The report "Wax Emulsion Market by Material Base (Synthetic, Natural), Type (PE, PP, Paraffin, Carnauba), End-use Industry (Paints & Coatings, Adhesives & Sealants, Cosmetics, Textiles), Region (APAC, North America, Europe, MEA, SA) - Global Forecast to 2024" 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. A key driving factor for the growth of the wax emulsion market is a consequent rise in the demand for paints & coatings, adhesives & sealants, and cosmetics.
Paints & coating end-use industry segment accounts for the largest share of the wax emulsion market
The paints & coatings segment is the largest contributor to the global wax emulsion market in terms of volume. The paints & coatings industry consume almost one-third of the global wax emulsion produced. This is attributed to better chemical stability and environment-friendly characteristics of wax emulsions. The absence of substitutes also drives the growth of wax emulsion market. Solvent systems are expected to be replaced by wax emulsions in paints & coatings, which is an eco-friendlier option for the manufacturers.
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Based on material base, the natural base wax emulsion segment is projected to be the highest revenue generator of the wax emulsion market by 2024
The natural base 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 for more chemical stability. The growth of natural base wax emulsion segment is being witnessed in North America and Europe. This growth can be attributed to the regulations imposed by the government for the usage of wax emulsion in the packing of food products and rising demand for the use of organic ingredients in the cosmetics products.
Polyethylene segment to dominate the global wax emulsion market by 2024
Polyethylene, in terms of volume, has been widely used in the paints & coatings and adhesives & sealants industry across major regions. Polyethylene and paraffin are used mainly due to better slip, scratch resistance, and water resistance on the surfaces. Cost-effectiveness and easy availability of polyethylene make it a most preferred raw material over other raw materials for wax emulsions.
The Asia-Pacific region is expected to lead the wax emulsion market during the forecast period
The Asia Pacific wax emulsion market is anticipated to grow at the highest CAGR between 2019 and 2024. China, Japan, and India together accounted for the lions share of the Asia Pacific wax emulsion market in 2018. China is a major consumer of wax emulsions in Asia Pacific due to the extensive use of the product in various industries, such as paints & coatings and adhesives & sealants. Abundant availability of raw material and cheap labor in the region, also make it one of the largest manufacturers of the product.
Key market players covered in this report which includes, BASF SE (Germany), Nippon Seiro Co. (Japan), Altana AG (Germany), Sasol Ltd. (South Africa), Exxon Mobil Corporation (US), Michelman, Inc. (US), Repsol S.A. (Spain), Lubrizol Corporation (US), Hexion Inc. (US), Wacker Chemie AG (Germany), DANQUINSA GmbH (Germany) and H&R GROUP (Germany) , and among others.
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.
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In May 2019, the company announced plans to expand its production facility at Baytown, Texas with the aim of completing it by 2022sz. In addition to ethylene-propylene specialty elastomers, the project includes a 700 million lb per year linear alpha olefins manufacturing units, which will enable the company to enter the linear alfa olefin business as well as strengthen its product portfolio.
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.
In 2015, the company expanded the production capacity of its Singapore plant to meet the growing demand for wax emulsion in China and India.Further, in January 2015, the company acquired Supack International P/L, a long-time sales and service partner of Michelman, which has helped the company strengthen its position in the Indian packaging industry.
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