Microcrystalline Wax Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Microcrystalline Wax Market Analysis
During the time frame of the forecast, the microcrystalline wax market is expected to grow at a CAGR of over 3%.
In 2020, COVID-19 affected the market due to low production and supply chain constraints. Polymer additives, adhesives, paints, and coatings use microcrystalline wax for lubrication. The lockdown halted construction, reducing microcrystalline wax consumption in adhesives and other construction products. Food and e-commerce companies are demanding more microcrystalline wax for paper packaging. Soaps and other personal care products use microcrystalline wax as an antifoam. Soaps and other personal care products are in higher demand due to increased hygiene awareness, which will boost microcrystalline wax demand over the coming years. The market recovered in 2021 by virtue of increased demand from the construction, food, and e-commerce segments.
- Over the short term, the growing personal care industry in the Asia-Pacific region is expected to drive the market's growth.
- On the other hand, COVID-19's effect on the industry was still the most important thing holding the market back.
- The growing popularity of ice hockey and snowboarding in the North American region is likely to create opportunities for the market in the coming years.
- During the forecast period, the cosmetics and personal care segment is expected to be the largest part of the market.
- The Asia-Pacific region is expected to have the biggest share of the market and the highest CAGR over the next five years.
Microcrystalline Wax Market Trends
This section covers the major market trends shaping the Microcrystalline Wax Market according to our research experts:
Increasing Demand from the Cosmetics and Personal Care Industry
- Cosmetics and personal care are two of the major applications of microcrystalline wax. Microcrystalline wax is used in cosmetics and personal care products as a viscosity agent, binder, and emollient to thicken the formulations.
- The increasing number of new beauty products and the concern for good appearance have led to a significant rise in the market for beauty products and cosmetics. According to L'Oreal, in 2021, the global cosmetics market will be worth over USD 240 billion. The COVID pandemic has severely impacted the industry, and the global cosmetics market declined by more than 8% in 2020 as compared to 2019. However, the market began to pick up speed in 2021, rising to 8.2%.
- The Asia-Pacific region has become the largest consumer and producer of microcrystalline wax. The production has reached high levels, and the region has become a significant hub for exporting cosmetics and personal care products to developed nations such as the United States.
- The growth of the cosmetics market is likely to lead to a rise in demand for personal care products in South Korea and Indonesia.
- The European market has a robust and rising demand for cosmetics. The desire for high-quality, all-natural cosmetics is especially strong in Europe, making it one of the world's largest cosmetics marketplaces. According to Cosmetics Europe, the value of the European market for cosmetics and personal care products was above USD 85 billion in 2021, and Germany accounted for nearly 17% of the market.
- The Italian cosmetics business is flourishing, and for good reason: Italian beauty products are often regarded as some of the best in the world. Italian cosmetics are well-liked all around the world because of their high-quality ingredients and elegant presentation. According to Cosmetics Europe, the value of the Italian market for cosmetics and personal care products was above USD 10 billion in 2021 and accounted for more than 13% of the European market.
- Because of this, the above factors are likely to have a big effect on the market in the next few years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the global microcrystalline wax market with a share of more than 45%. With growing packaging and personal industries in countries like China, India, Japan, and South Korea, the consumption of microcrystalline wax is increasing in the region.
- Growing per capita income followed by rising expenditure in China, India, and Southeast Asian countries is expected to open new avenues for the industry. Beauty and cosmetic products are in high demand for personal grooming. The Asia-Pacific cosmetics market will account for more than 35% of the global cosmetics market by 2021.
- According to the National Bureau of Statistics, China will be the world's second-largest retail market for cosmetics in 2021 and will account for more than 17% of the global market.
- China has the second-largest packaging industry in the world. The country is expected to witness consistent growth during the forecast period, owing to the rise of customized packaging and increased demand for packaged consumer goods in the food segment, like microwave food, snack foods, frozen foods, etc.
