In terms of value, the global hydrocarbon waxes market is anticipated to expand at a CAGR of 3% from 2020 to 2030 and cross US$ 5 Bn by 2030. Europe dominated the global hydrocarbon waxes market in terms of volume in 2019. It is estimated to lead the global hydrocarbon waxes market during the forecast period. The plastic additives application segment is projected to offer lucrative opportunities for the global hydrocarbon waxes market in the near future. The hydrocarbon waxes market in North America is anticipated to expand at a rapid pace during the forecast period. The hydrocarbon waxes market in Asia Pacific is estimated to expand at a healthy CAGR during the forecast period. According to Oxford Economics, the global construction industry output is likely to increase by 85% to reach value of US$ 15.5 Trn by 2030, with three major countries – China, the U.S., and India – accounting for 57% of all global growth. This is expected to boost the demand for hydrocarbon waxes that are utilized in paints & coatings in the building & construction sector during the forecast period. In turn, this is estimated to propel the global hydrocarbon waxes market in the near future.
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Hydrocarbon Waxes Market: Major Drivers and Restraints
Plastic has played an important role in the recovery of construction and automotive industries in difficult economic times. New technology in plastic materials has opened up avenues in safety and comfort, and enabled significant energy savings. Innovations in plastic and plastic composites are driven revolution in construction and automotive industries, enabling designers and engineers to push boundaries with the ability to produce concepts cost effectively. Plastic delivers superior value to customers and increases safety. Furthermore, it is better for the environment. Structure and composition of PVC lends itself to being mechanically recycled, with reasonable ease, to produce good quality recycling material. This helps achieve optimal recycling of PVC materials. PVC is extensively employed in building & construction, automotive, and packaging sectors.
Properties of PVC material such as strength, lightweight, durability, and versatility make it ideal for piping solutions and window profiles. Flexible PVC film’s inherent flame retardancy and electrical insulation properties make it ideal for cabling applications. Un-plasticized flexible PVC film is one of the stiffest polymers at normal ambient temperatures and exhibits little deterioration after many years in service. In the automotive sector, rigid & flexible PVC films & sheets are extensively employed in instrument panels and associated moldings, interior door panels and pockets, sun visors, seat coverings, headlining, seals, mud flaps, underbody coating, floor coverings, exterior side molding and protective strips, and anti-stone damage protection. These films and sheets lend high performance qualities and important cost benefits to the automotive industry. Consequently, they are the first choice for original equipment manufacturers. Thus, increase in demand for PVC in various end-use industries is projected to boost the demand for lubricant additives. In turn, this is likely to have positive impact on the hydrocarbon waxes market during the forecast period.
Hydrocarbon waxes are used in paints and coatings to modify the latter’s properties and improve the wash/rub/wear resistance of formulations. Hydrocarbon waxes are added to coatings to enhance surface properties such as water repulsion, maintain coating appearance (gloss, matting, and texturing), improve rheology, and prevent pigment settling. The demand for paints and coatings is high in automotive and building & construction sectors. This is augmenting the hydrocarbon waxes market.
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Hydrocarbon Waxes Market: Prominent Segments
Based on application, the lubricating additives application segment held notable share of the global hydrocarbon waxes market in 2019. This trend is estimated to continue during the forecast period. The rubber segment of the global hydrocarbon waxes market is anticipated to expand at a healthy CAGR during the forecast period, owing to the increase in demand for rubber in the tire industry. Hydrocarbon waxes act as ozone resistance additives in rubber, thereby increasing the durability of rubber.
Competition Landscape of Hydrocarbon Waxes Market
Key manufacturers operating in the global hydrocarbon waxes market include Sasol Ltd., Exxon Mobil Corp., Kerax Limited, Faith Industries Limited, Poth Hille & Company Limited, Strahl & Pitsch Inc., Blended Waxes Inc., Calwax Llc, Goyel Chemical Corporation, Valan Wax Products Limited, A F Suter & Company Limited, Matchem, and King Honor International Ltd.
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