Montan Wax Market Research – 2030
The global montan wax market size was valued at $130.0 million in 2021, and is projected to reach $195.5 million by 2031, growing at a CAGR of 4.2% from 2022 to 2031.
Montan wax, also known as lignite wax, or fossilized wax, is extracted from wood coal or lignite. Montan wax has long chains of fatty acids and alcohol with brown to black in color, non-toxic, tasteless and has high melting point. It acts as lubricating, coating, releasing, and thickening agent, owing to such widespread properties, it is widely used in the food, pharmaceuticals, cosmetics, manufacturing, automotive, and other end-use industries.
The factors such as rise in population, increase in fashion consciousness in both developed and developing nations adoption of western culture has surged the demand for montan wax in the textile industry, where it is used as coating, protective, and lubricating material for leather, various types of fabrics, yarn, and others. It also helps in maintaining the quality of fabrics, and increases the durability of clothes. This is projected to enhance the demand for montan wax in the textile industry; thus, helps increase the potential sales of montan wax in the textile industry.
The montan wax is obtained from lignite and the extraction of brown coal. However, the content of lignite in the montan wax is 2%-9%. The normal content of lignite in the montan wax should be more than 10%, owing to unavailability and high production cost of lignite, the manufacturers are looking for an alternative substitute for lignite that includes coal residues, which gives economic efficiency to the manufacturers. In addition to this, the montan wax is widely used in pipes, wires, cables, plastic components, and other plastic household appliances as a coating agent. However, it can easily run off in a humid environment, which in turn leads to wax deposition and clogs the flow in the pipes which can negatively impact the montan wax market. These factors together are expected to hamper the growth of montan wax in the market.
The factors such as rise in population, increase in disposable income, improvement in standard of living, change in lifestyle, and increased focus in the pharmaceutical industry have surged the demand for montan wax. The montan wax acts as a lubricating agent and coating agent mainly used in the formulation of drug containing edible capsules, ointments, lotions, creams, and other products. These factors are predicted to contribute to the global market growth and are anticipated to offer new opportunities in the global montan wax market.
The global montan wax market analysis is done on the basis of function, end use, and region. Depending upon function, it is divided into emulsion, lubricants, thickening agent, release agent, and others, and on the basis of end use, it is classified into wax polishes, rubber and plastics, pharmaceuticals, electrical, cosmetics, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The major companies profiled in the montan wax market forecast include AmeriLubes, L.L.C., Carmel Industries, Clariant, Dhariwal Corp. Private Limited, Excel International, LUMITOS AG, Mayur Dyes & Chemicals Corporation, Poth Hille, ROMONTA GmbH, S. KATO & CO., Stevenson-Seeley, Inc., TER HELL & CO. GMBH, Tianshi Wax, VÖLPKER SPEZIALPRODUKTE GMBH, and Yunphos.
Montan wax market, By Region
The Europe montan wax market size is projected to grow at the highest CAGR of 4.4% during the forecast period, in 2021, with 35% global montan wax market share. This is attributed to proliferating demand from electric and electrical sector where montan wax is used as coating agent, lubricating, and thermal insulating agent for manufacturing of wires and cables
By Region
Asia-Pacific would exhibit highest CAGR of 4.8% during 2021-2030.
Montan wax market, By Function
In 2021, the lubricants segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.3% during the forecast period. The rise in transportation and logistics activities has surged the global need for refined crude oil and other petroleum products to increase their refining capacities of crude oil where montan wax is used extensively as a lubricant in reactors, hot pipes, and gas streams to maintain flow efficiency of the oil.
By Function
Lubricants is the most lucrative segment
Montan wax market, By End-Use
By end use, the wax polishes segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 5.1% during forecast period. The utilization of montan wax has increased owing to rise in population, growth in consumer demand for vehicles, and others. The montan wax is widely used for polishing purposes of vehicles, infrastructure, upholstery, and others. In addition to this, montan wax is used extensively in car polishing as a coating agent. For instance, according to an article published by ACEA (European Automobile Manufacturers' Association) in April 2022, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% as compared to 2020. This is expected to create lucrative opportunities for the global montan wax in the market.
By End Use
Wax polishes end-use is projected as the fastest growing segment
Key Benefits For Stakeholders
- Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- It outlines the current montan wax market trends and future estimations from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
- The major countries in the region have been mapped according to their individual revenue contribution to the regional market.
- The study provides montan wax opportunities, drivers, restraints, and their detailed impact analysis are explained in the study.
- The profiles of key players and their key strategic developments are enlisted in the report.
Montan Wax Market Report Highlights
| Aspects | Details |
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Analyst Review
According to CXOs of leading companies, the global montan wax market is expected to exhibit high growth potential. Montan wax is a good source of lubricating, nucleating, coating, and thickening agent; owing to this it is extensively used in the pharmaceutical industry, food, cosmetics, textile, automotive, and other end-use sectors.
In addition, montan wax has an excellent thermal insulating and stability properties owing to such functionalities it is predominantly used in the electrical wires, cables and other electrical devices this will surge the demand for montan wax in the electrical industry. Furthermore, the coating material and non-toxic property of montan wax enables the consumers to use them in the form of capsules, lotions, creams, ointments, and others.
The CXOs further added that sustained economic growth and the development of the cosmetic sector have surged the popularity of montan wax.
Growing pharmaceuticals and cosmetics industry escalating the demand from wax polishes sector are the other major growth factors in the montan wax market.
The global montan wax market was valued at $1,30,000.0 thousands in 2021, and is projected to reach $1,95,512.3 thousands by 2031, growing at a CAGR of 4.2% from 2021 to 2031.
AmeriLubes, L.L.C., Carmel Industries, Clariant, Dhariwal Corp. Private Limited, Excel International, LUMITOS AG, Mayur Dyes & Chemicals Corporation, Poth Hille, ROMONTA GmbH, S. KATO & CO., Stevenson-Seeley, Inc., TER HELL & CO. GMBH, Tianshi Wax, VÖLPKER SPEZIALPRODUKTE GMBH, and Yunphos are the most established players in the global montan wax market.
Rubber and plastic industry is projected to increase the demand of montan wax market
The montan wax market is segmented on the basis of function, end use, and region. On the basis of function, the market is categorized into emulsion, lubricants, thickening agent, release agent, and others. On the basis of end use, it is divided into wax polishes, rubber and plastics, pharmaceuticals, electrical, cosmetics, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The factors such as increase in population, rise in disposable income, improvement in the standard of living, and rapid shift toward a healthy life, has surged the demand for nutritious fruits where montan wax is used widely by greengrocer as coating agent on fruits. The montan wax reduces the moisture loss, enhances the appearance of fruits, also protects the fruits from postharvest decay, and halts the transpiration rate in fruits owing to such widespread functionalities it is widely used by greengrocers to increase the productivity; thus, it has put more emphasis on the manufacturer on the production of montan wax.
The wax polishes segment dominated the global market, in terms of revenue in 2021 with 29% share in the global market. This is attributed to the fact that the montan wax acts as a coating and protective agent for vehicles. For instance, automotive, upholstery, electrical, and other sector prefers montan wax for polishing and coating purposes that helps in increase in water repellence on vehicles, impart high gloss, and improves scuff resistance.
The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The montan wax market has moderate impact due to the wake of the COVID-19 pandemic, owing to disruptions in the supply chain for various industrial products. In the first quarter of the pandemic, there was a complete shutdown of building & construction activities, manufacturing industry, and others, due to the strict imposition of lockdown, which hampered the growth of montan wax in the manufacturing industries, construction, pharmaceuticals, food & beverages, paper, electrical, agriculture, and other end-use sectors.
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