Malaysia Wax
Market is anticipated to grow significantly rate in the projected period of
2028, driven by the increasing demand from cosmetic
industry. In 2021, the cosmetic & personal care segment generated the
highest revenue around USD 1.19 billion in Malaysia.
Malaysia Wax
market is expected to expand during the projected period due to increasing demand
from cosmetic industry since wax stabilizes skincare and cosmetics with
emollient and protecting properties, while increasing their viscosity and
consistency in addition to being used to thicken formulations. Wax is used as
emulsifiers or ingredients for preparation of solubilizing agents, cleaners,
conditioners, and other cosmetic applications. Wax is not only used as a
lubricant to reduce friction in production but is also often used to coat food
products such as cheese, vegetables, and fruits, directly. Moreover, properties
that include anti-scratch, slip resistance, and waterproofing are used in the paint
& coatings industry for automobiles, infrastructure, etc., further
increasing the demand for wax, resulting in propelling the growth of Malaysia Wax
market in the projected period.
Malaysia Wax
Market is a dynamic and competitive sector that offers opportunities for growth
and innovation. The market players are focusing on expanding their product portfolio,
enhancing their quality standards, improving their distribution network, and
increasing their market share.
For instance,
H&R Wax Malaysia Batu caves business includes wax emulsions, special waxes
and general waxes for candle, packaging, and food application.
Along
with this, merger, and acquisition activity in the Wax market enhances companies'
presence in the region as these acquisitions help companies to better serve
their customers and meet the growing demand for Wax in Malaysia in the forecasted
period.
Rising Demand
from Paint & Coatings Industry
Rising infrastructure
development, increasing construction activities, and a growing focus on
aesthetics and protection, the demand of advance paint & coatings increases.
Wax acts as a crucial ingredient,
offering a range of benefits that contribute to the quality, performance, and
durability of paint and coatings. Wax is used as a matting agent which helps to
achieve various levels of surface gloss, ranging from high gloss to matte. On
the other hand, wax also works as anti-blocking additives, that prevent painted
surfaces from sticking together when in contact, ensuring easy handling,
transport, and storage of painted articles. Waxes are used as surface
protection additives, forming a durable barrier that shields painted surfaces
from damage, fading, and corrosion. In addition to this, wax play a vital role
in controlling the texture and flow characteristics of paints and coatings by improving
leveling, reduce sagging and dripping, and enhance the overall application
properties of coatings which ensuring smooth and even application of paints on
various surfaces. Furthermore, wax is also used as an effective anti-foaming agent
in the paint and coatings industry that prevents the formation of foam during
paint manufacturing processes and application, ensuring consistent product
quality and ease of application. Additionally, wax helps in the release of
entrapped air from coatings, reducing the risk of defects such as pinholes and
bubbles.
For
instance, Clariant offers a series of high-performance wax additives namely Ceridust,
Licocare, Licocene and Licowax which are used for surface coatings and
protective coatings.
Moreover,
wax helps to enhance and protect a wide range of architectural coatings, from
interior wall paints and wood finishes to solutions for exteriors surface. Wax improves
the look and feel of coated surfaces by boosting features like color strength, matt
appearance and soft and silky touch, water resistance and slip performance, dominating
its use in ships and freighters. It can be used to boost the performance of
water- and solvent-based paints and enhance the quality of UV and powder
coatings in a large variety of applications.
Therefore,
increasing utilization of wax in the paint & coating industry propels the
demand of the Malaysia wax market in the upcoming years.
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Growing Demand
from Cosmetic Industry
Waxes are
widely utilized in the cosmetics sector to enhance product texture and
stability. They contribute in the creamy, smooth, and luxurious feel of various
products, including lipsticks, creams, balms, and lotions. Wax provides
structure and stability, preventing products from melting, crumbling, or
becoming too soft. Wax plays a crucial role in cosmetics as binding agents and
emulsifiers, that help ingredients to adhere together, ensuring product
integrity and preventing separation or phase separation. In formulations such
as lip balms, mascaras, and solid perfumes, waxes help maintain the desired
shape and structure. Additionally, wax helps in the emulsification of oil and
water-based ingredients, allowing the creation of stable and visually appealing
emulsions in products like creams and lotions. In cosmetic formulations such as
lip balms, moisturizers, and body butters, wax creates a barrier that locks in
moisture, keeping the skin hydrated and supple.
For
instance, ExxonMobil introduced the Parvan series of fully refined paraffin
waxes with mid- and high- range melting points used as cosmetic formulations.
Additionally,
wax contributes to the long-lasting and durable properties of cosmetics. In
products like lipsticks, eyeliners, and eyebrow pencils, waxes aid in the
formation of a film on the skin, ensuring extended wear and reducing smudging
or fading. The moisture resistant property of wax encourages cosmetic
manufacturers to use this in personal care products. Thus, it is used in
cosmetics and beauty products as a viscosity agent, binder, and emollient, which
are expected to boost demand for wax in this industry.
Moreover,
wax is widely used in plastics manufacturing, owing to its anti-sticking
properties. Additionally, they also provide more lubrication by modifying
viscosity or melting point and improve the dispersion of fillers during plastics
manufacturing. They improve plastic's resistance to heat and increase thermal
stability.
