The wax emulsion market in 2019 is estimated to be worth USD 1.6 billion and is projected to reach USD 2.0 billion by 2024, growing at a CAGR of 4.9% during the forecast period. Increasing demand from paints & coatings and adhesives & sealants industries have led to significant developments of wax emulsion, thus, driving the market growth. Wax emulsions possess qualities such as water resistance, abrasion resistance, high melt viscosity, and better aesthetics, making them viable in numerous industries such as paints & coatings, adhesives & sealants, cosmetics, and textiles, among others.
Major companies operating in the wax emulsion market are BASF SE (Germany), Nippon Seiro Co., Ltd. (Japan), Sasol Ltd. (South Africa), Exxon Mobile Corporation (US), Michelman, Inc. (US), Repsol S.A. (Spain), Lubrizol Corporation (US), and Hexion Inc. (US), among others. In recent times, companies have adopted various strategies such as new product launches, expansions, mergers & acquisitions, and partnerships to increase their presence in the market. These companies are also investing in R&D and strengthening their sales & distribution networks to enhance their market visibility.
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Exxon Mobil Corporation (US), is a prominent player in the wax emulsion market. The company is involved in the manufacturing, trading & transporting crude oil, petroleum products, and other specialty products. The company offers wax emulsions through its brands such as Parvan, Prowax, and Waxrex. Moreover, the company has adopted various strategies to widen its global reach.
In May 2019, the company announced plans to expand its production facility at Baytown, Texas with the aim of completing it by 2022sz. In addition to ethylene-propylene specialty elastomers, the project includes a 700 million lb per year linear alpha olefins manufacturing units, which will enable the company to enter the linear alfa olefin business as well as strengthen its product portfolio.
Michelman Inc. (US), is a leading player in the market offering a wide range of wax emulsions. The company caters to a wide range of end-use industries such as fiberglass, paint & coatings, inks and overprint varnishes, floor care, wood finishes, automotive care products, building products, carpets, die lubricants, fruit and vegetable coatings, textiles and urethane foam.
In 2015, the company expanded the production capacity of its Singapore plant to meet the growing demand for wax emulsion in China and India.
Further, in January 2015, the company acquired Supack International P/L, a long-time sales and service partner of Michelman, which has helped the company strengthen its position in the Indian packaging industry.
Wax Emulsion Market by Material Base (Synthetic, Natural), Type (PE, PP, Paraffin, Carnauba), End-use Industry (Paints & Coatings, Adhesives & Sealants, Cosmetics, Textiles), Region (APAC, North America, Europe, MEA, SA) - Global Forecast to 2024
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