high for items that are needed on a daily basis, such as groceries, apparel, and retail electronics products. As a result, these facts contributed to the market’s expansion during the COVID-19 era.
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Microcrystalline Wax Market: Segmentation Analysis
The global microcrystalline wax market is segmented based on type, application, and region.
The global market is divided into several categories according to the application, including personal care & cosmetics, candles, adhesives, packaging, rubber, and others. The personal care & cosmetics sector had the greatest market share in 2021 and is anticipated to expand significantly over the coming years. The extensive usage of microcrystalline wax in cosmetic and personal care products is responsible for the segment’s rise. To thicken the formulations of cosmetics and personal care products, microcrystalline wax is utilized as a viscosity agent, binder, and emollient. The proliferation of new cosmetics and concerns about appearance has led to a large rise in the market for cosmetics and beauty products.The global Microcrystalline Wax market is segmented as follows:
- Cosmetics and Personal Care
The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Microcrystalline Wax market include –
- MOL Group
- The International Group Inc.
- Calumet Specialty Products Partners
- Indian Oil Corporation Ltd
- Sonneborn LLC
- Kerax Limited
- Nippon Seiro Co. Ltd.
- Asian Oil Company
- Holly Frontier Refining & Marketing LLC
Browse the full “Microcrystalline Wax Market Size, Share, Growth Analysis Report By Type (Flexible and Hard), By Application (Cosmetics and Personal Care, Candles, Adhesives, Packaging, Rubber, and Others), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/microcrystalline-wax-market
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Microcrystalline Waxmarket is likely to expand at a CAGR of around 5.2% during the forecast period (2022-2028).
- In terms of revenue, the Microcrystalline Wax market size was valued at around US$ 689.3 Million in 2021 and is projected to reach US$ 1034 Million by 2028.
- Based on application, in 2021, the market share for personal care and cosmetics was the largest, and this industry is expected to grow rapidly going forward
- The Asia-Pacific region accounted for more than 40% of the worldwide microcrystalline wax market in 2015.
Key questions answered in this report:
- What is the market size and growth rate forecast for Microcrystalline Wax industry?
- What are the main driving factors propelling the Microcrystalline Wax Market forward?
- What are the leading companies in the Microcrystalline Wax Industry?
- What segments does the Microcrystalline Wax Market cover?
- How can I receive a free copy of the Microcrystalline Wax Market sample report and company profiles?
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With a share of more than 40%, Asia Pacific led the global microcrystalline wax market, followed by North America and Europe. With a greater emphasis on aesthetics, aging, and living standards in nations like China and India, the usage of cosmetics & personal care products is expanding throughout the region. In India, the cosmetics market has expanded over the past ten years. The growth of the nation’s packaging business is mostly fueled by the food and pharmaceutical sectors. The substantial and expanding middle class in India is a driving factor behind the growth of organized retail in the nation as well as the packaging sector. Due to varied packaging requirements, including lightweight products, a variety of sizes, a long shelf life, and simple recycling, the need for packaging has expanded in India. Additionally, throughout the projection period, all these factors raise the demand for microcrystalline wax in the Asia-Pacific region.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
- In March 2022, AWAX Group, Europe’s largest wax manufacturer, completed the acquisition of SASOL Wax GmbH, the wax division of the South African energy and chemical company Sasol Ltd. The transaction includes two plants in Hamburg, Germany, one in Linz, Austria, and one in Birkenhead, United Kingdom. The Group will broaden its wax product portfolio and strengthen its technological leadership in the wax market as a result of this acquisition.
- In January 2019, HollyFrontier Corporation announced that its subsidiaries have completed the previously announced acquisition of Sonneborn US Holdings Inc. and Sonneborn Co?peratief U.A. (collectively “Sonneborn”). With the acquisition of Sonneborn, HollyFrontier elevates itself to the position of a major international provider of specialist goods. Strong brand recognition and a wide range of products from Sonneborn enhance HollyFrontier’s current operations. Through this transaction, HollyFrontier’s downward integration strategy into specialist products is advanced, and the Rack Forward business segment is greatly expanded. By enhancing processing and blending capabilities in North America and Europe, as well as by growing the global sales organization and distribution network, Sonneborn improves HollyFrontier’s global presence.
|Market Size in 2021||USD 689.3 Million|
|Projected Market Size in 2028||USD 1034 Million|
|CAGR Growth Rate||5.2% CAGR|
|Key Market Players||MOL Group, Sasol, The International Group Inc., Calumet Specialty Products Partners, L.P., Indian Oil Corporation Ltd, Sonneborn LLC, Kerax Limited, KosterKeunen, Nippon Seiro Co. Ltd., Asian Oil Company, CEPSA, Holly Frontier Refining & Marketing LLC, and Others|
|Key Segment||By Type, Application, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs.|
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- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Type, Application, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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