ALBANY, N.Y., Aug. 12, 2021 /PRNewswire/ -- Montan wax is used in a broad range of sectors, including electrical, mechanical, chemicals, cosmetics, wax polish, etc. Countries attempting to capitalize on the economic potential of montan wax are reliant on the sophisticated extraction technology. A pre-treatment of raw materials is required, since the resin content must be varied in order to meet the desired criteria of end-use industries. In order to expand its application base, manufacturers in the global montan wax market are focused on making the manufacturing process cost efficient. The demand for high-quality synthetic wax is increasing, which is driving up industry investments in this market.
The global montan wax was worth US$ 118 Mn in 2017 and is expected to expand at a CAGR of over 4.19% CAGR during the forecast period from 2018 to 2026. The market is expected to reach the valuation of US$ 172 Mn by 2026.
Increase in Use of Montan Wax in Polishing Applications to Drive Global Market
The montan wax market is expected to grow during the forecast period, due to rise in the utilization of montan wax in coatings. There has been a steady increase in the demand foruse of montan wax in the form of a coating agent, since it consistently offers exceptional benefits and performance. It is frequently employed as a coating agent in fruit coatings, furniture coatings, and automobile coatings, among other applications. As this wax is utilized as a lubricant in many machineries as well as plastic processes, particularly for engineering plastics, the lubricants category accounts for a substantial proportion of the global montan wax market.
Similar Characteristics Make Montan Wax Excellent Substitute to Carnauba Wax
Montan wax is utilized to polish a variety of surfaces, including automobiles, leather, furniture, and floors. Wax products might be made as solid dispersants, gel-like wax, watersolvent-based liquid or water-based mainly according to the requirement of applications. Montan wax is similar to carnauba wax in its characteristics. Montan wax can be used in place of Carnauba wax in places where color is not of utmost importance. Carnauba wax is lighter in color, whereas montan wax is much darker.
Europe to Remain Key Market for Montan Wax
Most of the crude montan wax is sourced from Europe and North America, which collectively account for a large share of the market. Increase in the usage of montan wax in developed countries such as Russia, Germany, and the CIS (Commonwealth of Independent States) is expected to strengthen the montan wax market in Europe. Moreover, due to China's abundant supply of montan wax ores, the market is expected to grow at a steady pace in the near future. As the largest producer and user of montan wax, China is likely to remain a dominant country in the market.
Fruit wax demand is increasing, which is raising the demand for montan wax. Montan wax is in high demand since it is used to in edible coatings and film fruits. Vegetables and fruit benefit from a wax coating because it extends their shelf life and improves their quality.
Producers in major regions are putting green extraction technologies to test to remove the maximum amount of wax content possible. Solid-liquid extraction is one instance of such a technique.
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Slack Wax Market - In terms of value, the global slack wax market is anticipated to expand at a CAGR of ~2% from 2019 to 2027. Slack wax is a petroleum product that is used as a key raw material in the production of paraffin wax. Slack wax is derived from lubricating oils, which possess high oil content. The oil content in slack wax ranges from 5.0% to 35%. In terms of grade, the light segment accounted for a major share of the slack wax market in 2018. Slack wax is primarily used in the production of paraffin wax. Paraffin wax is expected to remain the dominant application segment in the slack wax market during the forecast period. Rise in the demand for paraffin wax in various applications such as candle making, anti-caking agents for fertilizers, and wood impregnation products is a key factor that drives the slack wax market.
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