FT Wax Market to grow at over 7.6% CAGR between 2020 and 2025 | Shell Ltd, Nippon Seiro Co., Ltd, Nanyang Saier, Sasol Limited, DEUREX AG, Evonik Industries
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The production process has been incorporated with the gas to liquid (GTL) technology and uses hydrocarbons and carbon monoxide as sustainable feedstock coupled with the natural gas in order to produce syngas. The product is essentially derived from synthesis gas that enhances its performance features such as high degree of linearity, thermal stability, crystallinity and low viscosity, fostering FT wax market trends over the forecast timeframe.
Shell Ltd, Nippon Seiro Co., Ltd, Nanyang Saier, Sasol Limited, DEUREX AG, Liaoning Fushun TongYi Special Paraffin Wax Products Co., Ltd, and Evonik Industries
Listed below are some of the main factors driving FT wax market forecast in the next few years:
1) Increased consumption of polymers
The product is being widely used in the manufacturing of asphalt and polymer processing which will help the industry players to explore an array of opportunities. Major properties like low viscosity and liner structure of the product will encourage its demand in the polymer processing industry. Moreover, there is a major inclination towards using materials that are environment-friendly with non-cumulative effects and inherent biodegradability which in turn will drive FT wax market outlook.
According to the trends in the industry, both plastic and global polymer markets were recorded at nearly USD 600 billion in the year 2017. Rise in the regulatory pressure has induced the manufacturers to opt for advanced materials with low environmental impact and better performance.
2) Widening application scope in paints
Major factors that have helped fuel the application scope in the paint industry are few important benefits of the product such as superior gloss retention, scratch resistance, VOC emissions, high-quality finish and durability. The micronisation technology that is used in the production process provides the distribution of sharp particle which helps keep the formulation of paint with improved consistency.
FT wax is used for coating applications and if used in the form of fine powder, it can obtain the creasing effect of stripes and watermark. The addition of powder coating resin is capable of lowering energy consumption as well as screw torque, lubricating the extrusion process and enhancing the total production efficiency.
3) Strict regulations by government bodies
FT wax industry share across the Europe region will depict a notable growth owing to factors like low production efficiency of mineral-based sources, high prices for petroleum as well as the reducing production in blenders and refineries. The GTL technology will experience further growth on account of surging pressure by the regulatory bodies pertaining to pollution issues which will boost the sales of the product.
Europe FT wax market size has been anticipated to account for over 25% of global share by 2025 due to the steadily rising demand for reduced cost and additives that are environmental-friendly, for coatings, building material, chewing gum, food, polishes, cosmetics, candles, chlorinated paraffin, crayon and ink.
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Key players comprising the industry’s competitive dynamics include Nippon Seiro Co., Sasol, DEUREX AG, Shell and Evonik Industries, among others. These companies have lain heavy emphasis on the production capacity to obtain a major amount of market share. With the growing demand for the gas derived products, the business will gain a faster momentum owing to key players focusing on pricing strategy and technology development.
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