Fact.MR, a supplier of market research and competitive intelligence, projects that the size of the global hydrocarbon waxes market will be US$ 3.9 billion in 2023 and that it will expand at a CAGR of 3.0% from 2023 to 2033.
Rubber, paints & varnishes, lubricating additives, and metalworking fluids all use hydrocarbon waxes. Hydrocarbon waxes have evolved into viable raw materials in a number of end-use sectors due to their superior cost-efficiency when compared to rival products.
Download Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=5972?PJ
As hydrocarbon waxes are denser, darker, and more flexible than paraffin wax, they are in higher demand. Over the projected period, the market is expected to grow as a result of rising demand for wax additives, which is implied by their key characteristics, such as excellent water repellency, non-toxicity, and superior chemical resistance as well as ozone & aging protective additive.
In order to avoid equipment corrosion and wear and tear, lubricants have been employed in production units. The market for hydrocarbon waxes is expanding as a result of more lubricants being used in manufacturing facilities.
Key Takeaways from Market Study
- The global hydrocarbon waxes demand is expected to grow at 3.0% CAGR and will reach a valuation of US$ 5.3 billion by end of the forecast period
- The market experienced a growth rate of 2.5% during the historic period of 2018-2022
- Under the application segment, plastic additives widely utilize hydrocarbon waxes and held a valuation of US$ 1.4 billion in 2022
- North America dominates hydrocarbon waxes utilization in the global market with a 26.4% share in 2022
- Based on region, demand for hydrocarbon waxes is estimated to increase at CAGRs of 4.8% and 6.1%, respectively in Europe and South Asia & Oceania
Soaring Production of PVC/HDPE is Likely to Fuel Market Growth for Hydrocarbon Wax, says a Fact.MR analyst.
Market Development
Leading manufacturers of hydrocarbon waxes are
- Blended Waxes Inc.
- ExxonMobil Corp.
- Kerax Limited
- King Honor International Lt
- Poth Hille & Company Limited
- Valan Wax Products Limited
Producers are following various organic and inorganic approaches to stay competitive in the market. A customer base might be challenging to maintain considering how quickly technology is developing. Players are adopting forward integration as their main approach in order to respond to changing market circumstances. Key suppliers are also concentrating on increasing their manufacturing capacities to keep up with the escalating demand.
For instance, 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
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
- Rubber
- Paints & Coatings
- Metal Working Fluids
- Lubricating Adhesives
- Others
- Hydrocarbon Waxes Market by Regions :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Get Customization on this Report for Specific Research Solutions:https://www.factmr.com/connectus/sample?flag=RC&rep_id=5972?PJ
Contact:
US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E Mail : sales@factmr.com
