Microcrystalline Wax Market

Microcrystalline Wax Market Growth Outlook (2022-2032)

The global microcrystalline wax market is estimated at around US$ 1.3 Billion in 2022. With a projected CAGR of 4% for the next ten years, the market is likely to reach a valuation of approximately US$ 1.9 Billion by the end of 2032.

Microcrystalline wax is wax created in the crude oil refining process by de-oiling petrolatum. Microcrystalline waxes generally have to meet ASTM specifications and have widespread applications across a huge variety of industries and applications.

Fact.MR analysis reveals that most of the market revenue is grossed from Hard Microcrystalline Wax types, which have a predicted CAGR of 3.8% during 2022 - 2032. Their use in candles is the top application of microcrystalline wax, the revenue through which is expected to grow at a CAGR of 3.6% during the forecast period.

Report Attributes	Details
Market Size in 2021	US$ 1.2 Billion
Estimated Market Value (2022E)	US$ 1.3 Billion
Forecasted Market Value (2032)	US$ 1.9 Billion
Global Market Growth Rate (2022-2032)	4% CAGR
United States Market Forecasted Market Value (2032)	US$ 700 Million
United States Market Growth Rate (2022-2032)	3.8% CAGR
Key Companies Profiled	Alfa Chemical Ltd Asian Oil Company Blended Waxes Inc. British Wax Calumet Specialty Products Partners, L.P. CEPSA DONGNAM PETROCHEMICALS HollyFrontier Refining & Marketing LLC Indian Oil Corporation Ltd Indian Oil Corporation Limited KahlWax Koster Keunen, Inc. Kerax Limited MOL Group Nippon Seiro Co. Ltd Paramelt BV Sasol Sonneborn LLC ShellGroup Strahl & Pitsch Inc TER HELL & Co. Ltd The International Group, Inc. The Frank B. Ross Co

How is microcrystalline wax used in the personal care and cosmetics industry?

Microcrystalline wax is widely used in the personal care and cosmetic industry to alter textures and consistencies, as well as to influence other properties such as fragrance. Microcrystalline wax works by thickening the lipid or oil part of the ingredients. This can improve how well the products spread and ensure an even delivery, as well as emulsify the oils in the wax. This can prevent the “sweating out” phenomena of makeup.

It is used as a viscosity agent, an emulsifier, binding agent and has fine crystals. The small crystal structure makes the wax flexible and elastic and gives it an adhesive property. Microcrystalline wax is also beneficial in reducing how fragile a formula is. This property helps it to provide high tensile strength owing to its flexible structure making it beneficial for use in stick products like deodorants.

Why the demand for microcrystalline wax is increasing in pharmaceuticals?

In pharmaceuticals, microcrystalline wax is mainly used for stiffening and coating tablets and coatings. Its primary use is as an excipient, which is a substance that undergoes formulation along with active ingredients.

Polishing tablets and coatings make them more resistant to moisture and allow for ease of swallowing, which is particularly useful where heavier or worse-tasting chemicals are required. Microcrystalline wax is also showing potential for use as an enteric, which are materials that enable efficient drug release.

How is the use of renaissance wax affecting the market?

One widespread use of microcrystalline wax is in the form of a brand called renaissance wax, which is being used in historical preservation efforts. It is also used in restoration and conservation efforts and in organic applications, such as for the polishing and conservation of tortoiseshell, wood, etc.

This wax also has uses in musical instruments with benefits for its use as a wood finish that will both enhance color and provide protection. Cosplayers and reenactors also use this wax fairly often since it has benefits over oil for weapons that are in contact with human skin more often.

The use of metals is also widespread since it can prevent moisture and contaminants, while protecting the other protective layers, such as anti-corrosion layers. They are also used on sculptures, worktops, leather, etc.

How do their wide applications boost the market for microcrystalline wax?

Microcrystalline waxes are also witnessing a boost due to their use in various applications across a wide range of industries. One of these is in their use of rubber, and more specifically, in tires. Blooming, the process by which rubber products emerge back to the surface of vulcanized rubber and increase the speed of ozone degradation, is a crucial factor in the lifetime and performance of tires and rubber products.

Microcrystalline wax, when added in before vulcanization, can create an effect wherein they bloom out of the material and create a layer that can also protect against ozone degradation while maintaining the appearance of the products. They also help in the overall production process, such as with internal lubrication, release, and flow. It is also used fairly often for hot melt adhesives since it can adjust viscosity levels and are relatively low-cost method.

