Persistence Market Research has rolled out a new market research report titled “Microcrystalline Wax Market: Global Industry Analysis 2013 – 2017 and Forecast 2018 – 2026”, which examines the microcrystalline wax market and offers critical insights for the next eight years. Based on the findings specified in the report, the market is expected to witness rising demand from increasing end-use sectors and growing cosmetics as well as pharmaceutical industries. These factors are projected to drive the global microcrystalline wax market.
The estimated value of the microcrystalline wax market in 2018 is US$ 810.4 Mn, which is expected to expand at a CAGR of 3.9% and reach US$ 1,102.3 Mn by the end of 2026. In addition, the microcrystalline wax market is projected to create an incremental $ opportunity worth US$ 291.9 Mn during the forecast period.
Microcrystalline Wax Market Dynamics
The growing shift of manufacturing across globe and rising demand for end-use sectors such as pharmaceuticals, cosmetics & packaging are projected to drive the microcrystalline wax market over the forecast period. Moreover, rise in food packaging across regions is also expected to drive the microcrystalline wax market over the forecast period. The growth of end-use industry demand in key regions, such as SEA & Pacific China and Europe, is estimated to the market demand for numerous industries such as microcrystalline wax in the forthcoming years. Furthermore, changes in lifestyle generate demand for personal care products while the middle-class population is more inclined towards better living standards. Increasing production of pharmaceuticals and cosmetics, specifically in Asia, is estimated to surge raw material demand, which will impact the global microcrystalline wax over the forecast period
The global pharmaceutical industry is expected to witness a satisfactory growth rate of 6–6.3% over the stipulated period and it is estimated to be comparatively high in emerging economies such as India, China, and Brazil. This steady increase is estimated to boost the sales of microcrystalline wax in the global market. This growth in end-use industries can be attributed to the increasing urbanization and stable economic conditions in these regions, which in turn, will augment the growth of the microcrystalline wax market. Another key driver of the microcrystalline wax market is the consumer demand and interest. The consumer concern towards healthcare has increased and consumers are becoming more aware of the specifications and prefer superior quality products. This is reinforcing the pharmaceuticals and cosmetics industry and simultaneously, contributing towards the growth of the microcrystalline wax over the forecast period.
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Microcrystalline Wax Market Forecast
The global microcrystalline wax market is estimated to grow 1.3X during the forecast period in correlation with pharmaceutical, packaging and cosmetics production.
By region, North America, followed by Europe and China, is projected to dominate the global microcrystalline wax market over the forecast period. Moreover, China, followed by the SEA & Pacific region, is estimated to remain the most opportunistic region in the microcrystalline wax market. In terms of value, China is projected to create an incremental $ opportunity worth US$ 60.7 Mn in the global microcrystalline wax market during the forecast period.
By application type, the packaging segment dominates the market with a value of US$ 222.2 Mn in 2018. The pharmaceutical segment is projected to account for 13.7% of the market value share in the global microcrystalline wax market during the forecast period. In terms of growth, the cosmetics segment is projected to grow with a modest growth rate in the global microcrystalline wax market during the latter half of the forecast period.
By product form, the slabs segment is projected to dominate the global microcrystalline wax market with a year-over-year growth rate of 3.4% in 2018. Additionally, the pellets segment is projected to account for more than a 41.9% share in the global microcrystalline wax market.
By grade, the flexible grade segment is projected to dominate the global microcrystalline wax market over the forecast period. In terms of volume, the demand for flexible grade microcrystalline wax in adhesives is projected to reach 556.7 Mn by the end of 2026.
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Microcrystalline Wax Market: Competitive Landscape
Some of the key players involved in the manufacturing of microcrystalline wax included in this study are Sasol, MOL Group, The International Group, Inc., Calumet Specialty Products Partners, L.P., Indian Oil Corporation Ltd, Sonneborn LLC, Koster Keunen, Kerax Limited, Asian Oil Company, and CEPSA, Nippon Seiro Co., Ltd. and Holly Frontier Refining & Marketing LLC.