Micronized Wax Market is Set to Surge at 4% CAGR, to Reach US$ 1.41 Billion by 2034: Fact.MR Report
Key Role of Micronized Wax in Enhancing Texture and Matte Appearance in Cosmetics: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 26, 2024 /EINPresswire.com/ -- According to a new study by Fact.MR, the global micronized wax market1 is estimated to reach US$ 953.2 million in 2024 and thereafter advance at 4% CAGR from 2024 to 2034.Micronized wax is a versatile additive that is utilized in a range of industries to improve product performance and quality. For example, including micronized wax in coatings improves durability and appearance by boosting scratch resistance and surface slide. Incorporation of micronized wax in printing inks increases print quality and glossiness.
Micronized wax adhesives improve bonding strength and surface texture, resulting in its increased use in industrial applications. Micronized wax improves mold release and surface polish in plastics. It is also used in cosmetics to improve texture and give them a matte look. Because of its versatility, micronized wax is a popular ingredient that can suit a wide range of formulation needs.
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Key Takeaways from Market Study
The global micronized wax market is estimated at US$ 953.2 million in 2024. Micronized wax sales are forecasted to reach US$ 1.41 billion by the end of 2034.
The market in the United States is set to reach a value of US$ 195.5 million in 2024. Application in plastics account for 23.3% share of the market in 2024.
The East Asia market is projected to expand at a CAGR of 4.5% through 2034. Revenue from the sales of micronized wax in Japan is projected to reach US$ 156 million by 2034-end. China is projected to hold 57.3% share of the East Asia market by 2034.
“Micronized wax is a beneficial substance because of its small particle size and better dispersibility. Its ability to impart specialized features such as scratch resistance, surface slip, and superior texture to various formulations is driving market growth,” says a Fact.MR analyst.
Fierce Competition with Lower-Cost Alternatives
Micronized wax is up against tough competition from other additives and formulations that provide comparable or greater qualities at a lower cost. Synthetic additives and developing technology offer cost-effective alternatives to micronized wax.
Manufacturers must develop and distinguish their micronized wax to preserve their market share in the face of fierce competition from these replacements. These alternatives exploit advances in chemical engineering and formulation to produce new, low-cost solutions that match the demands of end users.
Competitive Landscape
Leading businesses in the micronized wax industry are concentrating on expanding their geographic reach and raising the caliber of their products. BASF SE, Sasol, Munzing Corporation, MPI, Sika AG, Shanghai Jiao'er Wax, Innospec, Lubrizol Corporation, Jiangxi Longhai Chemical, Westlake Corporation, Honeywell International Inc., and PCL are some of the major companies in the micronized wax market.
Sasol sold Sasol Wax GmbH, a subsidiary established in Germany, to AWAX s.p.a., a company that specializes in the production, development, and marketing of wax products, in March 2022.
Braskem unveiled its first polyethylene wax made from renewable resources in June 2021, intended for use as a viscosity-modifying ingredient in various compositions.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the micronized wax market, presenting historical demand data (2018 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (natural wax, synthetic wax) and application (adhesives, paints & coatings, printing inks, plastics, building materials, packaging, tires & rubber), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
Industrial Wax Market2: The global demand for industrial wax is likely to rise at a CAGR of 4.5% till 2034. The market size is expected to reach US$ 12,854 million by 2034.
Polyethylene Wax Market3: The global polyethylene wax market size is estimated at US$ 1.1 billion in 2024 and is forecasted to expand at a CAGR of 5.1% to reach US$ 1.8 billion by 2034-end.
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1 https://www.factmr.com/report/micronized-wax-market
2 https://www.factmr.com/report/industrial-wax-market
3 https://www.factmr.com/report/polyethylene-wax-market
