Hydrocarbon Waxes Market
Hydrocarbon Waxes Market Analysis by Application (Hydrocarbon Waxes for Plastic Additives, Rubber, Paints & Coatings, Metal working Fluids, Lubricating Adhesives), by Region - Global Insights to 2033
Analysis of Hydrocarbon Waxes Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Hydrocarbon Waxes Market Growth Outlook (2023 to 2033)
The global hydrocarbon waxes market is set to reach a valuation of US$ 3.9 billion in 2023 and it is expected to grow at a CAGR of 3.0% to reach US$ 5.3 billion by the end of 2033.
Hydrocarbon waxes are produced from the de-waxing cycle that unrefined petroleum goes through. Hydrocarbon waxes include a combination of hydrocarbon particles that contain 20 to 40 carbon atoms. It finds its applications in paints and coatings, rubber, cosmetics, and adhesives.
Hydrocarbon Waxes Market Size (2022A)
US$ 3.8 Billion
Estimated Market Value (2023E)
US$ 3.9 Billion
Forecasted Market Value (2033F)
US$ 5.3 Billion
Global Market Growth Rate (2023-2033)
North America Market Share (2023)
North America Growth Rate (2023-2033)
Market Share of Top 5 Companies
Key Companies Profiled
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Global Hydrocarbon Waxes Market Historical Outlook (2018-2022) vs. Forecast Outlook (2023-2033)
The demand for waxes and hydrocarbons in emerging as well as developing economies will be supported by growing populations and the consumer class. One of the most alluring industries in the world for maintaining and increasing hydrocarbon wax demand throughout the predicted period is the paints and coatings sector.
Hydrocarbon Waxes demand is escalating owing to increased consumption of lubricating additives. The market for hydrocarbon wax is anticipated to increase significantly throughout the forecast period as a result of the growing use of candles for décor, for delivering creative presents, and for cosmetics packaging applications. Increased demand for plastics and adhesives & sealants is also boosting polyolefin wax demand globally over the forecast period.
- Short Term (2023-2026): Augmented consumption of hydrocarbon waxes in packaging applications demands increased production. Thus, the requirement for hydrocarbon waxes is expected to experience surging growth.
- Medium Term (2026-2029): Possibilities also abound across the cosmetics & personal care market, attributable to their outstanding skin protection characteristics and invulnerability to oxidation or rancidity. Thus, increasing demand for personal care products specifically post-pandemic is expected to increase demand.
- Long Term (2029-2033): Increased building activity, which is driving demand for paints & coatings and innovative plastics will have a significant impact on the future growth of the hydrocarbon waxes market.
The historical analysis of the global hydrocarbon waxes market indicates the market growth rate was 2.5% from 2018-2022 and is further expected to grow by 3.0% between 2023 and 2033, according to the Fact.MR analysis.
Market Dynamics Outlook
“Growing Demand Across Cosmetics Industry Drives Hydrocarbon Wax Market”
The market for hydrocarbon waxes has opened up a wide range of prospects for manufacturers due to the rising demand for high-end skincare and beauty products. To highlight the benefits of hydrocarbon waxes, personal care product makers are undertaking marketing campaigns in both traditional and digital media.
Hydrocarbon waxes are a texture-improving ingredient that prevents emulsions from separating in a composition. This component gives cosmetics like lipstick strength and stability due to its high melting point. Hydrocarbon waxes can also be found in sunscreens, foundations, and lotions.
It has been discovered that paraffin wax, a hydrocarbon-derived wax, melts at a temperature that is somewhat close to that of the human body, suggesting that goods created with this wax readily spread when they come into contact with the skin. As a result, major cosmetics producers are using paraffin wax in their product lines.
“Factors Affecting the Hydrocarbon Wax Market Growth”
Hydrocarbon waxes are increasingly being used in a wide range of industries, although several issues could limit their expansion. The introduction of natural and organic waxes brought about by increased environmental concerns related to synthetic waxes presents a significant hurdle.
Additionally, prices of hydrocarbon waxes will fluctuate due to price volatility in the petrochemical feedstock. Throughout the forecast period, it is projected that this factor will hinder the market worldwide.
Hydrocarbon waxes are less environmentally friendly than other types of wax since they are made from non-renewable resources like petroleum. So, important players are putting more of an emphasis on environmentally friendly alternatives like beeswax and other plant-based materials.
