"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Paraffin Wax Emulsion Market Size, Share & COVID-19 Impact Analysis, By Type (Natural and Synthetic), By Application (Leather, Construction, Agriculture, Paper, Paints & Coatings, and Others), and Regional Forecast, 2022-2030

Region : Global | Format: PDF | Report ID: FBI106795

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global paraffin wax emulsion market size was valued at USD 527.6 million in 2021. The market is projected to grow from USD 550.7 million in 2022 to USD 860.3 million by 2030, exhibiting a CAGR of 5.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with paraffin wax emulsion experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 5.6% in 2020 as compared to 2019.


Wax emulsion is a mixture of one or more types of waxes in water, usually immiscible under normal conditions. However, they are blended together using specific processes and surfactants. The method of emulsifying paraffin wax involves heating the wax along with a surfactant or emulsifying agent and an adequate quantity of water to make a viscous paste, which is further transformed into the emulsion. The emulsion is primarily employed in coatings, paints, inks, paper and paperboards, gypsum board, and waterproofing formulations. The market growth is associated with the increasing demand for woodworking applications.


COVID-19 IMPACT


Limitations in Production and Supply Activities Due to COVID-19 Pandemic Hampered Growth


COVID-19 infected millions worldwide, and significant countries imposed embargoes and stop-work orders. Over the past few years, the market witnessed a decline in company sales and marketing activities, temporary business shutdowns, and supply chain and manufacturing disruptions. During the outbreak of COVID-19, construction, manufacturing, hotel and tourism industries were severely affected. This led to a decline in cement manufacturing, which further affected the paraffin wax emulsion market growth. The pandemic had an impact on the downstream section of the industry. Retail sales of leather goods were disrupted due to limitations in spending power, shut stores/outlets of premium apparel, and widespread lockdown globally. However, some factories resumed operations post-pandemic. Additionally, the enterprises need to protect the life and health of employees while operating production, such as purchasing masks, disinfecting the working environment, and regularly testing body temperatures.


LATEST TRENDS


Request a Free sample to learn more about this report.


Adoption of Paraffin Wax Emulsion in Flexible Packaging Solutions to Boost Growth


The increasing technological advancement by manufacturers to expand their offerings for various applications in several industries will flourish the market growth throughout the forecast period. For instance, technologically advanced high solids paraffin wax emulsions are gaining traction for cosmetic and flexible packaging applications, film coatings, and barrier coatings due to their water repellent properties. Additionally, food manufacturers prefer adequate flexible packaging to decrease the possibility of food contamination and quality degradation. The ability of the emulsion to act as a barrier between food products and the external environment is surging the product demand.


DRIVING FACTORS


Rising Demand for Paraffin Wax from Paints & Coatings and Wood Working to Augment Growth


Paraffin wax emulsion is significantly consumed in paints & coatings and woodworking applications. The increasing demand for paints & coatings from several industries, including automotive, construction, industrial manufacturing, and electrical & electronics is responsible for product adoption. Furthermore, the growth is also attributed to the ability of wax paraffin emulsion to protect substances or materials from rusting and wear & tear. Moreover, the rising demand for wood from the furniture industry will augment the consumption of wax paraffin emulsion, as woodworking is one of the critical applications of this emulsion. The growing demand for beds, sofas, tables, and chairs from the residential and commercial sectors, increasing interior and exterior design of homes, and rising consumer spending on premium furniture products are the major factors boosting the consumption of wax emulsion in the furniture industry.


RESTRAINING FACTORS


Presence of Alternatives to Limit Market Growth


Various other wax emulsions are present in the market, including carnauba, polypropylene and polyethylene. Some of these substitutes offer similar characteristics to paraffin wax emulsion, and some provide eco-friendly properties. For instance, carnauba wax is extracted from carnauba palm leaves and offers eco-friendly features. On the other hand, polyethylene wax emulsion is one of the most widely used types of wax, owing to its easy availability and economical price. In addition, it also offers slip control, lubrication, water-repellency, abrasion resistance, and anti-blocking characteristics. Hence, increasing adoption of substitutes, their awareness amongst consumers, and fluctuation in raw material prices are expected to hinder product consumption and restrain the market growth.


SEGMENTATION


By Type Analysis


Natural Segment to Hold Key Share Due to Easy Production


Based on type, the market is bifurcated into natural and synthetic. The natural type of the product is obtained by distillation of crude oil, which is then further fractionated, dewaxed, and crystallized to obtain paraffin wax. The final product is then emulsified to obtain natural paraffin wax emulsion. This emulsion is mainly used as there are several crude oil processing facilities, and the paraffin wax is received after processing byproducts.


Synthetic paraffin wax emulsion is produced by converting natural gas, biomass, or gasified coal into synthetic lubricating oil through the Fischer-Tropsch process. Even though the process is comparatively complicated, recent changes in the oil & gas industry, growing concerns over the environment, and increasing regulations are shifting the view of consumers toward synthetic wax emulsion.


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Paints & Coatings Segment to Account for Largest Share Owing to High Demand from Several Industries


On the basis of application, the market is segmented into leather, agriculture, construction, paper, paints & coatings, and others. In the leather industry, paraffin wax emulsion is largely used as an additive for leather finishing, matting agent, and brightening. The increasing consumption of leather by the clothing and consumer goods companies propels the segment growth.