As adhesives, they also find their use in bookbinding, packaging, and other applications. It is also used fairly often in sports equipment such as to reduce friction in the skies, snowboarding, ice hockey, etc. Usage in hockey pucks is very common since it helps prevent damage to the stick and allows for a higher degree of control over the puck itself.

Region-Wise Insights

Why is Europe an emerging component of Global demand for Microcrystalline Wax?

Europe is an emerging market for demand, accounting for 25.2% of the market and with a forecasted 2032 market size of US$ 400 Mn. The European Commission, specifically the Panel on Food Additives and Nutrient Sources added to Food conducted a study on the use of Microcrystalline wax (E 905) as an additive, which is currently authorized quantum satis use in both confectionaries and as a surface treatment for several fruits.

Country-wise Insights

United States Microcrystalline Wax Market Analysis

The microcrystalline wax market in the U.S. is expected to garner a market size of US$ 700 Mn by 2032. The market in the country is expected to gross an absolute dollar opportunity of US$ 200 Mn during the forecast period. Microcrystalline wax is one of the US goods that is exempted from the additional retaliatory tariffs China has imposed in recent years.

U.K. Microcrystalline Wax Market Analysis

The U.K. microcrystalline wax market is expected to reach a valuation of US$ 100 Mn by 2032. With a projected CAGR of 3.1% during the forecast period, the market is expected to gross an absolute dollar opportunity of US$ 20.3 Mn.

Japan Microcrystalline Wax Market Analysis

The microcrystalline wax market in Japan is expected to reach a valuation of US$ 81 Mn by 2032. By the end of the forecast period, the market is likely to reach a valuation of US$ 111 Mn. Between 2022 and 2032, the market is forecasted to grow by 1.4X, registering a CAGR of 3.2%.

South Korea Microcrystalline Wax Market Analysis

In South Korea, the market for microcrystalline wax is projected to gross US$ 66.5 Mn by 2032, growing at a CAGR of 2.7% during 2022 – 2032. The market during the forecast period is expected to register an absolute dollar opportunity of US$ 15.4 Mn, witnessing a growth of 1.3X.   

Category-wise Insights

Why candle making remains the top application of Microcrystalline Wax?

Candle making is the top application of Microcrystalline Wax, the revenue through which is forecasted to grow at a CAGR of 3.6% during 2022 – 2032. Microcrystalline wax has several properties which make it highly beneficial for use in candle making. For one, they have a higher amount of branching, as well as a higher molecular weight. However, the melting point and consistency are highly dependent on the type and length of the carbon chain of the wax itself. They also have a relatively higher melting point than paraffin wax, with 130-171 degrees for soft types and 185 to 200 for hard types.

Competitive Landscape

The key companies operating in the microcrystalline wax market include Alfa Chemical Ltd, Asian Oil Company, Blended Waxes Inc., British Wax, Calumet Specialty Products Partners, L.P., CEPSA, DONGNAM PETROCHEMICALS HollyFrontier Refining & Marketing LLC, Indian Oil Corporation Limited, Kahl Wax, Keunen, Inc., Kerax Limited, MOL Group, Nippon Seiro Co. Ltd, Para melt BV, Sonneborn LLC, Shell Group, Strahl & Pitsch Inc, TER HELL & Co. Ltd, The International Group, Inc., and The Frank B. Ross Co.

Some of the recent development in Microcrystalline Wax are as follows:

• In May 2021, Calumet Specialty Products Partners, L.P., and Aevitas Inc. announced that they had entered into a partnership. Through this partnership, they will aim to bring their oil and wax products to the Canadian market, with Aevitas being the choice partner thanks to their wide network of infrastructure and fleet capabilities.
• In April 2022, Sonneborn, a brand under HF Sinclair, announced the selection of a distributor for their product, the Sono Jell Candle Base – IV, a crystalline wax modifier that can help form tight-knit crystalline structures in candles, leading to an overall more visually appealing product. The product can also speed up cooling, production, and packaging time. The distributor is to be North America’s Palmer Holland.
• In June 2021, British wax manufacturer Kerax and London’s Itero announced the start of a collaboration. Under this collaboration, Kerax signed an MOU for the purchase of 5000 tonnes/annum of recycled wax products from Itero in an attempt to further their efforts towards greener solutions and alternatives.

Similarly, recent developments related to companies manufacturing Microcrystalline Wax have been tracked by the team at Fact.MR, which is available in the full report.

Key Segments Covered in Survey

• By Type:

  • Flexible
  • Hard

• By Application:

  • Candles
  • Adhesives
  • Packaging
  • Personal Care & Cosmetics
  • Rubbers
  • Others

• By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa