New York , March 21, 2024 (GLOBE NEWSWIRE) -- The global montan wax market size is predicted to expand at 7% CAGR between 2024 and 2036. The market is projected to garner a revenue of USD 335 million by the end of 2036, up from a revenue of USD 149 million in the year 2023. This growth of the market is poised to be encouraged by growing demand for fruits owing to rising awareness among people regarding the benefits of its consumption. As per the WHO prediction, low food consumption causes 1.7 million (2.8%) deaths in the world and close to 16 million (1.0%) DALYs. Hence, the adoption of food is growing which is further predicted to boost the market demand for montan wax to coat food.
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Furthermore, Montan Wax is considered to be natural wax acquired from lignites, which comprehend pure wax of about 49% to 80%, resin over 19% to 40%, and bitumen of about 9% to 20%. Owing to its excellent chemical and physical properties, Montan wax is an ideal alternative to the expensive Carnauba Wax.
Montan Wax Market: Key Takeaways
- Europe region’s market to gather the highest share in the market.
- Food segment to generate the largest market share.
- Market in Asia Pacific to experience notable growth in the market.
Rising Disposable Income to Boost the Growth of the Global Montan Wax Market
In 2022, in the world disposable expenditure and income per household are both anticipated to rise by over 3%. Hence, the spending on cosmetics is also predicted to rise over the forecast period which is further estimated to influence the market growth. This is because the young population has a high preference for organic beauty products. Therefore, this demand is satisfied by montan wax since it is stated to be non-toxic. As a result, the market revenue for montan wax is predicted to rise.
Montan Wax Industry: Regional Overview
The global montan wax system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing production of Plastics to Drive the Market Expansion in Europe
The European market for montan wax is predicted to gather the highest share in the market of over 46% over the forecast period. This growth of the market is set to be dominated by the rising production of plastic. Production of plastic stood at about 56 Mt in 2021. Hence, the demand for montan wax is also estimated to grow as it is used as a high-performance additive in plastic production.
Rising Population to Dominate the Market Expansion in Asia Pacific
The Asia Pacific montan wax market is set to have notable growth in the market over during the forecast period. The major element influencing the market growth in this region is the rising population. For instance, in urban regions of Asia, approximately 2.2 billion people are predicted to be dwelling. That means over 54% of the urban people in the globe are residing in Asia. This number is poised to expand by about 50% by 2050.
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Montan Wax Segmentation by End-User
- Cosmetics
- Food
- Pharmaceuticals
- Rubbers
- Plastics
- Wax Polish
The food segment is set to gather the largest revenue in the market over the forecast period. This revenue growth is set to be encouraged by the growing urban population. By 2030, it is anticipated that about 4 billion of the individuals in the globe will be residing in urban areas. Further, the demand for food in urban regions is also growing which is why the market for montan wax is also expanding.
Montan Wax Segmentation by Type
- Crude Montan Wax
- Refined Montan Wax
The crude montan wax is estimated to have significant growth in the market over the forecast period. This growth of the segment is set to be dominated by the growing production of brown coal or lignite. For instance, China in 2021 produced a total of over 298 million metric tons of lignite, making it the highest lignite-producing country in the globe by a considerable margin.
Montan Wax Segmentation by Function
- Emulsifier
- Lubricants
- Thickening Agents
A few of the well-known market leaders in the global montan wax market that are profiled by Research Nester are ROMONTA Holding GmbH, CALWAX, VÖLPKER, SPEZIALPRODUKTE GMBH, Clariant Ltd, Paramelt RMC B.V., Yunphos, Carmel Industries, LUMITOS AG, TIANSHI WAX, Poth Hille, and others.
Recent Development in the Market
- Volpker Special Products GmbH in the European region announced that Volpker would become a distributor of wax products officially.
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