December 30, 2019
According to the research report titled ‘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’, available with Market Study Report LLC, the global FT wax market is expected to cross USD 1.2 billion by the year 2025.
Declining production output from oil refineries, coupled with inflating fuel prices are major factors driving FT wax market growth. FT wax has low viscosity, high melting point, and excellent thermal stability; properties which are crucial in manufacturing of synthetic rubber, printing inks, paints & coatings, and plastics. Rising demand & supply gap of crude oil, in tandem with surging production of natural gas and coal based products is aiding the expansion of FT wax market.
Favorable federal reforms and initiatives which encourage utilization of coal reserves for production of FT wax is also stimulating the market growth. Moreover, FT wax offers desirable glossiness, buffability, and hardness which are vital in producing PVC pipes. This factor, in tandem with increasing concerns over environment conservation are leading to rising adoption of FT wax owing to its high carbon and thermal efficiency.
Based on application spectrum, synthetic rubber, plastic, and resin application segment is expected to dominate the FT wax market. Enhanced heat resistance and lower viscosity of product enables its usage in thermal bonding, mechanical and sewing applications.
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Considering geographical landscape, North America FT wax market is expected to register substantial growth during the forecast period. The growth is attributed to favorable federal measures for carbon emission mitigation. Moreover, flourishing resin processing and automobile sectors are augmenting the demand for FT wax products across the region. Growing demand for ecofriendly products has paved the way for rising R&D activities to develop sustainable solutions which in turn are fueling the industry outlook.
The prominent companies operating in FT wax market are Shell, KPL International Ltd., Evonik Industries AG, Sasol, and Nippon Seiro Co. Ltd. among others.
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