Microcrystalline wax refers to a tougher, flexible wax that comes with a melting point that is higher than paraffin wax
San Francisco, CA -- (SBWIRE) -- 01/22/2020 -- Microcrystalline wax refers to a tougher, flexible wax that comes with a melting point that is higher than paraffin wax. Microcrystalline wax finds use in several applications such as jewellery making, rubber, and candles. It is also used in personal care products and cosmetics as a formulation thickening emollient, binder, and viscosity agent. Increased demand for attractive appearance together with the rising number of beauty product, the demand for the product rises boosting the global microcrystalline wax market.
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High Demand from Automobile and Heavy Industries to Bolster Demand
The internal properties of microcrystalline wax considerably rely on the certain important factors such as the degree of refining, method utilized for refining, and the source for crude oil. The crystalline structure of microcrystalline wax enables increased flexibility, augmented toughness, and ability to bind with various other solvents that assists in the prevention of sweating-out of any composition.
The binding property of microcrystalline wax is usually used in the process of metal casting. His process provides dimensional stability to the metal that is casted. This has generated its demand in the heavy machinery and automobile industry, thereby boosting the global microcrystalline wax market. In addition, the properties of microcrystalline make it suitable for use in the adhesives and coating and industrial paints sector, thereby boosting the global microcrystalline wax market.
There exist three different grades of microcrystalline wax, which are hardening, coating, and laminating. The coating grade finds most of its uses in the making of inks, plastic rubber, and bases of chewing gum. This has led to the rise in demand for coating grade of microcrystalline wax. In addition, owing to the stellar growth of the automobile industry particularly in countries like Brazil, China, and India, the global microcrystalline wax market is likely to observe considerable growth.
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The global microcrystalline wax market is likely to be driven by growth of the personal care and cosmetics industry as well. Microcrystalline wax finds its use as a formulation thickening emollient, viscosity agent, and binder in the personal care and cosmetic products. Increased sales of beauty products hint at the growing desire to look good, which is likely to accentuate its demand in the market in the years to come.
Expanding Cosmetic Industry Drives Asia Pacific Market
The Asia-Pacific is forecasted to emerge as one of the leading regional segments of the global microcrystalline wax market over the period of projection. The region is both the largest producer and consumer of microcrystalline wax. The production of microcrystalline wax increased considerably in the region, which made it one of the important hubs for the export of personal care and cosmetic products to many countries across the globe.
The global microcrystalline wax market is expected to observe astral growth in countries Indonesia and South Korea due to high desire to look good and increased concern for skin conditions such as acne, blemishes. All these factors are likely to propel growth of the microcrystalline wax market in Asia Pacific.
End Users Look for Ways to Manufacture the Wax on their own
Incumbent players in the pharmaceuticals, automobiles, and food packaging, automobiles industries are looking for options to identify ways to manufacture microcrystalline wax on their own. This would result in reduced reliance on the manufacturers of microcrystalline wax.
The major players operating in the global microcrystalline wax market comprise Indian Oil Corporation Ltd, Sonneborn LLC, Paramelt, and Sasol Limited.
Sasol Ltd wax recently made an announcement about its expansion of the production capacity in South Africa. Some of the other leading players in the global microcrystalline wax market are Dongnam Petrochemical MFG. Co., Ltd, Royal Dutch Shell PLC., The British Wax Refining Company Ltd., Nippon Seiro (Thailand) Co., Ltd, and Strahl & Pitsch, Inc.
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