Pune, India, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The global paraffin wax emulsion market size was valued at USD 527.6 million in 2021. The market is projected to grow from USD 550.7 million in 2022 to USD 860.3 million by 2030, exhibiting a CAGR of 5.7% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, "Paraffin Wax Emulsion Market, 2022-2030."
COVID-19 Impacts:
Restrictions in Manufacturing and Supply Activities owing to COVID-19 Obstructed Growth
The COVID-19 pandemic affected numerous people across the globe and key economies inflicted restraints and stop-work rules. In the last year, the market observed a deterioration in company sales and marketing, momentary business lockdowns, and supply chain & production commotions. During the outbreak of COVID-19, the construction, production, hotel, and tourism sectors were adversely impacted.
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List of Key Players Mentioned in the Report:
- PMC Crystal (U.S.)
- Sasol (South Africa)
- Altana AG (Germany)
- Lubrizol Corporation (U.S.)
- Nippon Seiro Co., Ltd (Japan)
- Michelman, Inc. (U.S.)
- TIANSHI WAX (China)
- BASF SE (Germany)
- Repsol (Spain)
Paints & Coatings Segment to Account for Biggest Share Owing to Huge Demand from Various Industries
On the basis of application, the market is segmented into leather, agriculture, construction, paper, paints & coatings, and others. The rising utilization of leather by the clothing and consumer goods companies thrusts the segment growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Scope & Segmentation
| Report Attribute | Details |
| Market size value in 2021 | USD 527.6 million |
| Revenue forecast in 2030 | USD 860.3 million |
| Growth Rate | CAGR of almost 5.7% 2022-2030 |
| Base Year | 2021 |
| Historic Years | 2017 - 2020 |
| Forecast Years | 2022- 2030 |
| Segments Covered | By End-Use, By Application |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2030 |
| Regions Covered | North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | PMC Crystal (U.S.) Sasol (South Africa) Altana AG (Germany) Lubrizol Corporation (U.S.) Nippon Seiro Co., Ltd (Japan) Michelman, Inc. (U.S.) TIANSHI WAX (China) BASF SE (Germany) Repsol (Spain) |
Segments:
Natural Segment to Hold Vital Share Due to Effortless Production
Based on type, the market is bifurcated into natural and synthetic. The natural type of the product is obtained by distillation of crude oil, which is then further fractionated, dewaxed, and crystallized to obtain paraffin wax.
Report Coverage:
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
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Drivers and Restraints:
Growing Demand for Paraffin Wax from Paints & Coatings and Wood Working to Amplify Growth
Paraffin wax emulsion is substantially consumed in paints & coatings and woodworking applications. The growing demand for paints & coatings from various industries, comprising automotive, building, industrial manufacturing, and electrical & electronics is accountable for product implementation. Additionally, the growth is also credited to the capability of wax paraffin emulsion to guard substances or materials from rusting and wear & tear.
Regional Insights:
Asia Pacific to Lead Backed by Increasing Urbanization Activities
Asia Pacific held the largest paraffin wax emulsion market share and was valued at USD 188.8 million in 2021. The abrupt population growth and rising urbanization activities are backing for the advancement of numerous industries, such as leather manufacturing, agriculture, paints & coatings, and construction, which are bolstering the product utilization in Asia Pacific.
The manufacturing industries in Europe involving automobiles, chemicals, electrical engineering and electronics, machinery & equipment building, and food processing activities are flourishing, thereby enhancing infrastructures and augmenting product demand.
North America held a notable share of the paraffin wax emulsion market. Paper production and agriculture are the dominating sectors that carried out an indispensable part in the market's growth and enhancement.
Competitive Landscape:
Key Players Sign Significant Contracts to Make Remarkable Changes in the Market
The players operating in the market often employ numerous tactics that will aid the paraffin wax emulsion market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their company.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/paraffin-wax-emulsion-market-106795
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porters Five Forces Analysis
- New Entrant's SWOT Analysis
- Impact of COVID-19 on Global Paraffin Wax Emulsion Market
- Industry Chain Analysis
- Upstream Raw Material Suppliers of Paraffin Wax Emulsion Analysis
- Paraffin Wax Emulsion Manufacturing Cost Structure Analysis
- Market Distributors of Paraffin Wax Emulsion
- Major Downstream Buyers of Paraffin Wax Emulsion Analysis
- The Impact of Covid-19 From the Perspective of Industry Chain
- Global Paraffin Wax Emulsion Market Analysis, Insights and Forecast – By Region, 2017-2022
- Key Findings / Summary
- By Type
- Natural
- Synthetic
- By Application
- Leather
- Construction
- Agriculture
- Paper
- Paints & Coatings
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued…!
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Key Industry Development:
May 2021: Michelman declared a novel contract with Omya, a manufacturer of calcium carbonate and a universal supplier of specialty chemicals for its portfolio. The bond mentions that Omya will be the sole provider for Michelman's wax emulsion and surface modifiers product series to Canada's paints and coating markets.
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