(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Aug 27, 2021, 08:21 /Comserve / -- Microcrystalline Wax Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Global Microcrystalline Wax Market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Microcrystalline wax is used in adhesives, paints, and coatings, and as polymer additives for lubrication purposes. Considering the pandemic scenario, the construction activities were stopped during the lockdown, which had declined the consumption of microcrystalline wax used in the construction industry products such as adhesives and others, thus negatively impacted the studied market. However, the demand for microcrystalline wax used in paper packaging has increased from the food and eCommerce segment during this situation, also, the microcrystalline wax is used as an antifoam agent in soaps and other personal care product, considering the consciousness regarding personal hygiene the demand of soaps and other personal care products has increased, which in turn stimulates the market demand for microcrystalline wax.
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- Over the short term, the growing personal care industry in the Asia-Pacific region is expected to drive the market's growth.
- Growing demand for ice hockey and snowboarding in the North American region are likely to create opportunities for the market in the coming years.
- By application, the cosmetics and personal care segment is expected to dominate the market during the forecast period.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Demand from Cosmetics and Personal Care Industry
- 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.
- The increasing number of new beauty products and the concern for good appearance, has led to a significant rise in the market for beauty products and cosmetics. According to L'oreal, in the year 2020, the global cosmetics market was worth over EUR 213 billion, with skincare contributing about 42%. During 2020, skincare products had a positive growth on the market and were a leading contributor to the cosmetics market.
- 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.
- As of Cosmetics Europe, the European Cosmetics and personal care industry was valued at about USD 95.32 billion in 2019, with a growth rate of about 1.5% compared to the previous year.
- As of Cosmetica Italia, the cosmetics industry turnover of Italy was valued at about USD 8.47 billion in 2019, with a growth rate of about 2.6% compared to the previous year, thus led to a increase in the demand for the microcrystalline wax used in the cosmetics industry.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the global microcrystalline wax market with a share of more than 45%. With growing packaging and personal industries in countries like China, India, Japan, and South Korea, the consumption of microcrystalline wax is increasing in the region.
- Asia-Pacific region accounts for over 43% of the global cosmetics market in the year 2020, the regional sales during 2020 in the Asia-Pacific stood around EUR 105 billion.
- China is one of the major consumers of cosmetics. In March 2019, the retail trade revenue of cosmetics in China was amounted to about USD 4.33 billion and reached about USD 3.85 billion in March 2020, with a decline rate of about 11% mainly due to the COVID-19 impact, which in turn decreases the consumption of microcrystalline wax by the cosmetics segment within the country.
- China has the second-largest packaging industry in the world. The country is expected to witness a consistent growth during the forecast period, owing to the rise of customized packaging, increased demand for packaged consumerist goods, in the food segment, like microwave food, snack foods, and frozen foods, etc.
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- At present, penetration of personal care products in India is comparatively lower when compared to developed or even other developing economies. However, improving the economic environment and increasing purchasing power of the Indian population is expected to increase the adoption of personal care products in the country, thereby driving the demand for microcrystalline wax.
- According to a report published by the Ministry of Economy and Industry, the beauty and personal care (BPC) industry in the country is expected to reach more than USD 10 billion by 2021, at an estimated growth rate of 5%-6% annually. The personal care and cosmetics sector in India is expected to register continuous growth, with increasing shelf space in retail stores and boutiques in India.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Competitive Landscape
The microcrystalline wax market is partially consolidated in nature. Some of the major players in the market include Blended Waxes, Inc., Indian Oil Corporation Ltd, Paramelt B.V., Sasol, and Sonneborn LLC, among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Personal Care Industry in the Asia-Pacific Region
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porters Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
4.6 Trade Analysis
5 MARKET SEGMENTATION
5.1 Type
5.1.1 Flexible
5.1.2 Hard
5.2 Application
5.2.1 Cosmetics and Personal Care
5.2.2 Candles
5.2.3 Adhesives
5.2.4 Packaging
5.2.5 Rubber
5.2.6 Other Applications
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 ASEAN Countries
5.3.1.6 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle-East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle-East and Africa
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