FT Wax Market Size By Application (Paint and Coating, Resin, Plastics, And Synthetic Rubber, Tire, Polish And Other Sanitation Goods, Corrugated and Solid Fiber Boxes, Printing Ink Industry Analysis Report, Regional, Growth Potential, Competitive Market Share & Forecast, 2019 - 2025
FT Wax Market is expected to exceed USD 1.2 billion by 2025. Rising demand for FT wax is attributed to factors such as low production efficiency from mineral & petroleum derived sources, increasing fuel prices and declining output by refineries and blenders.
Some major findings of the FT wax market report include:
- Crude oil demand & supply gap along with advantages of gas to liquid technology will support the market advancement.
- The demand for FT wax is increasing across the globe due to features such as high melting point, low viscosity and excellent hardness even at elevated temperatures.
- The excellent thermal stability of the product to avoid degradation and high temperature resistance make them suitable for many demanding applications including plastics, paints & coatings, printing inks, synthetic rubber, etc.
- Some of the major companies operating in FT wax market are Nippon Seiro Co., Ltd, Sasol, Evonik Industries AG, KPL International Ltd, and Shell.
- Companies are involved in production capacity expansion for gaining competitive edge in global FT wax market.
- Low carbon footprint initiatives will drive the demand for FT wax across North America.
Increasing production of coal and natural gas derived products over conventional petroleum will support the FT wax market growth. Favorable policies and implementation of advanced processing technologies in U.S., China and Germany utilizing coal reserves for producing FT wax fueling industry development. Factors such as abundant feedstock availability, higher carbon and thermal efficiency of the product will further support the market growth as low carbon footprint is becoming part of business zeitgeist.
Strong demand as an additive in various applications, such as in inks, paints and coatings, plastics, hot melt adhesives (HMAs), fruit coating, emulsions for preventing metal corrosion and polishes likely to augment product sales. These waxes reduce the viscosity of a hot melt adhesive, impart gloss to a fruit coating emulsion or ink. Increasing demand for lubricants during the manufacture of PVC pipes or lend desirable buffability, gloss and hardness properties to a solvent or emulsion paste polish supporting production penetration rate.
Resin, plastic and synthetic rubber application is expected to hold dominating share in the FT wax market. Factors such as enhanced heat resistance and low viscosity will propel product demand for sewing, mechanical fastening and thermal bonding applications. Industry participants are expected to invest in new technologies to reduce the carbon footprint and launch new tailor-made blends to gain competitive edge in the market.
North America is displaying a robust growth in the FT wax industry owing to the rapid growth of automobile and resin processing sectors along with a rise in research and development activities. The U.S. is among the major contributors to the industry growth due to increasing crude oil demand & supply gap and favorable government policies formulated for facilitating production of synthetic waxes in the country. With rising involvement & direction from government authorities and mounting demand for ecofriendly products, it is expected that the product will continue to experience substantial growth in the North America region.
The FT wax market participants are focusing on increasing production capacity of their existing plants for meeting growing global demand. The industry players are also engaged in developing newer varieties of hard and medium waxes to cater the diverse needs of different industries. Manufacturers are expected to compete on the basis of product efficiency, cost and distribution with increasing competition in the market.