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Montan Wax Market Size Expected to Reach $158.3 Million by 2027

The Montan Wax Market size is expected to reach US$158.3 million by 2027 after growing at a CAGR of around 2.4% from 2022 to 2027. The montan wax is produced from lignite and peat and offers a wide range of excellent properties such as hardness, brittle, high melting point, and electrical conductivity. The montan wax is used in various applications such as phonograph records, adhesive pastes and sealants, coatings, plastic processing, carbon paper, and others. The montan wax offers the best coating and lubricants functioning in various end-use segments. The montan wax industry is majorly growing with the high demand from the food industry, majorly from fresh fruit segments, as montan wax is used as edible coatings to maintain the quality and long-lasting freshness. Moreover, the growing lubricants and polishing applications owing to good permeability, insulative property, and low volatility features in major end-use industries such as automotive, electronics, food, and plastics are creating a drive in the montan wax market during the forecast period.

COVID-19 Impact

The montan wax market was hampered and suffered major disruptions during the covid-19 outbreak. The montan wax is majorly used in the various end-use segments such as automotive, food, cosmetics, and others. The disturbance in demand and supply, production halts, and other lockdown restrictions have hampered the functioning of the montan wax market. The food industry, primarily the sector of fresh fruit was also impacted by the worldwide covid-19 outbreak. The closure of food retail stores, grocery stores, restaurants, and other outdoor food outlets for maintaining social distancing and lockdown restrictions hampered the food industry. Furthermore, the food away from home segment saw a decline due to changing food consumption trends in the covid-9 outbreak. According to the United States Department of Agriculture (USDA), a sharp fell in food outlets from USD 69 billion in 2020 February to USD 35 billion in April 2020. Thus, with major hindrances and decline in the food industry, the applications of montan wax such as fresh fruit coatings and food additives majorly dropped, thereby creating a fall in the growth for the montan wax industry in the pandemic. Furthermore, the automotive sector also declines in the early phase of a pandemic due to disruption in automotive productions, assembly activities, and declining vehicle demand. This led to a fall in the use of montan wax as car polishing and waterproof coatings, thereby creating a major fall in the demand for the montan wax industry. Thus, with declining applications and demand from major end-use industries, the global montan wax market suffered during the covid-19 outbreak.

Montan Wax Market Segment Analysis – By Functions

By functions, the coating agent is expected to have the largest share of more than 32% in 2021and is expected to dominate the montan wax market in the coming years. The use of coating agents is increasing in various industries such as food, electronics, automotive, and electronics. Moreover, the montan wax has a high demand for edible coatings in fruits and vegetables owing to excellent properties such as long-lasting freshness, water loss prevention, increased shelf life, and quality of the food item. The demand for montan wax as coating agents in automotive, furniture waterproof coatings, carbon paper manufacturing, and fruit coating is rising. Thus, with growing usage in various industrial verticals, the coating agents’ function in the montan wax industry will rise in the coming years.

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Montan Wax Market Segment Analysis – By Application

By application, the car wax polish segment is expected to have a growing share of over 41% in 2021and is expected to boost the montan wax industry in the coming years. The car wax polish application is growing due to its excellent features such as high gloss, water repellency, and scuff resistance. The montan wax is used in car polishing to offer shine in the exterior paint of the vehicle. Furthermore, the rising automotive manufacturing across the world has catered to the growing demand for montan wax. According to the National Automobile Dealers Association (NADA), sales of 8.3 million units of light-duty vehicle were reported, with auto parts and repair sales worth USD 60 billion in the first half of 2021. The growth in vehicle production has led to a high rise in car wax polish applications. Moreover, the majority of the demand for car wax polishing occurs from the OEM and aftercare car service units. Thus, the increasing vehicle production and demand will boost the montan car wax polish applications for ultimate paint protection, gloss, and shine maintenance in the coming years.

Montan Wax Market Segment Analysis- By End-Use Industry

By end-use industry, the automotive segment is expected to have the largest share of 28% in 2021 and is expected to increase the montan wax market size in the forecast period. The growing demand for montan wax in automotive owing to its properties such as hardness, high shine, gloss, scuff resistance, and water repellence. Furthermore, increasing applications such as car polishes, abrasives, and others will boost the growth of montan wax in automotive segments. According to the Organization of Motor Vehicle Manufacturers Association (OICA), the sale of passenger vehicles was reported at 63,730,387 units for the year 2019. The increasing demand for montan wax for polishing compared to commercial cleaners will drive the market. Furthermore, the demand for montan wax products for maintaining shine, high gloss, and exterior paint protection in automotive care will boost the growth-share for the montan wax market in the coming years.

