Revenue through Hard Type Microcrystalline Wax to Grow at a CAGR of over 3% during the Forecast Period, States Fact.MR

December 16, 2022

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 AttributesDetailsGlobal 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% CAGRUnited States Market Forecasted Market Value (2032)US$ 700 MillionUnited States Market Growth Rate (2022-2032)3.8% CAGR Download a Free Sample Copy of this Report - Candles to remain the top application FOR Microcrystalline Wax in the forecast periodCandles 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 periodEurope 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: FlexibleHard By Application:CandlesAdhesivesPackagingPersonal Care & CosmeticsRubbersOthers By Region:North AmericaLatin AmericaEuropeAsia PacificMiddle East & Africa Get Customization on this Report for Specific Research Solutions – 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 LtdAsian Oil CompanyBlended Waxes Inc.British WaxCalumet Specialty Products Partners, L.P.CEPSADONGNAM PETROCHEMICALS HollyFrontier Refining & Marketing LLCIndian Oil Corporation LtdIndian Oil Corporation LimitedKahlWaxKoster Keunen, Inc.Kerax LimitedMOL GroupNippon Seiro Co. LtdParamelt BVSasolSonneborn LLCShellGroupStrahl & Pitsch IncTER HELL & Co. LtdThe International Group, Inc.The Frank B. Ross Co Explore Our Safe & Secure Payment Options for Quick Buy – 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). Check out more related studies published by Fact.MR Research:  Wax Additive Market: As per the recent research by Fact.MR, wax additive market is anticipated to witness steady growth at 4% CAGR during 2021-2031. Demand for these additives will witness impactful recovery in the short term, with an optimistic growth outlook in the long run. The market is expected to observe significant development over the forecast period attributable to the diversified use of the item in applications like coatings, printing, and rubber processing. Wax Dispersion Market: According to the latest study by Fact.MR, wax dispersion market is expected to show progressive growth over the forecast period (2021-2031). Increasing demand for wax dispersion in inks & coatings industry has ignited the demand for these wax dispersion during the assessment period. Moreover, business is projected to grow at CAGR of around ~6.5% over the projected forecast period. Wax Paper Medicine Pots Market: Waxed Paper Medicine Pots are ideal for the use in dispensing and storage of medications within a variety of settings. These waxed paper pots are popularly used by NHS hospitals, nursing, and residential homes, vets, pharmacies, and chemists and are disposed of after use. Manufacturers using paper and fully refined paraffin wax, ensuring that this product is biodegradable. Being non-recyclable they can be disposed of within compostable waste and will decompose naturally. Adhesives Market: Global market demand for adhesives reached US$ 60 Billion in FY 2021, and is poised to register a Y-o-Y expansion rate worth 5% in 2022, reaching US$ 63 Billion. During the forecast period ranging from 2022 to 2032, the market is poised to register a CAGR worth 5% to be valued at US$ 102.6 Billion. The use of high-performance adhesives in automotive applications for interior and exterior purposes is driving the market growth. Pressure Sensitive Adhesives Market: Pressure-sensitive adhesives market is estimated to reach US$ 71 Bn by 2026, up from US$ 43.5 Bn in 2017, reflecting a CAGR of 5.6%. In the long-run, the industry is slated to reach US$ 93 Bn, expanding 1.8x from 2021 to 2031. Surging development of low-cost flexible packaging is majorly driving adoption. On the other hand, strict environmental restrictions surrounding VOC emissions are likely to stymie the market's expansion. About Us: We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction. Specialties: Competition Tracking, Customized Research, Syndicated Research, Investment Research, Social Media Research, Business Intelligence, Industry Analysis, Thought Leadership. Contact:US Sales Office:11140 Rockville PikeSuite 400Rockville, MD 20852United StatesEmail: Tel: +1 (628) 251-1583

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