Global Slack Wax Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)

The microcrystalline wax market is expected to witness healthy growth during the forecast period (2018-2023). The market is driven by growing personal care industry in the Asia-Pacific region. Growing demand for ice hockey and snowboarding in the North American region is likely to act as an opportunity for the market’s growth. In 2017, the Asia-Pacific region accounted for the largest share of the global market.

Growing Personal Care Industry in the Asia-Pacific Region
Cosmetics and personal care are one of the major applications of microcrystalline wax. Microcrystalline wax is used in cosmetics and personal care products as a viscosity agent, binder, and emollient to thicken the formulations. With the increasing number of new beauty products and the concern for good appearance, has led to the significant rise in the market for beauty products and cosmetics. The Asia-Pacific region has become the largest consumer and producer of microcrystalline wax. The production has reached high levels, and the region has become a significant hub for exporting cosmetics and personal care products to developed nations, such as the United States. The market in the countries, such as South Korea and Indonesia, are expected to witness a rapid rise in the demand for personal care products, due to growth in the cosmetics market. All the factors mentioned above, in turn, expected to drive the market for microcrystalline wax during the forecast period.

A surge in Demand for Adhesives
Microcrystalline wax is used in adhesives, including hot-melt adhesive products, to optimize the viscosity, flow, and set time properties. It also increases the adhesive’s bond strength, thermal stability, and crystallization rates. Adhesives are used in various end-user industries, such as automotive, construction, packaging, footwear, etc. With the increasing automotive production in the world, the demand for adhesives is increasing significantly as in 2017 it has recorded a growth of 2.36%, and reached a total of 97,302,534 vehicles. The adhesives industry in India is rapidly rising due to the growing construction sector. The Indian government's ‘Housing for All by 2022’ is a major game changer for the industry. The growth of commercial real estate has been driven largely by service sectors, especially IT-ITeS. The government’s initiative to develop smart cities, and to build almost 30 million homes by 2022, is likely to propel the demand for adhesives in the country. With the growing automotive production, footwear, and packaging segments in the countries, such as China, India, and Japan, the Asia-Pacific region dominated the market in 2017. Due to these reasons, the usage of adhesives increases, in turn, increasing the demand for the microcrystalline wax.

Asia-Pacific to Dominate the Market
Asia-Pacific region dominated the global market share in 2017. With increasing focus toward personal appearance, aging population, and quality of living in the countries such as China and India, the use of cosmetic and personal care products is increasing in the region. In India, the market for cosmetics is growing since the last decade. In 2017, it has increased by 11.5%, as compared to 2016. The growth of the packaging industry in the country is mainly driven by the food and the pharmaceutical packaging sectors. The large and growing Indian middle-class population, along with the growth in organized retailing in the country, is fueling growth in the packaging industry. Owing to various packaging requirements, such as light weighing products, different sizes, shelf life, and ease of recycling, the demand for packaging has been increasing in India. All the aforementioned factors, in turn, boost the demand for microcrystalline wax in the Asia-Pacific region during the forecast period.

The major players include – Sasol, Paramelt, Sonneborn LLC, and Indian Oil Corporation Ltd., amongst others.

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