At 5.1% CAGR, Asia Pacific Wax Emulsion Market is Projected to be Worth US$ 1,696.48 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific wax emulsion market was valued at US$ 1,136.89 million in 2023 and is expected to reach US$ 1,696.48 million by 2031, registering a CAGR of 5.1% from 2023 to 2031. Rising demand for polyethylene wax emulsions and development of bio-based wax emulsions are among the critical factors attributed to drive the Asia Pacific wax emulsion market growth.

Polyethylene wax emulsions are used in a wide range of applications such as textile finishing, leather auxiliaries, polishes, paper coatings, and the packaging industry. This type of wax emulsion offers rub and mar resistance, gloss retention, and anti-block properties. It is used in resin finishing agents, water-based varnishes, and water-based paints. Polyethylene waxes are also used in combination with petroleum waxes for application in food packaging. The Food and Drug Administration allows the utilization of polyethylene wax emulsion in indirect food contact applications under olefins regulations. The growth rate of polyethylene wax demand is dependent on the performance of several industries, including paints & coatings, printing ink, leather & textile, and adhesives. Polyethylene-based wax emulsions are used as tack modifiers in hot-melt adhesives production and processing aid in the manufacturing of rubber. It is a stable softener; therefore, it is widely used in textile processing. The textile industry has witnessed a transition toward sustainability and a circular economy, positively influencing the demand for water-based wax emulsions. Polyethylene wax emulsion is processed to form a water-based solution, thereby eliminating the use of harmful solvents. It contributes to the production of lightweight and durable textiles. The growing circular fashion has further prompted the recycling of treated textiles, reducing textile waste. Similarly, rising demand for water-based polyethylene wax emulsion from numerous end-use industries, including paints & coatings and printing inks, fuels the wax emulsion market growth.

On the contrary, fluctuations in raw material prices hamper the growth of Asia Pacific wax emulsion market.

Based on type, the Asia Pacific wax emulsion market is segmented into polyethylene, polypropylene, paraffin, vegetable-based, and others. The others segment held 33.4% market share in 2023, amassing US$ 380.20 million. It is projected to garner US$ 571.84 million by 2031 to register 5.2% CAGR during 2023-2031.

In terms of application, the Asia Pacific wax emulsion market is categorized into paints & coatings, printing inks, textile, personal care, packaging, and others. The paints & coatings segment held 34.4% share of Asia Pacific wax emulsion market in 2023, amassing US$ 390.62 million. It is anticipated to garner US$ 556.56 million by 2031 to expand at 4.5% CAGR during 2023-2031.

Based on country, the Asia Pacific wax emulsion market is categorized into Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 57.1% share of Asia Pacific wax emulsion market in 2023. It was assessed at US$ 649.39 million in 2023 and is likely to hit US$ 1,000.03 million by 2031, registering a CAGR of 5.5% during 2023-2031.

Key players operating in the Asia Pacific wax emulsion market are BASF SE, Hexion Inc, Repsol SA, Sasol Ltd, The Lubrizol Corp, Clariant AG, Michelman Inc, Allinova BV, H&R Group, and Productos Concentrol SA., among others.

• In Oct 2021, H&R Group, a global sustainable refiner and marketer of specialty plasticizers, extender oils, softeners, and waxes headquartered in Hamburg, Germany, is investing US$ 48.3 million in a specialty manufacturing plant in Lumut, Perak, Malaysia.
  
  

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