Global Wax Emulsion Market is increasingly garnering substantial traction, witnessing huge consumption across the burgeoning end-user industries. Rising application areas of wax emulsions in adhesives & sealants, paints & coatings, cosmetics, and textile industries drive the growth of the market significantly. Besides, the vast consumption of paints, coatings, and emulsions across automotive industries worldwide escalates the market growth to furthered height, witnessing expansive selling rates.
Players leading the global wax emulsion market include BASF SE (Germany), DowDuPont (US), Nippon Seiro Co., Ltd (Japan), Danquinsa GmbH (Germany), Exxon Mobil Corporation (US), Sasol Limited (South Africa), Altana AG (Germany), Hexion (US), The Lubrizol Corporation (US), and Michelman, Inc. (US), among others.
According to Market Research Future (MRFR), the global Wax Emulsion Market had reached a valuation of USD 3.1 BN in 2022, which is estimated to further appreciate at 4.2% CAGR during the forecast period (2022-2027). Rapid improvements in the global economy and urbanization over the past few years had substantiated the market demand exponentially. Also, increasing textile manufacturing units in the developing markets provide a considerable impetus to the growth of the market, absorbing massive amounts of wax emulsion material.
On the other hand, price volatility and the demand-supply gap in the raw materials required for the production of wax emulsions are anticipated to act as major growth restraints for the growth of the global market. Nevertheless, augmenting demand for waterproof automotive components and increasing construction & infrastructure development activities worldwide, would support the market growth throughout the predicted period.
Wax Emulsion Market - Segments
The analysis has been segmented into four main dynamics to widen the scope of understanding,
By Source : Natural and Synthetic.
By Type : Carnauba Wax, Paraffin Wax, Polyethylene Wax, Polypropylene Wax, and others.
By Application: Adhesives & Sealants, Paints & Coatings, Cosmetics, Textiles, and others.
By Regions : Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Wax Emulsion Market - Regional Analysis
The Asia Pacific region dominates the global Wax Emulsion Market Size. The largest market share attributes to the rising consumption of wax emulsions in some of the burgeoning industries such as textiles, paints & coatings, cosmetics, adhesives & sealants, and others. Besides, factors such as the raw material advantage, land, and moderate regulatory framework drive to the regional market growth exponentially. APAC economies like India, Japan, and China account for major growth contributors to the regional market due to their large production and consumption capabilities of wax emulsions.
Additionally, rapid industrialization and urbanization in countries such as China, India, Thailand, Indonesia, Malaysia, and South Korea, foster the regional market growth, consuming a vast amount of paints & coatings and adhesives & sealants materials. Heading with the large consumption of the product in the rapidly growing automotive industries in the region, the APAC wax emulsion market is expected to retain its leading position throughout the forecast period.
Europe stands second in the global wax emulsion market progressing due to the strong automotive production base in the region. Moreover, the rapidly growing microelectronics industry in Germany substantiates the market demand, showcasing a robust demand for paints & coatings and adhesives & sealants materials. European countries such as Germany, Italy, Spain, and the UK, account for prominent consumer markets due to the increasing expenditures on innovation and growing purchasing power. The European wax emulsion market is projected to grow at a significant CAGR during the assessment period.
The wax emulsion market in North America is growing steadily, witnessing an augmented absorption of the product mainly in cosmetics & packaging sectors. Moreover, rising investments from the end-use industries are driving the regional market growth. Additionally, the implementation of new rules & regulations proposed by the government to use wax emulsions rather than solvents across various industries propels the regional market growth. The North American wax emulsion market is expected to progress significantly during the review period.
Global Wax Emulsion Market - Competitive Analysis
Highly competitive, the wax emulsion market appears to be well-established due to the presence of several notable players. To gain a larger competitive share in the market, players initiate strategies such as mergers & acquisitions, collaboration, and innovations. Manufacturers strive to deliver high quality and reliable products developed with innovative technologies and best industry practices.
They make substantial investments to drive R&D required for the new product and technology launch and to develop a cost-competitive product portfolio. For business expansion, they acquire small yet promising companies in the emerging markets, focusing on optimized situational awareness for customers. Rising strategic initiatives are changing the market structure by increasing the profit of the acquiring company and reducing market competition significantly.
Industry/ Innovation /Related News:
February 19, 2020 ---- Keyser & Mackay and Michelman SRL announced extending their sales cooperation to Germany & Austria. Keyser & Mackay (The Netherlands) is a leading global agent & distributor of chemical raw materials & industrial equipment producing. It distributes a wide range of products, including wax emulsions, additives, fillers, pigments, and polymers, among others.
Now the companywants to extend its portfolio for coatings & ink applications in Germany and Austria. Michelman SRL is a global developer & manufacturer of environmentally friendly advanced materials for industry. It is committed to further developing its portfolio with innovative solutions for a sustainable future. This move would enable Keyser & Mackay to continue further strengthening its position as a system solution provider of a wide variety of industrial applications & business units.
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