Montan Wax Market Segment Analysis – By Geography

By geographical analysis, the Asia pacific holds the largest market share of more than 45% in the montan wax market for the year 2021 and will continue to dominate the market in the forecast period. The growing applications of montan wax majorly in the food, automotive, and cosmetic industries are offering huge growth for montan wax in this region. The montan wax is used for car polishing, paints, and other car care and protective uses in the automotive sector. According to the China Association of Automobile Manufacturers (CAAM), automotive vehicle sales in China are expected to reach around 26.11 million units in the year 2021. The booming automotive sector in major nations such as China, India, Japan, and others has led to high growth in the montan wax market share. Moreover, the growing fresh fruits and vegetable consumption has boosted the food sector in APAC, thereby creating demand for the montan wax usage in fruits edible coatings and additives to prevent the water loss in the fruits and maintain its freshness. Furthermore, the growing production of montan wax ores in China will influence the growing demand in the market. Thus, with growing industry verticals in APAC such as automotive, cosmetics, food, and others, the montan wax industry will dominate in the forecast period.

Montan Wax Market Drivers

Growing demand from the food (fruits) segment

The growth in the food segment, majorly fruits has influenced the growth in the global montan wax industry. The rising demand from fruit vendors across the world is anticipating the growth in the montan wax market and creating a drive in the market. The growth in the food industry segment has boosted the application of montan wax such as food coatings, additives, and other fruit protection uses. The montan wax maintains protection, long-lasting freshness, and prevents the loss of water in fruits. Moreover, the growing demand from fruit vendors across the world is anticipating the growth in the montan wax market. According to the United States Department of Agriculture (USDA), the food retail and foodservice sector supplied around USD 1.78 trillion worth in 2019. Furthermore, the montanic acid ester, a name for montan wax is used as a protective layer in fruits and thereby maintains long-lasting freshness and quality. Thus, the montan wax market is majorly driven by the increasing demand from fruit vendors and producers, creating growth opportunities for montan wax in the forecast period.

Rising application demand in the cosmetic and personal care

The growing demand for montan wax in the cosmetics and personal care sector is driving the market. The montan wax is a natural and non-toxic product and is majorly used for controlling the consistency and viscosity in a variety of formulations for cosmetics and personal care. The demand for beauty and cosmetic products has majorly increased among young audiences, thereby leading to rising production in the cosmetic sector. The montan wax is used for structuring cosmetic products such as lipsticks, massage oils, baby products, and others. Furthermore, the stability and gloss in montan wax applications for cosmetic and personal care are boosting its demand in the market. Thus, owing to wide applications in the cosmetic sector, the montan wax industry experiences major drive and growth prospects in the forecast period.

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Montan Wax Market Challenges

Raw material shortages and environmental restrictions

The demand for montan wax is high as it is an affordable alternative to beeswax and carnauba wax. However, the market faces challenges as the raw materials for montan wax are facing shortages and depletion. The montan wax is made from lignite, bitumen, and resins. The bitumen used for making montan wax is facing shortages, along with rising prices for bitumen. Furthermore, there are restrictions on increasing the usage of lignite as it is environmentally hazardous and a threat. The lignite results in dust, SO2, and NOx emissions, and creates high air pollution. According to Environment Protection Agency (EPA), the decision for retaining the primary National Ambient Air Quality Standard for sulfur dioxide was made in 2019. Moreover, with shortages of raw material and the increasing environmental threat from lignites, the growth in an application for montan wax faces major challenges and hindrances.

Montan Wax Industry Outlook

ROMONTA GmbH
Clariant
Carmel Industries
ALTANA
Yunphos
Poth Hille
Frank B. Ross Co.
Calwax Corporation
Paramelt B.V.
Tianshi Wax

Recent Developments

In January 2020, the Awax Group announced the acquisition of Alpha Was. This facilitated boost in the of service platforms in the United States and Europe.

In October 2019, Tianshi Wax Company announced the development of latest wax product for powder coating, consisting of wear-resistant hardening wax.

In February 2019, Altana AG made the acquisition of wax emulsion business from the DSM with the aim to expand the product portfolio in the market.

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Key Takeaways

The montan wax market is driven by the growing application and demand for automotive, electronics, food, paper, and other end-use industries owing to its functions such as lubrication, emulsification, coatings, and others during the forecast period.

The Asia Pacific is growing fast and holds a major growth share in the montan wax market due to the high consumption of montan wax for cosmetics, food, automotive, and others, along with the development of montan wax ores in China.

The increasing application of montan wax polishes such as car polish in automotive, furniture polish, shoe polishes, and others is anticipated to drive the market for montan wax in the coming years.

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Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677