Wax Emulsion Market | Key players operating in the market include BASF SE, Nippon Seiro Co., Altana AG, Sasol Ltd., Exxon Mobil Corporation, Michelman, Inc., Repsol S.A., Lubrizol Corporation
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The global wax emulsions market is expected to reach USD 2.0 billion by 2024, at a CAGR of 4.9% from 2019 to 2024. Growth in this market is mainly attributed to the increasing demand for wax emulsion from various end-use industry such as paints & coatings, Adhesives & sealants, cosmetics, textiles and among others. Wax emulsion is the aqueous mixture of molten wax, emulsifier and water under controlled pressure and temperature. Wax emulsions involves uses of various waxes such as polyethylene, paraffin, carnauba, polypropylene, and others.
On the basis of material base, the wax emulsion market has been segmented into natural base wax emulsion and synthetic base wax emulsion. Synthetic base wax emulsion leads the global wax emulsion market owing to the easy availability and cheaper price. The natural segment is in its maturity stage and is relatively costlier than synthetic wax emulsions, thus being used in only high -end applications where there is a need of more chemical stability. The growth of natural base wax emulsion is witness in North America and Europe. This growth can be attributed to the regulation imposed by the government for usage of wax emulsion in the packing of food products and rising demand for the use of organic ingredients in the cosmetics products.
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The wax emulsion market in 2019 is estimated to be worth USD 1.6 billion and is projected to reach USD 2.0 billion by 2024, growing at a CAGR of 4.9% during the forecast period. Increasing demand from paints & coatings and adhesives & sealants industries have led to significant developments of wax emulsion, thus, driving the market growth. Wax emulsions possess qualities such as water resistance, abrasion resistance, high melt viscosity, and better aesthetics, making them viable in numerous industries such as paints & coatings, adhesives & sealants, cosmetics, and textiles, among others.
Major companies operating in the wax emulsion market are BASF SE (Germany), Nippon Seiro Co., Ltd. (Japan), Sasol Ltd. (South Africa), Exxon Mobile Corporation (US), Michelman, Inc. (US), Repsol S.A. (Spain), Lubrizol Corporation (US), and Hexion Inc. (US), among others. In recent times, companies have adopted various strategies such as new product launches, expansions, mergers & acquisitions, and partnerships to increase their presence in the market. These companies are also investing in R&D and strengthening their sales & distribution networks to enhance their market visibility.
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Exxon Mobil Corporation (US), is a prominent player in the wax emulsion market. The company is involved in the manufacturing, trading & transporting crude oil, petroleum products, and other specialty products. The company offers wax emulsions through its brands such as Parvan, Prowax, and Waxrex. Moreover, the company has adopted various strategies to widen its global reach.
Michelman Inc. (US), is a leading player in the market offering a wide range of wax emulsions. The company caters to a wide range of end-use industries such as fiberglass, paint & coatings, inks and overprint varnishes, floor care, wood finishes, automotive care products, building products, carpets, die lubricants, fruit and vegetable coatings, textiles and urethane foam.
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