For
instance, Honeywell offers Rheolub RL-165 high performance paraffin wax which
is used for manufacturing PVC pipe.
Thus,
increasing demand of wax from cosmetic sector dominates the growth of the Malaysia
wax market in the forecast period.
Increasing
Demand from Packaging Industry
The
primary objective of the packaging industry is to safeguard products during transportation
and storage. Wax coatings provide an effective barrier against moisture, dust,
and other external factors, that can compromise the integrity of packaged goods
for various industries like electronics, pharmaceuticals, and food processing. Wax-coated
paper and board are commonly used for packaging products like fruits,
vegetables, and confectionery, as they provide an additional layer of
protection against moisture, preserving product freshness and extending shelf
life. In addition, wax coatings are accepted in various printing techniques,
including offset, flexography, and gravure, facilitating the creation of
visually appealing packaging that enhances brand visibility, logos, and
promotional messages.
Additionally,
colorful candles as well as aromatic candles are gaining popularity, for
household and commercial use such as for home decor, ambiance of house, and
restaurants. Additionally, use of candles in spas and massage parlors, induced
with essential oils, to create ambiance and offer better customer experience in
terms of relaxation using essential oils.
For
instance, H&R Group developed a standard range of waxes namely Tudamelt used
for multiple applications including packaging, candle, tire & rubber, etc.
Thus, all
such factors are expected to drive the demand for wax in the projected years. However, fluctuations
in crude oil prices can have a direct impact on the cost of producing wax. To maintain
quality, many manufacturers must navigate these price fluctuations resulting in
restraining the growth of the market. Moreover, declining
use of fossil-based wax in the packaging industry as well as availability
of various alternatives to wax, further slowdown the market growth.
Recent Development
- In 2022, BASF launches Euperlan NL Pearl, the
first COSMOS compliant, wax-based pearlizer made for rinse-off
applications.
- In 2018, H&R GmbH & Co KGaA, a refiner
and marketer of specialty plasticisers, extender oils, softeners and waxes
invested USD 43.80 million in a specialty manufacturing plant in Lumut,
Perak, Malaysia.
Market
Segmentation
Malaysia Wax Market is segmented based on type,
end user industry, and region. Based on the type, the market
is divided into petroleum & mineral wax, synthetic wax, and natural wax. Based
on the end user industry, the market is categorized into candles, packaging,
adhesives, plastics & rubber, cosmetics, paints & coatings, and others. Based on region, the market is segregated into East
Malaysia, and West Malaysia.
Company Profiles
BASF (Malaysia)
Sdn. Bhd., Clariant (Malaysia) Sdn Bhd, Britz Networks Sdn. Bhd., Honeywell
International Sdn. Bhd., Dow Chemical Pacific Ltd, Evonik Malaysia Sdn Bhd, ExxonMobil
Exploration and Production Malaysia Inc, Fuchs Petrolube (Malaysia) Sdn. Bhd., H
& R Malaysia Sdn. Bhd., Excelube Marketing Sdn Bhd are some of the key players in Malaysia Wax Market.
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Attribute
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Details
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Base Year
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2022
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Historic
Data
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2018 –
2021
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Estimated Year
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2023
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Forecast
Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and
2023-2028
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Report coverage
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Revenue
forecast, Company shares, competitive landscape, growth factors, and trends
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Segments covered
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Type
End User Industry
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Region
scope
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East
Malaysia, West Malaysia
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Key
companies profiled
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BASF
(Malaysia) Sdn. Bhd., Clariant (Malaysia) Sdn Bhd, Britz Networks Sdn. Bhd.,
Honeywell International Sdn. Bhd., Dow Chemical Pacific Ltd, Evonik Malaysia
Sdn Bhd, ExxonMobil Exploration and Production Malaysia Inc, Fuchs Petrolube
(Malaysia) Sdn. Bhd., H & R Malaysia Sdn. Bhd., Excelube Marketing Sdn
Bhd
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Customization scope
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10% free report customization with purchase. Addition
or alteration to country, regional & segment scope.
|
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Pricing
and purchase options
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Avail customized
purchase options to meet your exact research needs.
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Delivery Format
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PDF and Excel through Email (We can also provide
the editable version of the report in PPT/Word format on special request)
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Report Scope:
In this report,
Malaysia Wax Market has been segmented into the following categories, in addition
to the industry trends, which have also been detailed below:
- Malaysia
Wax Market, By
Type:
- Petroleum
& Mineral Wax
- Synthetic
Wax
- Natural
Wax
- Malaysia
Wax Market, By
End User Industry:
- Candles
- Packaging
- Adhesives
- Plastics
& Rubber
- Cosmetics
- Paints
& Coatings
- Others
- Malaysia
Wax Market, By
Region:
- East
Malaysia
- West
Malaysia
Competitive
landscape
Company
Profiles: Detailed
analysis of the major companies in Malaysia Wax Market.
Available
Customizations:
With the given
market data, TechSci Research offers customizations according to a company’s specific
needs. The following customization options are available for the report:
Company
Information
- Detailed analysis and profiling
of additional market players (up to five).
Malaysia Wax
Market is an upcoming report to be released soon. If you wish early delivery of
this report or want to confirm the date of release, please contact us at [email protected]