The report covers comprehensive information about the trends, volume (Kilotons) and value (US$ Mn) projections, market dynamics, competition and recent developments in the global microcrystalline wax market for the study period 2018 to 2026.
The global microcrystalline wax market is estimated to reach US$ 1,102.3 Mn by the end of the forecast period while registering a CAGR of 3.9% for the period 2018-2026. Major manufacturers are shifting their manufacturing facilities to more suitable locations and this is leading to demand for raw materials, such as petroleum-based feedstock. That apart, demographic changes are also generating pharmaceutical demand at a global level. These are some of the factors likely to majorly impact the microcrystalline wax market over the forecast period.
Increased transportation activities across the world will boost the demand for global microcrystalline wax
Nowadays, transportation of goods, fruits and food products across the world is rapidly growing, which is leading to growing demand for packaged food. This increasing demand for packaged food can majorly be attributed to changing food habits and preferences. Thus, growing transportation of packaged foods will create immense opportunities for the food packaging industry throughout forecast period. Mixtures of hard paraffin, microcrystalline waxes with resins and plastics are used for impregnations, coatings and contact adhesives used in food packaging to ensure longer life of fruits/foods. Microcrystalline wax protects fruits from moisture, thereby keeping them safe for a longer duration. Thus, the demand for microcrystalline wax will increase due to the growing food packaging industry in the coming years.
Huge demand from end-use sectors will create a favorable macroeconomic environment for the global microcrystalline wax market
In recent years, end markets for the petrochemical industry, including pharmaceuticals, cosmetics and plastics industries, have been booming at a global level. Robust domestic demand for chemicals and petroleum-based products has been a key factor responsible for the growth of the microcrystalline wax market.
These industries are vesting in new policies to tackle challenges, such as increasing costs, lack of experience and technology gaps. As the global economy continues to recover, acquisitions and joint ventures are likely to become a more frequent industry phenomenon in the region. Industry leaders, such as pharmaceutical manufactures, cosmetics manufactures, etc., are looking forward to increasing their business portfolios and market share by entering into strategic partnerships. Increased strategic associations among end-users will create healthy demand for raw materials, such as petroleum waxes, microcrystalline waxes, etc. As a result, the global microcrystalline wax market is estimated to witness healthy growth over forecast period.
All applications of microcrystalline waxes are collectively expected to grow at 3.9% CAGR, in terms of value, over the forecast period. In addition, pharmaceutical, packaging and cosmetic segments are collectively expected to account for more than 60% share in the total incremental $ opportunity created in the global microcrystalline wax market.
Complete dependency on petrochemical feedstock will restrain the growth of the microcrystalline wax market
Solvents are generally derived from refinery operations & petrochemical feedstock and are widely consumed by end-use industries. Microcrystalline waxes are produced by refining crude oils. Volatility in prices of these feedstock will result in fluctuating prices of microcrystalline waxes. This may act as a restraint for petroleum-based feedstock, thereby hampering the growth of the microcrystalline wax market at a globe level. This, in turn, will lead to less profit margins for microcrystalline wax vendors.
China to remain high value-high growth country in microcrystalline wax market
Increasing industrial production, improved economic conditions and consistent growth in end-use sectors, such as chemical industry, oil & gas and paints & coatings, among other sectors, are expected to drive growth in demand for microcrystalline wax.
The relatively established manufacturing sector in the country and increasing industrialization and urbanization will provide a firm platform for the growth of the microcrystalline wax market. South East Asia Pacific region is expected to register 1.3X growth in the market and will be followed by North America and Europe in terms of value. Regions including North America and SEA are expected to gain traction during the latter half of the forecast period owing to the anticipated growth of the manufacturing and pharmaceutical sectors in these regions. The other regions are expected to exhibit moderate growth during the same period.
Apart from North America and Europe, all other regions are expected to lose market value share by the end of the forecast period. Collectively, SEA and North America are projected to register a CAGR of 4.0%, by value, and will witness significant growth in the microcrystalline wax market.
Microcrystalline Wax Market – Competitive Landscape
The global microcrystalline wax market is highly fragmented, with no single market player holding substantial double digit market share as of 2017. Globally, the top 10 players in the market collectively hold between 30% and 35% of the market share.
In the recent past, the microcrystalline wax market has witnessed significant developments from the competition perspective. New product launches, acquisitions and collaborations are some of the key preferred strategies opted by key players to expand and sustain in the global microcrystalline wax market.
Some of the prominent players covered in this study of microcrystalline wax market are Sasol, MOL Group, The International Group, Inc., Calumet Specialty Products Partners, L.P., Indian Oil Corporation Ltd, Sonneborn LLC, Koster Keunen, Kerax Limited, Asian Oil Company, and CEPSA, Nippon Seiro Co., Ltd. and Holly Frontier Refining & Marketing LLC, among others.
Key Questions Answered in the Global Microcrystalline Wax Report
This Persistence Market Research study offers an eight-year analysis and forecast of the global microcrystalline wax market for the duration 2018 – 2026. The study considers 2017 as the base year with market values estimated for the year 2018 and a forecast developed for the duration of 2018 to 2026. Compound Average Growth Rate (CAGR) of the microcrystalline wax market is represented from 2018 to 2026.
