Revenue from Hard Type Microcrystalline Wax to Increase at a CAGR exceeding 3% during the Forecast Period States Fact.MR

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FACT.MR

Microcrystalline wax industry will see a 4% growth rate over the forecast period. This is up from 3.6% in historical CAGR and will be worth US$ 1.9 Bn (by 2032).

Rockville, Dec. 16, 20,22 (GLOBE NEWSWIRE). — The Global Microcrystalline Wax Market was worth US$1.2 Bn in 2021. This market is expected to continue growing. reach US$ 1.9 Bn by 2032According to a recent market survey, Fact.MR found that. The report found that hard-type microcrystalline wax is the most lucrative revenue source during the analysis period. This category is forecast to generate 3.8% CAGR over the forecast period.

The crude oil refining process that uses de-oiling petrolatum to create microcrystalline wax is when wax is created. These microcrystalline waxes must meet ASTM standards and are widely used in many industries and applications.

Report Attributes

Details

Global Market Size (2021A)

US$ 1.2 Billion

Estimated market value (2022E).

US$ 1.3 Billion

Forecasted market value (2032)

US$ 1.9 Billion

Global Market Growth Rate (2022-2032).

CAGR 4%

United States Market Forecasted Market Value (2032)

US$ 700 Million

United States Market Growth Rate (2022-2032)

3.8% CAGR

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In the forecast period, candles will remain the most popular application for Microcrystalline Wax
The top use of Microcrystalline Wax is candles. It has seen a 9.4% CAGR and a 3.6% forecasted CAGR. It is highly useful in candle making because of its many properties. One of the most important properties is their higher branching rate and higher molecular weight. The type and length of the wax’s carbon chain will have an impact on its melting point and consistency. The melting point of waxes is also higher than paraffin wax with 130-171 degrees for the soft types and 185-200 for the hard types.

Europe will be a growing market for microcrystalline wax over the forecast period
Europe is a growing region with 25.2% market share and a market forecast of US$ 400 million in 2032. The UK is a country of high demand. With a CAGR rate of 2.6%, and a market forecast of US$ 100 million at a CAGR 3.1%, the UK has been a leading player in this sector. Quantum satis (E 905) can be used in confectionaries as well as to treat the surface of many fruits with microcrystalline wax.

Microcrystalline Wax Survey: Key Segments

  • By Region

    • North America

    • Latin America

    • Europe

    • Asia Pacific

    • Middle East & Africa

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Market for Microcrystalline Wax: Competitive Insights

These are some of the latest developments in Microcrystalline Wax:

  • In May 2021 Calumet Specialty Products Partners L.P. announced that they have entered into a partnership with Aevitas Inc. A partnership will allow them to export their oil-and-wax products to Canada. Aevitas Inc. is the preferred partner because of their vast network and fleet capabilities.

  • April 2022 Sonneborn, a brand under HF Sinclair, announced the selection of a distributor for their product, the Sono Jell Candle Base – IV, a crystalline wax modifier that can help form tight-knit crystalline structures in candles, leading to an overall more visually appealing product. This product can speed up cooling, production and packaging times. The distributor is to be North America’s Palmer Holland.

  • In June 2021, British wax manufacturer Kerax and London’s Itero announced the start of a collaboration. In an effort to promote greener solutions, Kerax and Itero signed an MOU to purchase 5000 tonnes/annum of Itero’s recycled wax products.

Key Companies Profiled

  • Alfa Chemical Ltd

  • Asian Oil Company

  • Blended Wax Inc.

  • British Wax

  • Calumet Specialty Products Partners L.P.

  • CEPSA

  • DONGNAM PETROCHEMICALS HollyFrontier Refining & Marketing LLC

  • Indian Oil Corporation Ltd

  • Indian Oil Corporation Limited

  • KahlWax

  • Koster Keunen, Inc.

  • Kerax Limited

  • MOL Group

  • Nippon Seiro Co. Ltd

  • Paramelt BV

  • Sasol

  • Sonneborn LLC

  • ShellGroup

  • Strahl & Pitsch Inc

  • TER HELL & Co. Ltd

  • The International Group, Inc.

  • The Frank B. Ross Co

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Get more insights

Fact.MR presents a new offering that provides an impartial analysis of the Global Microcrystalline Wax Market. This includes historical market data (2015-2021), and forecast statistics (2022-2032).

The study reveals extensive growth in Global Microcrystalline Wax Market by Type (Flexible, Hard), By Application (Candles, Adhesives, Packaging, Personal Care and Cosmetics, Rubber, and Others), across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).

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