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 2031
Hydrocarbon Waxes Market Outlook
The global hydrocarbon waxes market is poised to expand at approximately 3% CAGR to surpass a valuation of US$ 5 billion by 2031, with growth majorly led by extensive application across the paints & coatings industry. However, plastic additives are slated to generate equally high expansion prospects. Demand is seen to be increasing for compound hydrocarbon waxes as well as single type hydrocarbon waxes across regions.
Opportunities also abound across the cosmetics & personal care segment, attributed to their excellent skin protection properties and invulnerability to oxidation or rancidity. This new report by Fact.MR tracks the global sales of hydrocarbon waxes in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the chemicals & materials domain in general, and hydrocarbon waxes demand in particular.
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Historical Trends vs Future Market Projections
Hydrocarbon waxes have been experiencing high uptake across several industrial domains, including the cosmetics & personal care industry, packaging and electrical insulation respectively. Hence, the landscape has been accruing impressive gains since many years.
While growth prospects were impacted in the first half of 2020 due to the COVID-19 pandemic, prospects eventually appeared bright as key verticals such as automotive experienced significant developments, especially heightened personal vehicle sales. Future growth will be heavily influenced by increase in construction activities, which is generating demand for paints & coatings and advanced plastics. Overall, the market is expected to expand at approximately 3% CAGR through 2031.
How is Increasing Automotive Production Pivoting Expansion of Hydrocarbon Wax Manufacturers?
As urbanization rates surge globally, demand for public and private transport infrastructure is increasing, paving the way for the expansion of the global automotive industry, which is generating high demand for such raw materials as rubber, steel and other metals.
Consequently, demand for hydrocarbon waxes is also increasing, as it being primarily deployed across the aforementioned co-dependent industries to improve manufacturing and production processes. Furthermore, materials such as high-grade plastics are also being used to manufacture key automotive accessories and spare parts, the manufacturing of which is stimulating demand for hydrocarbon waxes.
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What are the Growth Prospects for Hydrocarbon Waxes in the Cosmetics Industry?
The ever-increasing demand for premium beauty and skincare products has generated widespread opportunities for manufacturers in the hydrocarbon waxes market. Personal care product manufacturers are running marketing campaigns on digital and traditional media to highlight the advantages of hydrocarbon waxes.
Paraffin wax, a hydrocarbons-derived wax, is found to have a melting point close to natural human body temperature, implying that products made with this wax easily spread upon contact with the skin. Hence, key cosmetics manufacturers are incorporating paraffin wax into their product offerings.
What are the Challenges to Expansion of the Market for Hydrocarbon Waxes?
While hydrocarbon waxes are finding heightened applications across numerous industries, there are certain challenges which could act as impediments to market growth. A major challenge is the advent of natural and organic waxes ushered in due to heightened environmental concerns associated with synthetic waxes.
Hydrocarbon waxes are comparatively less environmentally-friendly as they are manufactured from non-renewable sources such as petroleum. Hence, key players are emphasizing on more eco-friendly alternatives such as beeswax and other plant-based material.
Why is U.S Considered an Attractive Market for Hydrocarbon Wax Suppliers?
The United States is expected to emerge as one of the most lucrative investment destinations for hydrocarbon waxes players, attributed to its extensive uptake across the paints & coatings industry, mostly due to increasing demand for housing projects.
As the population in the country expands, the government is increasingly spending on residential projects, which is inclining demand for paints & coatings which are highly durable and long-lasting. Moreover, they are also deployed across the food & beverage packaging sector, comprising 30% of the total wax uptake.
Will China Emerge as a Lucrative Market for Hydrocarbon Waxesin Asia?
As the domestic construction sector booms, demand for high-grade plastics and paints & coatings is experiencing a major upswing across China. Several mega-infrastructure projects are in the pipeline, such as the Nahui New City (US$ 4.5 billion), Xiangjiaba Dam (US$ 6.3 billion) and the Beijing South Railway Station (US$ 6.3 billion).
Such projects are bolstering prospects for hydrocarbon waxes as they are primarily expected to be deployed across essential construction material to be used for these initiatives. A number of regional level manufacturers currently operate within the Chinese market, such as Meryer (Shanghai) Chemical Technology Co. Ltd., Chemact Petrochemicals Ltd. and Dailan Chaoda among others.
How are Hydrocarbon Wax Manufacturers Making Inroads into India?
India is anticipated to generate credible growth opportunities, mostly in the rubber production and manufacturing segment. Bulk of this produced rubber is utilized by the automotive industry to manufacture tires and other components.
Hydrocarbon wax provides effective ozone protection, a key reason behind its surging popularity across the country. Additionally, major construction companies are also utilizing hydrocarbon waxes to improve material quality.
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Which is the Dominant Application Area for Hydrocarbon Waxes?
Hydrocarbon waxes for plastic additives are expected to generate high sales in the long-run, as key manufacturing industries seek to leverage advanced plastic manufacturing technologies to enable significant cost savings.
Hydrocarbon waxuses include manufacturing PVC/HDPE plastics, which are especially used in construction material due to their lightweight, durability, versatility, and enhanced strength.
Prominent developments associated with key hydrocarbon wax manufacturers are as follows:
- In February 2021, Sasol Ltd. collaborated with GrnCat, a waste management solutions company, to develop a solution for recovering wax from spent catalysts, in keeping with its priority SDG: Responsible Production & Consumption
- In July 2019, A F Sutter & Company Ltd received the ISO 9001 Certification for recognizing its commitment to employ quality management systems which deliver excellence, quality and reliability for its wax production business
*This list is indicative- full details about prominent market players is available upon request.
Historical Data Available for
US$ Mn for Value & ‘000 Units for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Key Market Segments Covered
- Hydrocarbon Waxes for Lubricating Adhesives
- Hydrocarbon Waxes for Plastic Additives
- Hydrocarbon Waxes for Rubber
- Hydrocarbon Waxes for Paints & Coatings
- Hydrocarbon Waxes for Metal working Fluids
- Hydrocarbon Waxes for Other Applications
- North America
- Latin America
- Rest of Latin America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of MEA
- North America