The Wax Emulsion Market was valued at USD 3.1 billion in 2021 and is expected to grow at a CAGR of 4.2% during the forecast period.
The Wax Emulsion Market was valued at USD 3.1 billion in 2018 and is expected to grow at a CAGR of 4.2% during the forecast period. Wax emulsion is a mixture of one or more waxes (oil base) in water. Waxes are usually immiscible with water, and therefore, to make them miscible, surfactants are added. Waxes have a significant impact on several formulations and processes. It offers lubrication along with abrasion resistance, anti-blocking, matting, and water repellency properties to the resulting product. This leads to its wide applications in paints & coatings, adhesives & sealants, cosmetics, textiles, and others. The sources of waxes can be natural or synthetic, natural waxes includes beeswax (animal-based) and carnauba (vegetable based); and artificial waxes include paraffin wax, amide wax, polyethylene wax, polypropylene wax, and montan wax, among others.
The significant growth of the paints and coatings industry across the globe is likely to be fueling the growth of the global wax emulsion market, as the wax emulsion is finding increasing use in the paints & coatings formulations in place of solvents, which is globally considered to be high in volatile organic content (VOC). Additionally, wax emulsion finds vast usage in textile manufacturing as an additive to impart smoothness to the yarn, thread, and eventually fabric; reduce the breakage rate of yarn by providing lubrication; improves strength during knitting fabric; and serves as a protective agent for anti-wrinkling and free finishing fiber woven fabrics, among others. The growth of the global textile industry due to rising consumer purchasing power and changing lifestyle is further driving the growth of the global wax emulsion market. The absence of any close substitute to the wax emulsion is also boosting the growth of the product market. Furthermore, the widening application scope of wax emulsion in the cosmetics and personal care products is expected to provide growth impetus to the players operating in the global wax emulsion market during the forecast period.
The key players are adopting various strategies such as expansion, acquisition, product launch, joint venture, and others to capture a more substantial share of the global wax emulsion market. For instance, on 4 February 2019, Altana AG acquired polypropylene wax emulsion business from DSM to expand its existing product portfolio of wax emulsions.
However, factors such as volatility in crude oil prices may restrict market growth during the forecast period.
List of Key Players in the Wax Emulsion Market
Some of the prominent players in the global wax emulsion market are
Global Wax Emulsion Market Share, by Type (2018)
Source: MRFR Analysis
The global wax emulsion market has been segmented into the source, type, application, and region.
Based on the source, the global wax emulsion market has been categorized as natural and synthetic.
By type, the global wax emulsion market has been categorized as paraffin wax, carnauba wax, polyethylene wax, polypropylene wax, and others.
Based on application, the global wax emulsion market has been divided into paints & coatings, adhesives & sealants, cosmetics, textiles, and others.
The global wax emulsion market has been analyzed with respect to five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific was the largest and fastest growing market for wax emulsion in 2018 and is expected to continue a similar trend during the forecast period. The increasing demand for wax emulsion products in the formulations of adhesives & sealants and paints & coatings is expected to fuel the growth of the wax emulsion market in the region. The rapid industrialization and urbanization in the countries of Asia-Pacific viz, China, India, Thailand, Indonesia, Malaysia, and South Korea are likely to utilize a large number of paints & coatings and adhesives & sealants, and thus, in turn, drive the growth of the wax emulsion market in the region. Additionally, the growing automotive industry in China is also likely contributing to the growth of the product market in the region.
Europe held the second largest market share of the global market in 2018 and is expected to grow significantly during the forecast period. Strong automotive industry and microelectronics industry in Germany showcase strong demand for paints & coatings and adhesives & sealants, and in turn, contribute mainly to the need for wax emulsion.
The market in North America is relatively mature in terms of consumption and is expected to show steady growth during the forecast period.
October 2021: Zenith Energy Ltd, Canada oil and gas firm, completed the workover of the Robbana-1 well in Tunisia's Robbana concession. Significant amounts of paraffin and wax were discovered blocking several of the lower holes during the workover. According to the corporation, they have now been cleaned by reverse fluid circulation. Before oil production can commence, the well killing fluid and water emulsion must be pumped out of the wellbore for a period of 36 to 72 hours.
June 2021: Michelman signed a new distribution arrangement with Omya, a global producer of calcium carbonate and a global distributor of speciality chemicals, which will begin in June 2021. Michelman's surface modifiers and wax emulsion product line will be distributed exclusively by Omya to the paints and coatings markets in Canada.
April 2021: Quality Group, a new worldwide distributor for India, was announced by LSI Chemical. Quality Group is now allowed to distribute LSI Chemical oil and fuel additives, as well as collaborate with LSI Chemical on the creation of special performance gasoline and diesel mixes. In addition, Quality Group has become an official distributor of the whole line of Hot Shot's Secret items for the retail market in India, which is rapidly expanding.
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Source, Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||BASF SE (Germany), Nippon Seiro Co., Ltd (Japan), Altana AG (Germany), Sasol Limited (South Africa), DowDuPont (US), Exxon Mobil Corporation (US), Hexion (US), Michelman, Inc. (US), The Lubrizol Corporation (US), and Danquinsa GmbH (Germany) among others.|
|Key Market Opportunities||The growth of the global textile industry due to rising consumer purchasing power and changing lifestyle|
|Key Market Drivers||The significant growth of the paints and coatings industry across the globe|
The market valuation was USD 3.1 billion.
The market projects a CAGR of 4.2% during the forecast period (2019 to 2025).
The paints and coatings industry would make a substantial impact.
Volatile crude oil prices would hold back the wax emulsion market growth.
The major players are Nippon Seiro Co., Ltd (Japan), BASF SE (Germany), Sasol Limited (South Africa), Altana AG (Germany), Hexion (US), The Lubrizol Corporation (US), Exxon Mobil Corporation (US), Michelman, Inc. (US), DowDuPont (US), and Danquinsa GmbH (Germany).