Montan Wax Market - Regional Analysis
European Market Insights
Europe industry is predicted to hold largest revenue share of 46% by 2035, due to presence of well-established manufacturers in the region. The growth of this region is attributed to the presence of well-established manufacturers. Further, the cosmetics, adhesives, and coatings industries in Europe continue to rely on montan wax for its unique properties. Also, the use of montan wax as lubricant is prevalent in the region. Demand for lubricants in Europe is on the rise due to increasing industrial activities across various sectors. As the economy grows and the manufacturing sector expands, there is a greater need for lubricants to ensure the smooth function of machinery and equipment. Europe’s manufacturing sector is set to garner a revenue of USD 2.9 trillion. All these factors cumulatively are propelling the market’s growth.
APAC Market Insights
Asia Pacific montan wax market is estimated to hold a significant revenue share during the forecast period. This region is a major consumer of Montan Wax, with countries such as China and South Korea at the forefront of demand given their robust industry sectors. Montan waxes are used in the automobile sector for car polish, paint, and other vehicle care and protection applications. High growth in the market share of montan wax is being driven by an accelerating automotive industry in major developing countries such as China, India, and others. In addition, the increase in food consumption in APAC is driving up demand for montan wax to be used on fruit edible coating and additives preventing water loss and preserving freshness as a result of an increasing intake of fruits and vegetables. In this way, the montan wax industry will lead over the forecast period due to increasing vertical industries in APAC such as automotive, cosmetics, food, and others.
