Market Size of Microcrystalline Wax Industry
| 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.