The global microcrystalline wax report considers the market size of the microcrystalline wax market at a global level and splits & evaluates the market at a regional level. The forecast assesses the total revenue (US$ Mn) of the microcrystalline wax market. In order to provide an accurate forecast, we have started by sizing up the current market, which forms the basis of how the microcrystalline wax market is expected to develop in the future. The critical market data, including the base number and segment splits, has been devised through in-depth secondary research. This data is then triangulated on the basis of different verticals, considering both supply side and demand side drivers and other dynamics of the various regional markets, along with primary interviews of microcrystalline wax manufacturers, distributors & suppliers and industry experts operating in the global microcrystalline wax market. The forecast presented in the report evaluates the actual market size (US$ Mn) in 2018 with regard to microcrystalline wax market and the expected market value in the global microcrystalline wax market over the forecast period.
We have also analysed the different segments of the microcrystalline wax market in terms of basis point share (BPS) to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identifying the various key trends governing the global microcrystalline wax market. The report also analyses the microcrystalline wax market based on incremental dollar opportunity & the global absolute dollar opportunity. This is usually overlooked while estimating the microcrystalline wax market forecast. However, from a business development perspective, it is essential to identify that market attractiveness in terms of three indices, viz. market share index, CAGR index and incremental dollar opportunity index. Moreover, the market attractiveness index allows clients to understand the key segments in terms of their performance and growth in the global microcrystalline wax market. This market attractiveness index would also help clients identify real market opportunities in the global microcrystalline wax market.
Microcrystalline wax is a fossil-based wax, which is de-oiled from the slack waxes of crude oil refinery. It is utilize in a wide range of applications such as foodstuff packaging, pharmaceutical, personal care product, tyre and non-tyre, plastics, chewing gum, adhesives, inks and coatings.
The global microcrystalline wax market report is structured to facilitate the reader to develop a thorough understanding about the market. It begins with market definitions, followed by the market background, market dynamics and market analysis by key segments, regional analysis and competition landscape for the microcrystalline wax market. Each section covers a qualitative and quantitative assessment of the market on the basis of facts, historical developments and key opinions collected from industry participants through dedicated interviews and trends in the global microcrystalline wax market.
The global microcrystalline wax market report begins with a market introduction, defining the market taxonomy and product definitions regarding the microcrystalline wax market. In the next section, the report describes the market development background, covering macro-economic factors, market viewpoint, end-use industry factors, production process outlook, parent market outlook, forecast factors, consumption of candles, regional weighted average pricing analysis, value chain overview covering approximate margins, an indicative list of stakeholders involved in each stage and distributors /suppliers of microcrystalline wax considered for the microcrystalline wax market study.
Microcrystalline Wax Market: Segmentation
Microcrystalline wax Grade
The next section of the microcrystalline wax market report discusses market dynamics such as drivers (supply and demand side), restraints and trends impacting the market growth at a global level. Market trends for the microcrystalline wax market at a global level have been presented in the subsequent section of the same chapter. This section also includes the impact assessment of market dynamics on the global microcrystalline wax market at a qualitative level based on analysis key facts and insights.
The next section of the report presents a summarised view of the global microcrystalline wax market based on seven prominent regions, namely North America, Latin America, Europe, South East Asia & Pacific, China, Japan, and Middle East & Africa. The section includes the regional market position, growth potential, trends and market attractiveness analysis for each of these regions.
The market analysis sections cover regional trends, weighted average pricing analysis and market projections for each segment, including Y-o-Y growth trends, market share analysis, market attractiveness and incremental $ opportunity assessment. These sections analyse the degree to which the global drivers are influencing this market in each region.
All the above sections evaluate the historical and present market scenario and growth prospects in the global microcrystalline wax market, while the forecast presented in the sections assesses the market size in terms of volume and value.
In addition, it is imperative to note that, in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand the predictability of the microcrystalline wax market and identify the right opportunities available.
Another key feature of this report is the analysis of all the key segments in the microcrystalline wax market, and the regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the microcrystalline wax market.
In order to understand the key market segments in terms of the growth and distribution of microcrystalline wax across concerned regions, Persistence Market Research has developed an attractiveness index, which will help providers identify real market opportunities.
In the final section of the report, a competitive landscape of the microcrystalline wax market, market competition structure, tier wise analysis is included to provide report audiences with a dashboard view categorised on the basis of providers present in the value chain, their presence in the microcrystalline wax market and key differentiating factors and strategies. The primary category of providers covered in the report includes microcrystalline wax manufacturers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the microcrystalline wax market. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of the in-depth assessment of their capabilities and success in the microcrystalline wax marketplace. Detailed profiles of the providers are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the microcrystalline wax market. Examples of some of the key competitors covered in the report include Indian Oil Corporation Ltd, Calumet Specialty Products Partners, L.P., Sonneborn LLC, Koster Keunen, Kerax Limited, The International Group, Inc., Asian Oil Company, and CEPSA, Nippon Seiro Co., Ltd., Sasol, MOL Group and Holly Frontier Refining & Marketing LLC.