Paraffin Wax Emulsion Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Paraffin Wax Emulsion Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Paraffin Wax Emulsion Market

The paraffin wax emulsion market size was valued at USD 527.6 billion in 2021, and the market is now projected to grow from USD 550.7 billion in 2023 to USD 860.3 billion by 2029, exhibiting a CAGR of 5.7% during the forecast period of 2023-2029.

COVID-19 has significantly impacted the global market, main to a decline in sales, marketing activities, and supply chain disruptions. The enterprise has been critically impacted via the pandemic, mainly in creation, production, inn, and tourism sectors. This has led to a decline in cement production, impacting the paraffin wax emulsion market growth. The retail sales of leather-based goods were also disrupted because of spending boundaries and lockdowns. However, some factories resumed operations post-pandemic. Enterprises must prioritize worker health and safety, such as shopping masks, disinfecting the running surroundings, and often testing body temperatures.

Paraffin wax emulsion is a famous material in paints and coatings and woodworking packages due to its potential to protect substances from rusting and put on. The growing call for paints and coatings in industries like automobile, production, industrial manufacturing, and electrical and electronics is using product adoption. The furniture industry is also seeing a rise in wax paraffin emulsion usage because of its essential role in woodworking. Factors along with increasing residential and commercial call for beds, sofas, tables, and chairs, as well as purchaser spending on top rate furnishings products, similarly enhance wax emulsion consumption.

Technological advancements in numerous industries are driving marketplace boom. High solids paraffin wax emulsions are popular for cosmetics, flexible packaging, movie coatings, and barrier coatings because of their water repellent residences. Food manufacturers additionally choose flexible packaging to save you infection and nice degradation. The emulsion's capacity to act as a barrier between meals merchandise and the surroundings is driving product demand.

Comprehensive Analysis of Paraffin Wax Emulsion Market

The market for paraffin wax emulsion is divided into natural and synthetic types. Natural paraffin wax is obtained through distillation of crude oil, which is then fractionated, dewaxed, and crystallized to produce paraffin wax. This emulsion is mainly used in crude oil processing facilities. Synthetic paraffin wax emulsion is produced by converting natural gas, biomass, or gasified coal into synthetic lubricating oil through the Fischer-Tropsch process. Despite the complex process, recent changes in the oil & gas industry, environmental concerns, and increasing regulations are shifting consumer preferences towards synthetic wax emulsion. The market is segmented into leather, agriculture, construction, paper, paints & coatings, and others. In the leather industry, paraffin wax emulsion is used as an additive for leather finishing, matting, and brightening. In paints & coatings, it aids in suspension and dispersion of other additives, improves pigment appearance, enhances luster, and ensures a better finish. In the construction industry, it is used as a curing agent to protect concrete against corrosion and rust.

The Asia Pacific region lead the paraffin wax emulsion market share by benefitting a market size of USD 188.8 billion in 2021 due to population growth and urbanization, leading to the growth of industries like construction, agriculture, leather manufacturing, and paints & coatings. The State Council of the People's Republic of China predicts that major leather, footwear, feather, fur, and related product manufacturers' operating revenue will reach USD 52.49 billion by 2022.

The paraffin wax emulsion market is a competitive and consolidated enterprise with key players like PMC Crystal, Sasol Ltd, Altana AG, Lubrizol Corporation, and BASF. In 2021, those agencies held a primary market share. Strategic alliances are a key strategy for those players, as visible in the acquisition of Sasol Wax GmbH by way of Awax Group in 2022. Other key groups encompass PMC Crystal, Sasol, Altana AG, Lubrizol Corporation, Japan Seiro Co., Ltd, Michelman, Inc., Tianshi Wax, BASF SE, and Repsol.

Michelman has partnered with Omya, a calcium carbonate manufacturer and area of expertise chemical compounds distributor, to exclusively distribute Michelman's wax emulsion and surface modifiers product line to Canada's paints and coating markets in May 2021.

Segmentation Table

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

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