The scope of our recent study on the "Wax Emulsion Market Size and Forecast (2020-2031), Global and Regional Growth Opportunity Analysis -by Type and Application" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.
The wax emulsion market size is expected to grow from US$ 2.31 billion in 2023 to US$ 3.34 billion by 2031; it is estimated to register a CAGR of 4.7% from 2023 to 2031.
Wax emulsions are made from raw materials such as wax, surfactants, water, and preservatives. Other raw materials, such as preservatives or soluble salts of polyvalent metal, can also be added during the wax emulsion manufacturing process. The general production process for wax emulsion includes formulation, blending, emulsification, homogenization, cooling, quality control, packaging, and storage. Wax emulsions are used in the manufacturing of paints and coatings, textiles, paper and packaging, printing inks, and the cosmetics industry. Wax emulsions are used as additives in paints, coatings, and varnishes to improve surface properties such as scratch resistance, water repellency, and gloss.
Based on type, the global wax emulsion market is segmented into polyethylene, polypropylene, paraffin, vegetable-based, and others. The polyethylene segment held the largest market share in 2023. In recent years, broader environmental concerns are influencing market trends. The shift towards sustainable and renewable alternatives is playing a significant role in shaping the future of the wax industry. With this, the paraffin wax industry has been witnessing significant innovations driven by the demand for higher quality, environmentally friendly, and application-specific products. Major countries in paraffin wax production are at the forefront of these innovations, leveraging advanced technologies and sustainable practices to meet the evolving needs of the markets. The US is pioneering the development of eco-friendly paraffin wax with the use of non-traditional feedstocks, such as soybean oil and other vegetable-based oils. The vegetable-based segment is expected to register the fastest CAGR in the global wax emulsion market over the forecast period. The vegetable-based wax emulsions are made from Carnauba, Candellila, Jojoba, Ouricourl, and many other sources. Vegetable-based wax emulsions are used in packaging, coatings, and many other applications. In recent years, due to the growing environmental cocerns, the demand for vegetable-based wax emulsions is growing. With this, players operating in the market are focusing on developing and offering vegetable wax emulsions that are durable, renewable, and fully natural. In October 2023, Emulco announced the introduction of its AquaVeg bio-emulsion for the panelboard industry. Emulco's AquaVeg is a family of water-based emulsions made from vegetable waxes. Such developments by the players operating in the market are providing more opportunities for the wax emulsion market growth.
Based on application, the global wax emulsion market is segmented into paints and coatings, printing inks, textile, personal care, packaging, and others. The paints and coatings segment held the largest market share in 2023. Paints and coatings are one of the major applications of wax emulsions. Wax emulsions are also used in the cosmetics industry to manufacture lotions, creams, etc. Polyethylene wax is emulsified with water and other ingredients using an emulsifying agent. This stable emulsion is used in various cosmetic formulations such as lotions, creams, and serums. Further, the growth of the cosmetics industry in various countries across the globe due to rising standard of living, growth of e-commerce platforms, and rising disposable income are driving the wax emulsion market growth.
The global wax emulsion market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America. Asia Pacific held the largest revenue share of the global wax emulsion market in 2023. In North America, the increasing automotive production is driving the demand for paints and coatings. In the automotive industry, polyethylene wax is used in non-built detergent systems for polishing applications. According to the International Organization of Motor Vehicle Manufacturers, North America registered a production of 14.79 million vehicles in 2022. As per a report by the American Automotive Policy Council, car sales are expected to exceed 17.7 million vehicles per year by 2025. Further, several European countries have set targets to phase out internal combustion engine vehicles and support the transition toward electric vehicles. According to the International Trade Administration report published in 2022, increased investment in the automotive industry creates lucrative opportunities for automotive components and materials in Europe. For instance, Turkey marked the presence of 48,000 hybrid and 2,000 electric vehicles on the roads and ~800 vehicle charging stations as of 2022. Thus, growth in the region's automotive industry is expected to fuel the demand for wax emulsions. According to L'Avere-France, 35,320 passenger plug-in electric cars were registered in the country in March 2023. France is home to five major aircraft manufacturers-Airbus SE (large commercial and military aircraft, drones, and spacecraft), Airbus Helicopters SAS, Dassault Aviation SA (high-end business jets, fighter aircraft, and UAVs), ATR (passenger and cargo turboprop aircraft for regional transport), and Daher (TBM and Kodiak light aircraft and business turboprops). According to the International Trade Administration France has full-range military production capabilities, including fighter jets, nuclear submarines, aircraft carriers, and ballistic missile production. Automotive and aerospace components require a high-quality surface finish to meet performance specifications. Wax emulsions are employed as surface treatment agents to improve the gloss of metal surfaces. The automotive and aerospace sector growth in France is expected to drive the demand for wax emulsions.
Global Wax Emulsion Market Breakdown - by Region
The report includes the segmentation of the wax emulsion market as follows:
The report includes the segmentation of the wax emulsion market as follows: The global wax emulsion market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into polyethylene, polypropylene, paraffin, vegetable-based, and others. By application, the market is segmented into paints and coatings, printing inks, textile, personal care, packaging, and others. By geography, the wax emulsion market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is sub-segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The wax emulsion market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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