Rockville, Dec. 16, 2022 (GLOBE NEWSWIRE) -- Global Microcrystalline Wax Market was valued at US$ 1.2 Bn in 2021 and is expected to reach US$ 1.9 Bn by 2032, finds Fact.MR in a recent market survey. As per the findings of the report, hard-type microcrystalline wax is expected to top revenue generator throughout the analysis period. The revenue through this category is expected to register a CAGR of 3.8% during the forecast period.
Microcrystalline wax is wax created in the crude oil refining process by de-oiling petrolatum. Microcrystalline waxes generally have to meet ASTM specifications and have widespread applications across a huge variety of industries and applications.
| Report Attributes | Details |
| Global Market Size (2021A) | US$ 1.2 Billion |
| Estimated Market Value (2022E) | US$ 1.3 Billion |
| Forecasted Market Value (2032) | US$ 1.9 Billion |
| Global Market Growth Rate (2022-2032) | 4% CAGR |
| United States Market Forecasted Market Value (2032) | US$ 700 Million |
| United States Market Growth Rate (2022-2032) | 3.8% CAGR |
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Candles to remain the top application FOR Microcrystalline Wax in the forecast period
Candles is the top application of Microcrystalline Wax, having witnessed a CAGR of 9.4% and with a forecasted CAGR of 3.6%. Microcrystalline wax has several properties which make it highly beneficial for use in candle making. For one, they have a higher amount of branching, as well as a higher molecular weight. However, the melting point and consistency are highly dependent on the type and length of the carbon chain of the wax itself. They also have a relatively higher melting point than paraffin wax, with 130-171 degrees for soft types and 185 to 200 for hard types.
Europe is an emerging market for demand of microcrystalline wax in the forecast period
Europe is an emerging region demand, accounting for 25.2% of the market and with a forecasted 2032 market size of US$ 400 Mn. The UK is a key country for demand, having witnessed a CAGR of 2.6% and having a forecasted market size of US$ 100 Mn at a CAGR of 3.1%. Microcrystalline wax (E 905) is authorized quantum satis used in both confectionaries and as a surface treatment for several fruits.
Key Segments Covered in Microcrystalline Wax Survey
- By Type:
- Flexible
- Hard
- By Application:
- Candles
- Adhesives
- Packaging
- Personal Care & Cosmetics
- Rubbers
- Others
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Microcrystalline Wax Market: Competition Insights
Some of the recent development in Microcrystalline Wax are as follows:
- In May 2021, Calumet Specialty Products Partners, L.P., and Aevitas Inc. announced that they had entered into a partnership. Through this partnership, they will aim to bring their oil and wax products to the Canadian market, with Aevitas being the choice partner thanks to their wide network of infrastructure and fleet capabilities.
- In April 2022, Sonneborn, a brand under HF Sinclair, announced the selection of a distributor for their product, the Sono Jell Candle Base – IV, a crystalline wax modifier that can help form tight-knit crystalline structures in candles, leading to an overall more visually appealing product. The product can also speed up cooling, production, and packaging time. The distributor is to be North America’s Palmer Holland.
- In June 2021, British wax manufacturer Kerax and London’s Itero announced the start of a collaboration. Under this collaboration, Kerax signed an MOU for the purchase of 5000 tonnes/annum of recycled wax products from Itero in an attempt to further their efforts towards greener solutions and alternatives.
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
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Global Microcrystalline Wax Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Global Microcrystalline Wax Market by Type (Flexible, Hard), By Application (Candles, Adhesives, Packaging, Personal Care and Cosmetics, Rubber, and Others), across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
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