Press release
Microcrystalline Wax Market Size to Surpass USD 1.10 Billion by 2028 | Persistence Market Research
Microcrystalline Wax Market 2023-2028
The global microcrystalline wax market size was valued at USD 778.9 million in 2021 and is projected to reach USD 1.10 Billion by 2028, exhibiting a CAGR of 3.9% during the forecast period. The market is driven by the increasing demand for microcrystalline wax in various end-use industries, such as cosmetics, pharmaceuticals, and food & beverages.
Microcrystalline wax is a type of wax that is produced during the refining of petroleum. It is a white, odorless, and tasteless solid that is insoluble in water. Microcrystalline wax has a melting point of 70-80°C and a density of 0.85-0.95 g/cm3.
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Market Dynamics
Market Drivers
• Growing demand for microcrystalline wax in cosmetics and personal care products due to its emollient and thickening properties.
• Increasing usage of microcrystalline wax in the packaging industry for manufacturing candles, food wraps, and flexible packaging.
• Rising demand for pharmaceutical products, including ointments and creams, which utilize microcrystalline wax as a key ingredient.
• Growing construction and automotive industries, driving the demand for microcrystalline wax in coatings and adhesives.
Market Restraints
• Availability of alternative products such as synthetic waxes and natural waxes.
• Fluctuating crude oil prices affecting the cost of production and pricing of microcrystalline wax.
• Stringent regulations regarding the use of petroleum-based products, particularly in some regions.
Key Players
The key players in the microcrystalline wax market are:
• BASF SE
• ExxonMobil Corporation
• Sasol Limited
• The Dow Chemical Company
• Clariant AG
• Evonik Industries AG
• Nippon Seiro Co., Ltd.
• Lion Corporation
• Wacker Chemie AG
• Lanxess AG
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Recent Developments
Here are some recent developments of companies in the microcrystalline wax market:
• In 2022, Sasol announced the expansion of its microcrystalline wax production capacity at its Secunda refinery in South Africa. The expansion is expected to be completed in 2023 and will increase Sasol's microcrystalline wax production capacity by 50%.
• In 2022, ExxonMobil announced the launch of its new microcrystalline wax product, ExxonMobil™ Microcrystalline Wax 600. ExxonMobil™ Microcrystalline Wax 600 is a high-performance microcrystalline wax that is designed for use in a variety of applications, including personal care, food, and construction.
• In 2022, Clariant announced the acquisition of the microcrystalline wax business of Evonik. The acquisition is expected to strengthen Clariant's position in the microcrystalline wax market and to expand its product portfolio.
Market Segmentations
The global microcrystalline wax market can be segmented based on application and region.
By Application:
• Cosmetics and Personal Care
• Packaging
• Pharmaceuticals
• Adhesives
• Coatings
• Others
By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The key trends in the microcrystalline wax market are:
• Increasing demand for microcrystalline wax in the cosmetics industry
• Increasing demand for microcrystalline wax in the pharmaceuticals industry
• Increasing demand for microcrystalline wax in the food & beverages industry
• Development of new applications for microcrystalline wax
• Rise in demand for bio-based microcrystalline wax
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Market Challenges
The key challenges in the microcrystalline wax market are:
• Rising prices of raw materials
• Competition from other waxes
• Stringent government regulations
Market Opportunities
The key opportunities in the microcrystalline wax market are:
• Growing demand for microcrystalline wax in emerging markets
• Development of new applications for microcrystalline wax
• Rise in demand for bio-based microcrystalline wax
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