Award-winning consulting firm Fact.MR has published a new report on the global hydrocarbon waxes market for the 2021-2031 forecast period. According to the study, the market is poised to surpass US$ 5 billion in revenue by 2031, expanding at a CAGR of around 3%. Growth is primarily underpinned by extensive uptake in the plastic additives and paints & coatings segments.
A key driver behind this increased uptake across the aforementioned segments is the rapid expansion of the global construction industry. Data from Oxford Economics suggests that global construction output shall surpass US$ 1 trillion by 2030, registering an astronomical 85% incline with China, India and the U.S contributing almost three-fifths of overall growth. As this trend becomes increasingly evident, key construction giants are leveraging high-grade plastics adoption, prompting increased usage of hydrocarbon waxes.
Hydrocarbon waxes enhance surface properties such as water repulsion, maintain coating appearance (gloss, matting, and texturing), improve rheology, and prevent pigment settling. The demand for paints and coatings is high in automotive and building & construction sectors, augmenting growth prospects. Furthermore, enhanced skin protection properties are providing a wide ground for expansion across the cosmetics & personal care industry as well.
Key Takeaways from Market Study
- By application, plastic additive manufacturing to generate high demand for hydrocarbon waxes
- Demand across the lubricating additives segment to acquire major traction over coming years
- The U.S. to experience significant uptake across the paints & coatings and F&B packaging sectors
- China to emerge as a dominant market in Asia amid surging infrastructure projects
- India to emerge as a heavyweight in the rubber production & manufacturing category
“Prominent manufacturers are constantly innovating existing product offerings in hydrocarbon waxes, given their increasing scope and applicability across a broad range of end-use industries, providing adequate room for expansion,” says a Fact.MR analyst.
Report Benefits & Key Questions Answered
- Hydrocarbon Waxes Company & brand share analysis: The report offers brand-share analysis on hydrocarbon waxes market to offer a more in-depth competition deep-dive. This is intended at assisting companies at proactive long-term planning.
- Hydrocarbon Waxes Historical volume analysis: Factors affecting sales in the past are analyzed in detail. The report also offers comparative analysis between growth trajectory exhibited in 2016-2020 and 2021-2031.
- Hydrocarbon Waxes Category & segment level analysis: To offer a comprehensive analysis, the market identifies leading segments and highlights chief factors enabling growth across these categories.
- Hydrocarbon Waxes Consumption by demographics: The demographic analysis is intended at providing recommendations to companies to help them create growth strategies around dynamic consumption patterns.
- Hydrocarbon Waxes Manufacturing trend analysis: Manufacturing trend analysis is the key highlight of the study. It offers vital data on strategies adopted by market players to align their manufacturing strategies as per prevailing market trends.
Major players profiled in Fact.MR’s market study include Sasol Ltd., ExxonMobil Corp., Kerax Limited, Faith Industries Limited, Poth Hille & Company Limited, Strahl & Pitsch Inc., Blended Waxes Inc., Calwax LLC, Goyel Chemicals Corporation, Valan Wax Products Limited, AF Suter & Company Limited, Mat-Chem,and King Honor International Ltd.
- Goyel Chemicals Corporation, a prominent Indian manufacturer, offers its range of hydrocarbon wax recommended for processing of RPVC pipes and conduits. These are effective alternatives to conventional oils and waxes which possess high volatility and heighten the risk of hazards
- In March 2020, King Honor International Ltd. launched a new grade of Fischer-tropsch Wax for hot melt adhesives and PVC lubricants. This new grade of KH FT Wax 110 B has high congealing point and low oil content