Paraffin wax emulsion is considered an essential raw material in paints & coatings and inks formulations, as it aids suspension and dispersion of other additives, improves the appearance of pigment, enhances the luster, and ensures a better finish, thereby leading to the high demand from paints & coatings manufacturing.


In the construction industry, paraffin wax emulsion is commonly used as a curing agent to protect concrete against corrosion and rust. Increasing residential and commercial construction activities propel the demand for the product from the construction segment.


REGIONAL INSIGHTS


Asia Pacific Paraffin Wax Emulsion Market Size, 2021 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


The market size in Asia Pacific was valued at USD 188.8 million in 2021. The exponential population growth and increasing urbanization activities are contributing to the development of several industries, such as construction, agriculture, leather manufacturing, and paints & coatings, which are augmenting product consumption in Asia Pacific. According to the State Council of the People's Republic of China, the operating revenue of major manufacturers of leather, footwear, feather, fur, and related products will reach USD 52.49 billion by 2022, with a growth rate of 7.9%.


The manufacturing industries in Europe, including automobiles, machinery & equipment building, chemicals, electrical engineering and electronics, and food processing activities are proliferating, thereby leading to the development of infrastructures and increased product demand. Additionally, the rising investments of the countries toward advancement of the agriculture sector will further fuel the product demand.


North America held a substantial share in the market. Paper manufacturing and agriculture are the leading industries that played an essential part in the market’s growth and development. Moreover, expanding residential construction activities in the region will result in higher product adoption in medium-density fiberboard and oriented strand board.


South America is estimated to show considerable growth in the market owing to increasing consumption in several industries such as automotive, textile, and cement. The rising demand for leather in the automotive industry coupled with the growing adoption of construction chemicals from the real estate industry will propel the use of wax paraffin emulsion.


The Middle East & Africa is a prominent region for the petrochemicals industry, which dominates the overall economy of Saudi Arabia and the UAE. The Organization of the Petroleum Exporting Countries (OPEC) says that Saudi Arabia accounts for approximately 17% of the world's proven petroleum reserves and is the largest exporter of crude oil globally. This is expected to drive the regional market.


KEY INDUSTRY PLAYERS


Formation of Strategic Alliances to Improvise Business


The paraffin wax emulsion market is relatively consolidated and competitive, with many regional and international manufacturers. Some of the key players operating in the industry are PMC Crystal, Sasol Ltd, Altana AG, Lubrizol Corporation, and BASF, accounting for a major market share in 2021.


Strategic alliance with other players is one of the prime strategies of the key players. For instance, in 2022, Awax Group, one of Europe's leading wax manufacturers, acquired Sasol Wax GmbH, the wax division of Sasol Ltd.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • May 2021 - Michelman announced a new agreement with Omya, a producer of calcium carbonate and a universal distributor of specialty chemicals for its products. The agreement states that Omya will be the exclusive distributor for Michelman’s wax emulsion and surface modifiers product line to Canada’s paints and coating markets.

  • August 2020– DKSH moved into an exclusive distribution contract with Sasol Wax GmbH, the Wax Division of Sasol Chemicals, a dedicated company in innovative wax technology, for four crucial markets in Europe. The agreement between DKSH and Sasol Chemicals waxes is to market and sell paraffin waxes, emulsions, and microcrystalline waxes.


REPORT COVERAGE


An Infographic Representation of Paraffin Wax Emulsion Market

To get information on various segments, share your queries with us



The paraffin wax emulsion market research report provides an analysis of the market and focuses on crucial aspects such as leading companies, products, and applications. It also offers insights into market trends and highlights industry developments. In addition, the report encompasses various factors contributing to the market's growth in recent years. It includes historical data & forecasts revenue growth at global, regional, and country levels, and analyzes the industry's latest market dynamics and opportunities.


REPORT SCOPE & SEGMENTATION


















































  ATTRIBUTE



  DETAILS



Study Period



2017-2030



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2030



Historical Period



2017-2020



Unit



Value (USD Million) and Volume (Kiloton)



Segmentation



By Type, Application, and Region



By Type




  • Natural

  • Synthetic



By Application




  • Leather

  • Construction

  • Agriculture

  • Paper

  • Paints & Coatings

  • Others



By Region




  • North America

    • US

    • Canada

    • Mexico



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Russia

    • Rest of Europe



  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Southeast Asia

    • Australia

    • Rest of Asia Pacific



  • Latin America

    • Brazil

    • Argentina

    • Colombia

    • Chile

    • Rest of South America



  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • Egypt

    • Nigeria

    • South Africa

    • Rest of Middle East & Africa





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 527.6 million in 2021 and is projected to reach USD 860.3 million by 2030.

Registering a CAGR of 5.7%, the market will exhibit steady growth during the forecast period (2022-2030).

The paints & coatings segment is leading the market during the forecast period.

The rising demand from the paints & coatings industry is the key factor driving the market.

PMC Crystal, BASF, Sasol, Altana, and Lubrizol are the major players present in the market.

Asia Pacific dominated the market in terms of share in 2021.

Growing demand for flexible packaging and increasing technological advancements shall drive product adoption.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Aug, 2022
  • 2021
  • 2017-2020
  • 147

    CHOOSE LICENSE TYPE

  • $5850
    $6850
    $8850
    Buy Now

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

UBS
GM
Petronas
BASF
Mobil

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X