Montan Wax Market Trends

Growth Drivers 

• Growing Demand in the fruit industry- The market for montan wax is expected to develop because of the increasing demand from fruit vendors worldwide, which is stimulating the industry. The usage of montan wax in food coatings, additives, and other fruit protection applications has increased due to the expansion of the food business. Fruits are kept protected, have a prolonged freshness, and don't lose water because of the montan wax. Furthermore, the global fruit merchants' increasing demand is expected to fuel the expansion of the montan wax market.  The retail and food services sector generated some USD 1.78 trillion worth of revenue in 2019, the United States Department of Agriculture reports. This benefitted the market greatly. In addition, a montan acid ester is added to the protective layer of fruit, thus ensuring longer-lasting freshness and quality using Montan wax's name. The market will therefore be primarily driven by the increase in demand from fruit merchants and manufacturers, which creates favourable growth prospects for Montan Wax over the forecast period.
• Increasing usage of high-quality coating- Another factor that has led to revenue growth in the market is the demand for high-quality paints across various sectors. Montan wax is commonly used in industrial paints due to its superior binding properties and resistance to heat and moisture. The growing demand for high-performance coatings in sectors like automotive and aeronautics leads to revenue growth in the market.
• Demand for environment-friendly products- Montan has been deemed to be an eco-friendly alternative in comparison with chemically synthesized waxes. The demand for montan wax is projected to increase as consumers become more and more interested in environmentally friendly products. Moreover, the market's revenue is boosted by the increasing use of naturally derived waxes in sectors such as foodstuffs, cosmetics, and pharmaceuticals.
• Increasing Usage in Polishes and Coating- For the automotive and furniture sector, Montan wax is one of the most important ingredients for polishes and coatings. It is the most widely used product for automotive waxes and wood polishes due to its natural origin as well as its higher gloss and hardness.

Challenges

• Raw Material Shortage - 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.
• Stringent environmental regulations related to the extraction and use of montan wax.
• Availability of alternate waxes with similar properties