NEW YORK, June 10, 2021 /PRNewswire/ — As per the study by Fact MR, the global hydrocarbon waxes market is forecast to surpass the valuation of US$ 5 Bn by the end of 2031. Hydrocarbon waxes market outlook remains positive as rising demand for quality plastic paints will dole out novel opportunities.
Hydrocarbon wax application in the cosmetic industry also will increase for its low melting point that almost equals to human temperature.
As per the data from Oxford Economics, the global construction output is anticipated to cross US$ 1 Tn by 2030. The report also suggests that China, India and the U.S will contribute to around three-fifths of global growth.
This trend will continue over the forecast period, motivating key construction companies to adopt high-grade plastics, subsequently increasing the usage and demand of hydrocarbon waxes.
Rapid urbanization and globalization increased the demand for public and private transport infrastructure, paving way for the expansion of the global automotive industry. Automotive industry is generating high demand for rubber, steel and other metals.
Hydrocarbon waxes are used in improving manufacturing and production processes of rubber and steel. Surge in demand for rubber and steel elevated the demand for hydrocarbon waxes.
Furthermore, high-grade, lightweight plastics like PVC are used for manufacturing key automotive accessories and spare parts, further provoking the demand for hydrocarbon waxes.
“Rise in media campaign on digital and traditional platform highlighting the advantages of paraffin wax on human skin will boost the hydrocarbon waxes market demand,” said a lead analyst at Fact.MR.
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Key Takeaways
- The U.S. is predicted to offer lucrative growth opportunities during the forecast period, driven to increasing use of hydrocarbon waxes in painting and coating industry and demand for housing projects.
- Flourishing construction sector in China has opened flood gate of opportunities for hydrocarbon waxes market growth. Increased demand for high grade plastic paints in domestic constructions drives the market growth in the region.
- Incorporation of hydrocarbon wax in rubber production and rubber products manufacturing due to high demand from automotive industry will accelerate the market growth in India.
- Increased use of hydrocarbon waxes in manufacturing of light weight and durable PVC plastics will provide lucrative growth opportunities.
- Adoption of bee wax and plant based wax in cosmetic industry will positively influence the market growth during the forecast period.
Prominent Drivers
- Rising demand of lubricants in PVC processing industries drives the hydrocarbon wax market demand.
- High effectiveness and low cost of hydrocarbon waxes is boosting the market demand in lubricating additive manufacturing.
- Increasing use of hydrocarbon waxes in cosmetics and personal care products manufacturing will elevate the market growth.
Key Restraints
- High consolidation in the market coupled with intense competition among market players is restraining the market growth.
- Fluctuation in consumer preferences due to hydrocarbon waxes being less environmental friendly is restricting the adoption of the products.
- Adoption of natural and organic waxes instead of synthetic waxes due to its adverse environmental effects hampers the market growth.
Discover more about the hydrocarbon waxes market with 38 figures and 116 data tables, along with the table of contents. You will also find detailed market segmentation on
https://www.factmr.com/report/hydrocarbon-waxes-market/toc
Competitive Landscape
Leading players operating in hydrocarbon waxes market profiled by Fact.MR are 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, A F Suter & Company Limited, Mat-Chem, King Honor International Ltd. and others.
The market players are aiming at deepening the penetration across potential and new markets. They are employing organic and inorganic marketing strategies to achieve the goal.
Market players are prioritizing new product development to consolidate their market position. They are also engaging in forming strategic alliances, merger and acquisitions to expand their global reach.
Sasol Ltd. joined hands with a waste management solutions company GrnCat in February 2021, with the aim to develop a solution for recovering wax from spent catalysts.
A.F. Suter & Co. Ltd received the ISO 9001 Certification in July 2019, appreciating its commitment to employ quality management systems which deliver excellence, quality and reliability for its wax production business
More Valuable Insights on Hydrocarbon Waxes Market
Fact.MR, in its new report, offers an unbiased analysis of the global hydrocarbon waxes market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in hydrocarbon waxes market on the basis of application (lubricating adhesives, plastic additives, rubber, paints & coatings, metal working fluids) across regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
Key Questions Covered in the Report
- Which factor will be the most crucial for hydrocarbon waxes market?
- What is likely to be the future outlook of hydrocarbon waxes market?
- What are the key drivers and restraints for hydrocarbon waxes market?
- Which region has the highest growth rate in hydrocarbon waxes market?
- Which are the leading players operating in hydrocarbon waxes market?
Explore Fact.MR’s Coverage on the Chemical & Materials Domain
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