The global propels Microcrystalline Wax market is expected to be worth $1.3 billion in 2022. The market is expected to be worth approximately US$ 1.9 billion by the end of 2032, with a CAGR of 4% predicted for the next ten years. Microcrystalline wax is a type of petroleum-derived wax distinguished by its fine crystals and high melting point. It is widely used in a wide range of applications such as cosmetics, pharmaceuticals, food packaging, candles, and industrial products. The global microcrystalline wax market is expected to expand significantly in the coming years, owing to rising demand in a variety of end-use industries. The versatility of microcrystalline wax, which can be used in a variety of applications, is one of the key factors driving demand.
Microcrystalline wax is used in a variety of cosmetic products, including lip balms, moisturisers, and hair care products, due to its ability to provide texture, gloss, and viscosity. It is used in the pharmaceutical industry as a coating material for tablets and capsules, as well as ointments and creams. Microcrystalline wax is used as a coating material for food containers and packaging materials in the food packaging industry because it provides a barrier against moisture and helps to preserve the freshness of the product. It is used in the candle industry as a blend with other waxes to improve burning characteristics and scent throw.
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Key Takeaways from Market Study
- The global microcrystalline wax market is expected to experience significant growth in the coming years, driven by the increasing demand for the product in various end-use industries.
- Microcrystalline wax is a versatile product that can be used in a wide range of applications, including cosmetics, pharmaceuticals, food packaging, candles, and industrial products.
- In the cosmetics industry, microcrystalline wax is used to provide texture, gloss, and viscosity in various products, including lip balms, moisturizers, and hair care products.
- In the pharmaceutical industry, microcrystalline wax is used as a coating material for tablets and capsules, as well as in ointments and creams.
- In the food packaging industry, microcrystalline wax is used as a coating material for food containers and packaging materials, as it provides a barrier against moisture and helps to preserve the freshness of the product.
Microcrystalline Wax Market: Competition Insights
Some of the recent development in Microcrystalline Wax are as follows:
- A partnership between Calumet Specialty Products Partners, L.P. and Aevitas Inc. was declared in May 2021. They intend to use this partnership to introduce their oil and wax goods to the Canadian market, and Aevitas was chosen as the partner due to their extensive infrastructure and fleet capabilities.
- The Sono Jell Candle Base – IV, a crystalline wax modifier that can assist in forming close-knit crystalline structures in candles and produce an item that is more aesthetically pleasing overall, was released by Sonneborn, a brand under HF Sinclair, in April 2022. The product can reduce the time needed for production, packaging, and cooling. Palmer Holland of North America is to serve as the distributor.
- British wax producer Kerax and London’s Itero announced the beginning of a partnership in June 2021. In order to advance their efforts towards greener solutions and alternatives, Kerax signed an MOU with Itero to purchase 5000 tonnes of recycled wax products annually.
Key Companies Profiled
- Alfa Chemical Ltd
- Asian Oil Company
- Blended Waxes 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
Key Questions Covered in the Microcrystalline Wax Market
- What is microcrystalline wax, and what are its properties?
- What are the different applications of microcrystalline wax, and what are their market sizes?
- What are the major factors driving the growth of the microcrystalline wax market?
- What are the challenges faced by the microcrystalline wax market, and how can they be overcome?
- Who are the key players in the microcrystalline wax market, and what are their market shares?
- What are the regional trends in the microcrystalline wax market, and how are they impacting the overall market growth?
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What are the latest technological advancements in the microcrystalline wax market, and how are they impacting the market?
