At 4.8% CAGR, Middle East & Africa Wax Emulsion Market is Projected to be Worth US$ 124.63 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa wax emulsion market was valued at US$ 85.69 million in 2023 and is expected to reach US$ 124.63 million by 2031, registering a CAGR of 4.8% from 2023 to 2031. Growth of paintings & coatings industry and rising demand for polyethylene wax emulsions are among the critical factors attributed to drive the Middle East & Africa wax emulsion market growth.

Paints & coatings are used for decorative purposes and enhancing surface properties such as corrosion resistance, scratch-resistance, adhesion, appearance, and water resistance. Paints & coatings are increasingly used in end-use industries such as construction, furniture, packaging, automotive & transportation, and other industrial applications. Wax emulsions are an integral component of paints & coatings. Polyethylene wax emulsions are used in aqueous coatings due to their characteristics such as physical stability, fine particle size, anti-scuff properties, waterproofing, gloss, and ease of handling. Wax emulsions are also used in wood polishes and finishes and outdoor timber treatment. Wax emulsions render wood with abrasion resistance, waterproofing, and anti-blocking properties. It also finds application in metal components and automotive coatings. The growing global sales of electric vehicles drive the demand for high-performance coatings and electrical insulating coatings.

According to the International Energy Agency, the electric car market has witnessed exponential growth in the past few years, with reported global sales of more than 10 million electric cars in 2022.

In March 2022, Saudi Arabia announced setting up its first electric vehicle manufacturing plant in the country as the government plans to ensure 30% of all vehicles in Riyadh's capital city run on electricity by 2030. In April 2022, Lucid Group announced a new agreement with long-time supporter Saudi Arabia to purchase up to 100,000 electric vehicles over a 10-year period. Furthermore, as per OICA, Morocco witnessed a 15% year-on-year increase in vehicle production from 4,03,007 in 2021 to 4,64,864 in 2022. Thus, growth in the paints & coatings industry fuels the wax emulsion market.

On the contrary, fluctuations in raw material prices hamper the growth of Middle East & Africa wax emulsion market.

Based on type, the Middle East & Africa wax emulsion market is segmented into polyethylene, polypropylene, paraffin, vegetable-based, and others. The others segment held 31.4% market share in 2023, amassing US$ 26.93 million. It is projected to garner US$ 39.36 million by 2031 to register 4.9% CAGR during 2023-2031.

In terms of application, the Middle East & Africa wax emulsion market is categorized into paints & coatings, printing inks, textile, personal care, packaging, and others. The paints & coatings segment held 34.8% share of Middle East & Africa wax emulsion market in 2023, amassing US$ 29.86 million. It is anticipated to garner US$ 41.47 million by 2031 to expand at 4.2% CAGR during 2023-2031.

Based on country, the Middle East & Africa wax emulsion market is categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 33.5% share of Middle East & Africa wax emulsion market in 2023. It was assessed at US$ 28.71 million in 2023 and is likely to hit US$ 38.25 million by 2031, registering a CAGR of 3.7% during 2023-2031.

Key players operating in the Middle East & Africa wax emulsion market are BASF SE, Hexion Inc, Repsol SA, Sasol Ltd, The Lubrizol Corp, Clariant AG, Michelman Inc, H&R Group, and Productos Concentrol SA., among others.

• In June 2023, Concentrol updated its catalog of wax emulsions, introducing a wide range of EMULTROL products that cater to various application sectors. These wax or oil emulsions are formulated using diverse materials, offering unique and versatile properties that make them ideal for a wide range of industries and applications.

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