Micronized Wax Market Is Expected To Observe A moderate growth rate of 4.0% over 2018-2028.

Micronized Wax Market: Key Research Findings

Micronized wax market size in 2017 was US$ 601.4 Mn.
The micronized wax market is expected to observe a moderate growth rate of 4.0% over 2018-2028.
3. The industrial wax market was around ~US$ 12.8 Bn in 2017, with the global market being dominated by fossil-based (petroleum) market with around 85% share.
Global petroleum wax was valued at US$ 9.8 billion in 2017.
Foodstuff packaging held a prominent share in the global petroleum market, followed by the pharmaceutical industry.
North America and Europe account for more than 50% of the global petroleum wax demand.

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Petroleum-based products are gaining more prominence compared to the other types, mostly due to their large production scales compared to natural waxes.
The global micronized wax market accounted for a share of around 6-8% in the overall fossil-based market in 2017.
North America, Europe, and China represent significant growth opportunities. At the same time, more developed regions are experiencing substantial business and demographic modifications that will transform value chains in the segment.
Europe is projected to hold a relatively prominent share in the global micronized wax market.
The requirement for micronized wax across various applications such as plastic processing, inks and coatings, and adhesives among others. This is anticipated to lay a strong base for the robust growth of the global micronized wax market.
In terms of growth opportunities in the micronized wax market, Europe, North America, and China, are expected to generate high demand for micronized wax.
By product type, the synthetic wax segment is projected to be a very lucrative segment in the micronized wax market, with a value share of over 90%, as registered in 2018.
The growing demand for micronized wax for packaging and building material applications is projected to boost the growth of the synthetic micronized wax market in the coming years.
Top Three Factors Shaping the Micronized Wax Market

micronized wax market

Growing Demand for Paints and Coatings Supported by Various End-Use Industries

Fast-growing economies such as China, India, Brazil, South Africa, and GCC countries have witnessed a rise in the demand for paints and coatings, due to the rapid industrial and infrastructural development across these countries. Government are also investing to improve their country’s infrastructure, and this is a major factor driving the demand for paints and coatings.

Micronized wax is an important constituent for the manufactures of resins, and is used to produce high surface finish paints and coatings. These factors are expected to drive the growth of the global micronized wax market during the forecast period.

Regional Developments - Always a Key Trend for the Global Market

Over the past few years, there has been an increase in the number of acquisition and expansion activities in the petroleum refinery market across the globe. This can be significantly attributed to the efforts being made by companies to meet the rising demand for micronized wax, and gain high-growth across various regions.

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Also, strategic developments among end users such as candle producers will boost the demand for micro waxes. According to the National Candle Association (NCA), the United States represents a massive demand for candles, including candle accessories by U.S households. These key developments always act as trends for the global micronized wax market.

Superior Properties of Micronized Wax Driving Growth in Various Applications

The micronized wax market is primarily driven by its demand from paints and coatings, packaging, adhesive applications, and building material. Demand growth is expected to be driven by the growth of end-use applications.

Micronized waxes have tacky quality, rarely characterized in terms of boiling range, very non-volatile, and have auto-flammability properties. Manufacturers have been developing products that meet a diverse and demanding set of requirements. For instance, they have been using micronized waxes for the formulation of inks and coatings to adjust hardness or softness, and the solidification point of a product.

The demand for micronized wax for the packaging of foodstuff is expected to witness high growth in the near future. Moreover, increasing applications in the food packaging industry and pharmaceutical products sector are also expected to further help demand growth.

Global Micronized Wax Market Structure Analysis

The global micronized wax market is a fragmented market, wherein, tier 1 companies hold around than 44-45% revenue share.

Top companies in the micronized wax market include BASF SE, The Lubrizol Corporation, Clariant AG, and Honeywell International Inc., among others.
As a part of their business strategy, prominent micronized wax players have been focusing on gaining market share in North America and Europe, as these two regions account for prominent shares in terms of the demand for adhesives, and inks & coatings, and thus, are witnessing a rise in the demand for micronized wax.
Some of the micronized wax market players have also showing keen interest on expanding their geographical presence in the Middle East & Africa and Asia Pacific regions, with increasing production facilities, transportation, and energy infrastructure, which is expected to create lucrative growth opportunities for micronized wax manufacturers.
As a differentiating strategy, micronized wax market participants are focusing on cost reduction in their product offerings, and the development of new techniques used for micronized wax.

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