Global Fischer-Tropsch Wax Market: Overview
Fischer-Tropsch wax is a synthetic wax produced by polymerization of carbon monoxide under high pressure, a technology used in emerging natural gas-to-liquid (GTL) projects. During Fischer–Tropsch distillation, products are separated into fuel products and waxes with melting points ranging between 45°C and 106°C. Fischer–Tropsch waxes are the hardest waxes in the world. These paraffin mixtures are excellent feedstock’s of catalytic processes, as they can produce high-quality products, which are less harmful to the environment. These waxes have least sulfur and nitrogen content and they have low aromatic content.
The primary factor driving the Fischer-Tropsch wax market is increase in the government spending on the construction of roads and airports across the globe, especially in developing nations. Fischer-Tropsch wax is used as an additive in the mixing of asphalt mixes. However, fluctuations in prices of raw materials, such as crude oil, is projected to hamper the global Fischer–Tropsch wax market during the forecast period.
Global Fischer-Tropsch Wax Market: Key Segments
Based on type, the global Fischer-Tropsch wax market can be segmented into hard and medium. Hard waxes offer properties such as high melting point, low viscosity, and hardness, even at elevated temperatures. These attributes make hard waxes useful in applications such as hot melt adhesives, printing inks, coatings, and bitumen modification. Medium waxes are primarily used as substitutes for petroleum waxes. They are applied in waterproofing of construction boards.
Based on application, the global Fischer-Tropsch wax market can be divided into adhesives, asphalt additives, construction boards & wood, polymer additives, paints & coatings, textile, personal care & pharmaceutical, and others. In adhesive applications, Fischer-Tropsch wax is used for making hot-melt formulation of metallocene polyolefin and ethyl-vinyl acetate-based, the resulting formulation is used for packaging of frozen food. With the increase in traffic, the demand for better roads and airports is rising across the globe. This, in turn, is likely to augment the demand for asphalt mixes during the forecast period. Which in turn, is acting as a driver of the asphalt additives segment of the global Fischer-Tropsch wax market. In the personal care & pharmaceutical industry, Fischer-Tropsch wax is extensively employed as a processing aid, such as a softener, in several lotions and creams. Also, waxes act as a base for personnel care products such as creams, lipsticks, rouge, and eye cosmetics. Natural fibers contain wax-like substances as protective agents. In the textile industry, Fischer-Tropsch wax is used for waterproofing of textile substrates and altering the frictional properties of fibers, yarns, and sewing threads, in order to increase the process-ability of textiles.
Global Fischer-Tropsch Wax Market: Regional Analysis
In terms of region, the global Fischer-Tropsch wax market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is projected to constitute a major share of the global market during the forecast period, due to the rise in construction activities across the region. Also, governments in the region are focused on building better infrastructure and road facilities. In addition, the Fischer-Tropsch wax market in Asia Pacific is estimated to expand at a moderate pace between 2019 and 2027. The rise in population is anticipated to propel the demand for housing facilities in the region. This, in turn, is likely to boost the demand for Fischer-Tropsch wax in Asia Pacific during the forecast period. Increase in reconstruction activities is also likely to act as a driving factor for the Fischer-Tropsch wax in the region.
Global Fischer-Tropsch Wax Market: Key Players
Prominent players operating in the global Fischer-Tropsch wax market include DEUREX AG, Sasol Limited, Evonik Industries AG, and Liaoning Fushun TongYi Special Paraffin Wax Products Co., Ltd. These players engage in research and development activities, strategic alliances, and mergers and acquisitions to gain a higher market share.
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