Paraffin, petrolatums and microcrystalline wax are the natural waxes obtained from the petroleum sources. Microcrystalline wax is a refined mixture of solid, saturated hydrocarbons with long branched chain and is produced by de-oiling few fractions from petroleum refining process. Microcrystalline wax is tougher, flexible and possesses high melting point than paraffin wax.
Unlike paraffin, microcrystalline wax is darker, denser, more elastic, soft, opaque and amorphous in nature. Microcrystalline wax is used in various applications such as rubber, candles, and jewelry making. The properties of the microcrystalline wax depend on the crude oil source, refining method, and degree of refining.
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Global Microcrystalline Wax: Market Dynamics
Increasing demand for the decorative, scented, designer candles, packaging and cosmetics use, growing percent of tires and rubber related products contributes to the growth of microcrystalline wax. Moreover, the increasing inclination towards the natural waxes, highly preferable wax properties such as elasticity, melting point, and flexibility favor the growth of microcrystalline wax.
The cosmetic industry is a rapidly growing market facilitating the growth of the microcrystalline wax market as people are more conscious and concern about their looks and appearances. The macroeconomic factors such as growing trend for the scented and designer candles, per capita income and increasing spending power ratio facilitate the market to gain traction in the forecast period.
However, the availability of substitutes for the waxes, fluctuating petroleum prices stagnant the growth and can affect the market in the forecast period.
Global Microcrystalline Wax: Segment Overview
The microcrystalline wax market is segmented based on the applications in which the segments include rubber industry, cosmetics industry in which it is used in personal care products, such as creams, gels, ointments. In the food industry, chewing gums uses microcrystalline waxes. Also, it is highly utilized in rubber and explosive industries. It is used in tires and rubber finishing products. It is also used in pharmaceutical and resin industries. Microcrystalline wax is used in printing inks and packaging too.
Based on its functional use, microcrystalline wax is segmented into the adhesive agent, protective layer for the metals and materials, as a sealant and also to add gloss to the surface. It is also used as water repellent as it resists water molecules to came in contact with the surface material by having the wax layer over it. It functions as insulators in various electronic and electrical products. By wax types, it is also segmented into 70#, 80# and 90# as per the properties.
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Global Microcrystalline Wax: Regional Overview
High demand in the industrial use of the microcrystalline wax has gained significant growth in the contribution of the market growth. Moreover, increasing demand for natural waxes, cars and improving the standard of living in developing economies including Brazil, and India has triggered the microcrystalline wax market growth.
Asia Pacific is owing to the higher number of wax producers, increasing demand from the industrial applications such as candles, textile finishing, and cosmetics, is expected to grow with the significant CAGR in the forecast period. China leads the market in the petroleum based waxes.
North America and Europe also contribute higher share after Asia-Pacific regarding revenue and market growth. The microcrystalline wax market is expected to show positive outlook in the forecast period.
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Global Microcrystalline Wax: Market Players
Some of the prominent players for the microcrystalline wax market are Koster Keunen, Inc., Strahl & Pitsch Inc, Sonneborn, Alfa Chemical Ltd., The International Group, Inc. (IGI), Paramelt B.V, The Frank B. Ross Co, ShellGroup, Nippon Seiro Co. Ltd, Blended Waxes, Inc., TER HELL & Co.Ltd
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