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Why Are Hydrocarbon Wax Suppliers Attracted to the U.S. Market?
The construction industry in the U.S. is a prominent consumer of hydrocarbon wax, particularly in the production of construction materials such as asphalt and roofing materials. Hence, the growing construction industry paved the way for the hydrocarbon wax market players.
- For instance, the U.S. Department of Transportation reported that as of 2021, there were over 4.3 million miles of public roads in the U.S.
- In addition, the U.S. Energy Information Administration reported that in 2020, the U.S. consumed over 18 million barrels of asphalt and road oil per day.
Hydrocarbon wax is used as an additive in the production of asphalt and road oil, indicating a significant demand for hydrocarbon wax in the U.S. construction industry.
How Are Producers of Hydrocarbon Wax Gaining Ground in India?
The packaging industry in India is one of the fastest-growing industries in the country, and it is a significant driver of the demand for hydrocarbon wax. The demand for flexible packaging in India has been on the rise due to the growing e-commerce industry and changing consumer preferences. Hydrocarbon wax is used as a coating material for flexible packaging, providing moisture and grease resistance, and improving the durability of the packaging.
India is also a prominent food producer and exporter. The growing demand for packaged food products, particularly in urban areas, is driving the demand for hydrocarbon wax. It is used as a coating material for food packaging, preventing contamination and improving the shelf life of the products.
Hence, the growing packaging industry in India is driving the demand for hydrocarbon wax, as it is used as a coating material for flexible and food packaging.
Why Do Hydrocarbon Waxes Use for Plastic Additives Dominate the Market?
The global demand for plastic products is growing, driven by the rise in population, urbanization, and industrialization. Hydrocarbon waxes are used as plastic additives to enhance the properties of plastic materials, making them more suitable for a wide range of applications.
Further, the development of new technologies has led to the discovery of new applications for hydrocarbon waxes in plastic additives. For instance, the use of nano-sized hydrocarbon waxes as additives has been found to enhance the mechanical properties of plastic materials.
The increasing focus on sustainable development is driving the demand for eco-friendly plastic additives. Hydrocarbon waxes are considered to be environmentally friendly and are therefore preferred over other plastic additives. These factors are expected to continue to drive the market growth for hydrocarbon waxes in plastic additives in the future.
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Manufacturers Key Strategies
Leading manufacturers of hydrocarbon waxes are A F Suter & Company Limited, Blended Waxes Inc., Calwax LLC, ExxonMobil Corp., Faith Industries Limited, Goyel Chemicals Corporation, Kerax Limited, King Honor International Lt, Mat-Chem, Poth Hille & Company Limited, Sasol Ltd., Strahl & Pitsch Inc., and Valan Wax Products Limited.
Manufacturers are investing in research and development activities to develop new and innovative products with enhanced properties. Companies are entering into strategic partnerships and collaborations to expand their market reach and enhance their product portfolio.
For instance :
- In May 2021, Calumet Specialty Products Partners acquired Paralogics, a provider of synthetic waxes, to expand its product portfolio and enhance its market presence.
- In February 2021, Sasol Ltd. worked with the waste management solutions provider GrnCat to create a method for recovering wax from used catalysts as a part of its focus on SDG’s goals.
- In January 2021, Clariant announced the opening of a new production facility for waxes and additives in China to cater to the growing demand for these products in the Asia-Pacific region.
- In November 2020, Nippon Seiro entered into a partnership with Evonik Industries to expand its product portfolio in the wax industry.
Fact.MR has provided detailed information about the price points of key manufacturers of hydrocarbon waxes positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Hydrocarbon Waxes Market
Hydrocarbon Waxes Market by Application :
- Plastic Additives
- Paints & Coatings
- Metal Working Fluids
- Lubricating Adhesives
Hydrocarbon Waxes Market by Regions :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- FAQs -
The global hydrocarbon wax market is expected to hold a valuation of US$ 5.3 billion in 2033.
Worldwide demand for the hydrocarbon wax market is expected to grow at a CAGR of 3.0% by 2033.
During 2018-2022, the hydrocarbon wax market experienced a growth rate of 2.5%.
North America accounts for the maximum share of 26.4% of global hydrocarbon waxes market.
Plastic additives account for 45.6% share of global sales of hydrocarbon wax.