- The market for cosmetics and other items related to personal grooming is expanding rapidly in India, and this growth is forecast to accelerate in the years to come. The demand for cosmetics and other personal care items in India has been propelled by rising per capita income and shifting attitudes toward personal grooming and appearance. As of 2021, India's beauty and personal care industry is projected to have the fourth highest revenue worldwide.
Therefore, the aforementioned factors are expected to have a significant impact on the market in the coming years.
Microcrystalline Wax Industry Overview
The microcrystalline wax market is partially consolidated by nature. Some of the major players in the market include Blended Waxes Inc., Indian Oil Corporation Ltd., Paramelt BV, Sasol, and Sonneborn LLC, among others.
Microcrystalline Wax Market Leaders
Blended Waxes, Inc.
Indian Oil Corporation Ltd
Paramelt B.V.
Sasol
Sonneborn LLC
*Disclaimer: Major Players sorted in no particular order
Microcrystalline Wax Market News
- August 2022: Chennai Petroleum Corporation Limited (CPCL) has formed a partnership with Indian Oil Corporation and other seed equity investors. The joint venture will build a 9 MMTPA refinery at the Cauvery Basin Refinery in the India-Tamil Nadu district of Nagapattinam. The cost of the 9 MMTPA refinery project is expected to be USD 3.84 billion.
- March 2022: Sasol sold its European wax business to AWAX Group. Hywax GmbH will be the name of the company, which will have two production facilities.
Microcrystalline Wax Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Personal Care Industry in the Asia-Pacific Region
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Impact of the COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
4.6 Trade Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Flexible
5.1.2 Hard
5.2 Application
5.2.1 Cosmetics and Personal Care
5.2.2 Candles
5.2.3 Adhesives
5.2.4 Packaging
5.2.5 Rubber
5.2.6 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alfa Chemicals
6.4.2 Alpha Wax
6.4.3 Blended Waxes Inc.
6.4.4 British Wax Ltd.
6.4.5 Clarus Specialty Products LLC
6.4.6 Frank B. Ross Co. Inc.
6.4.7 Indian Oil Corporation Ltd.
6.4.8 Industrial Raw Materials LLC
6.4.9 Koster Keunen
6.4.10 NIPPON SEIRO CO. LTD.
6.4.11 Paramelt BV
6.4.12 Sasol
6.4.13 Sonneborn LLC
6.4.14 Strahl & Pitsch Inc.
6.4.15 The International Group Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Popularity of Ice Hockey and Snowboarding in the North American Region
Microcrystalline Wax Industry Segmentation
Microcrystalline wax is a type of petroleum wax produced by the petroleum refining industry's downstream sector. It is composed of crystalline, saturated hydrocarbons. Microcrystalline wax is primarily derived from the dewaxing process of petroleum refineries and is primarily used in the cosmetics and personal care industries.
The microcrystalline wax market is segmented by type, application, and geography. By type, the market is segmented into flexible and hard. By application, the market is segmented into cosmetics and personal care, candles, adhesives, packaging, rubber, and other applications. The report also covers the size and forecasts of the microcrystalline wax market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
| Type | |
| Flexible | |
| Hard |
| Application | |
| Cosmetics and Personal Care | |
| Candles | |
| Adhesives | |
| Packaging | |
| Rubber | |
| Other Applications |
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Microcrystalline Wax Market Research FAQs
What is the current Microcrystalline Wax Market size?
The Microcrystalline Wax Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Microcrystalline Wax Market?
Blended Waxes, Inc., Indian Oil Corporation Ltd, Paramelt B.V., Sasol and Sonneborn LLC are the major companies operating in the Microcrystalline Wax Market.
Which is the fastest growing region in Microcrystalline Wax Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Microcrystalline Wax Market?
In 2024, the Asia-Pacific accounts for the largest market share in Microcrystalline Wax Market.
What years does this Microcrystalline Wax Market cover?
The report covers the Microcrystalline Wax Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Microcrystalline Wax Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Microcrystalline Wax Industry Report
Statistics for the 2024 Microcrystalline Wax market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Microcrystalline Wax analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
