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Wax Emulsion Market is forecast to reach $750.1 million by 2026, after growing at a CAGR of 6.3% during 2021-2026. Wax emulsion is a stable mixture of one or more waxes in water. Extensive use of wax emulsion in paints and coatings for enhanced properties such as matting & gloss, hydrophobicity, soft-touch, abrasion & rub resistance augments the market growth. Wax emulsions are also used in paper sizing and in textile industries for waterproofing of textile substrates. Surging demand for wax emulsions like synthetic wax, carnauba, candelilla waxes, alcohol ethoxylates from emerging countries like Brazil, Argentina, and India further drives the growth of the market.The emergence of COVID-19.
The outbreak of COVID-19 has negatively impacted the wax emulsion market. The abrupt closure of production centers in China, and its impact caused chaos among global auto manufacturers in European Union, US, India, and South America region. For instance, Toyota Motor Corporation reported a YoY sales decline of 26%, May’s unit sales were almost double that of April, which fell 56% YoY.
Additionally, Sales of new-energy vehicles (NEVs) in China in June fell 35% YoY to 85,600 units, following a drop of 26% in May and 30% in April. The demand for wax emulsion lowered due to the declining automotive industry. In addition, a decrease in purchasing capital lowered construction activities and demand for apparel. According to the National Bureau of Statistics of China, the online retail sales of clothing goods decreased by 18.1 percent, substantially hampering the growth of the wax emulsion market.
Wax Emulsion Market Segment Analysis – By Type
Synthetic segment held the largest share of more than 55% in the Wax Emulsion market in 2020. Synthetic wax emulsions are synthesized from synthetic polymers such as polyethylene, polypropylene, polytetrafluoroethylene, and many more. Synthetic wax emulsions are long-lasting, abrasion-resistant and provide good protection from contaminants like dust, grime, and corrosion.
Polyethylene wax segment consists of low-density polyethylene (LDPE) and High Density Polyethylene (HDPE) and is obtained by polymerization of Ethylene monomers. Physical attributes such as water-repellence, abrasion resistance, slip control, lubrication, and anti-blocking are contributing to the growth of polyethylene wax emulsion.
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Wax Emulsion Market Segment Analysis - By Application
Wood Coatings segment is projected to witness the highest CAGR of 7.8% during the forecast period. Wax emulsions are extensively used in paints & coatings as they provide a consistent neutral color and offer formulators maximum flexibility in pigmented applications.
According to International Energy Agency (IEA), the global floor area in buildings expected to double to more than 415 billion square meter by 2050. Additionally, total investments in the global buildings sector reached USD 5.7 trillion in 2019. Hence, surging demand for paints and coatings as a consequence of huge constructional activities may bolster the growth of the wax emulsion market.
Wax Emulsion Market Segment Analysis - By Geography
Asia Pacific dominated the Wax Emulsion market with a share of more than 45% in 2020 followed by North America and Europe. Increasing per-capita income and adoption of western culture in emerging economic nations especially in China, and India has boosted the growth of fashion industry and also increased the demand for leather. Increasing demand for apparel and expansion of textile industries across the country is also aiding the growth of market. According to Indian Brand Equity Foundation (IBEF), India’s textile and apparel exports accounted for US$ 38.70 billion in 2019 and is expected to increase to US$ 82.00 billion by 2021.
Wax Emulsion Market Drivers
Growing demand from automotive industries
Increasing use of paper and pulp as a substitute for plastics
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Wax Emulsion Market - Challenges
Volatility in prices of raw material
The raw materials often used for manufacturing waxes emulsion such as paraffin, polyethylene, and polypropylene are derived from the crude oil. So, fluctuation in oil prices also hampers the prices of wax emulsions. According to, BP Statistical Review of World Energy, in the recent year there is been an increase in the price volatility of crude oil, such as the crude oil price decreased from $98.95 in 2014 to $52.39 in 2015 and increased from $43.73 in 2016 to $71.31 in 2018. And because of this uncertainty in crude oil prices, the price of wax emulsions also increases.
Wax Emulsion Market Landscape
Major players in the Wax Emulsion market are Atlanta AG, BASF SE, Sasol Ltd., The Dow Chemical Company, Nippon Seiro Co. Ltd., Exxon Mobil Corp., Danquinsa GmbH, Lubrizol Corporation, Momentive Performance Chemical Inc., and Michelman Inc., among others.
Key Takeaways
The U.K has shown significant growth in the wax emulsion market due to its high demand from wood processing industries for the protection of woods from water and prevent rotting. In addition, the U.K consumption of particleboard reached 2774000 m3 in 2019, according to Wood Panel Industries Federation (WPIF).
Rising popularity of natural waxes such as beeswax, Carnauba, synthesized from plants and animal drives the market growth.
Due to COVID-19 pandemic, the entire world has gone into a lockdown period due to which operations of various end-use industries such as textile, automotive, construction are disruptively stopped, which is affecting the wax emulsion market.
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