According to Fact.MR, a market research and competitive intelligence provider, the global hydrocarbon waxes market size is set to reach a valuation of US$ 3.9 billion in 2023 and is expected to grow at a CAGR of 3.0% during the forecast period of 2023-2033
Hydrocarbon waxes are used in rubber, paints and coatings, lubricating additives, and metalworking fluids. Due to their higher cost-efficiency compared to competing goods, hydrocarbon waxes have become viable raw materials in a variety of end-use sectors.
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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
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hydrocarbon waxes market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of application (plastic additives, rubber, paints & coatings, metal working fluids, lubricating adhesives) across major regions of the world.
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