The consistent growth witnessed in the cosmetics, pharmaceuticals, electronics, and automobile industry has upheld the demand for microcrystalline wax. The growing per capita income and urban population in developing nations will help maintain the momentum in the global microcrystalline wax market.
One of the three natural forms of wax derived from petroleum refining, microcrystalline wax is a mixture of solid and saturated hydrocarbons. An upcoming Transparency Market Research report offers emerging and established players with first-hand information about the global microcrystalline wax market. It gives detailed insights on the market’s overview, size, share, key trends, regional analysis, major competitors, and forecast for 2018-2026.
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Global Microcrystalline Wax Market: Key Trends
The global microcrystalline wax market is witnessing numerous positive trends. Microcrystalline wax possesses higher meting point, molecular weight, density, and viscosity along with better elasticity than paraffin wax. Due to this, it finds applications in the adhesives, automobile, cosmetics, food packaging, pharmaceuticals, jewelry, rubber, and sports equipment industries.
The product optimizes the flow and viscosity of adhesives, and enhances their thermal stability, crystallization rates, and bond strength. These adhesives are used in construction, footwear, food packaging, and automobiles. Additionally, the product’s adhesive properties makes it ideal to reduce friction in ice hockey sticks and snowboards. The growing popularity of ice hockey and other winter sports will provide a major boost for the global microcrystalline wax market.
Further, microcrystalline wax’s excellent binding property provides dimensional stability to metals during their casting. This drives its demand in the automobile industry. It is also used in manufacturing tires.
In the pharmaceutical and personal care industry, it is used in lipsticks, cold creams, and ointments. Microcrystalline wax’s abilities to carry medication and pigments, lubricate, and provide protection from moisture makes it a natural base for these products.
Besides the above factors, the growing fondness among people for artificial jewelry and scented candles will also drive the global microcrystalline wax market.
While there are numerous drivers for the global microcrystalline wax market, substitutes to wax and volatile petroleum prices are its major challenges.
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Global Microcrystalline Wax Market: Competitive Dynamics
A few prominent players in the global microcrystalline wax market are Koster Keunen Inc., Sonneborn, Shell Group, Strahl & Pitsch Inc, and Alfa Chemical Ltd., among others. Existing players in the food packaging, automobiles, and pharmaceuticals industry are identifying ways to manufacture their own microcrystalline wax. This would reduce their dependency on manufacturers.