Global FT Wax Market: Overview
Fischer-Tropsch or FT wax come with a very high melting point and many unique properties due to which the global FT wax market is likely to observe considerable growth over the forecast period, from 2019 to 2027. Low viscosity, very high melting point, and hardness are what that makes FT wax a highly desirable product in many applications across many industries. Increasing utilization of the product in applications like packaging, candle making, personal care products, and coatings supports growth of the global FT wax market.
In a bid to offer a detailed analysis of the global FT wax market, the parameters of type, application, and region could be used for classifications.
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Global FT Wax Market: Notable Developments
Like any other market, the FT wax market did come ascross some developments in the last few years. One such significant development in the market is mentioned below:
- In 2018, Sasol Limited announced absolute completion of its of its billion dollar worth FT Wax Expansion Project. The project was divided in two different phases, namely phase 1 and phase 2. Phase 1 began in 2015 and phase 2 was started in 2017. Post completion of the projected it is expected that FT products could gain much better access to the South Africa wax market, which is leading producer of wax across the globe.
Some of the reputed organizations functioning in the global FT Wax market are as mentioned below:
- Nippon Seiro Co. Ltd
- Sasol Limited
- Lu’an Group
- King Honor International
- Industrial Raw Materials LLC
- Royal Dutch Shell PLC
Global FT Wax Market: Key Trends
The future course of the global FT Wax market is likely to be influence by the following factors of growth over the forecast period, from 2019 to 2027.
Demand for FT Wax to Ride High on Due to its Excellent Functional Properties
The global FT wax market is fuelled by the extensive utilization of this product in the formulation of adhesives resins, thanks to their high melting point. The adhesive resin that is formulated utilizing FT technology find use in a wide variety of applications like technical emulsions, paints, cosmetics, printing inks, plastic processing, candle additives, and heavy compounds. Such extensive use is likely to support the growth of the global FT wax market in near future.
F.T wax comes with the properties of fast solidification, good compatibility with petroleum resin and EVA resin, narrow distribution of medium wave, and extremely low viscosity. It does not change its hue even after some hours of being exposed to 180°C of temperature in baking. It is ideal for use in hot melt coating. The growth of the global FT wax market is supported by the sound functional properties of the product.
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In addition, Fischer-Tropsch or FT wax also find use in the extrusion of rubber in a bid to better extrusion and processing capabilities of rubber. Another prominent use of FT wax is its role as an internal lubricant, which diminishes friction and betters overall hardness of the end product. The automotive sector has been generating high demand for synthetic wax to be used in car tires. Furthermore, the demand for FT was arises from foam, footwear and plastic industries, which are highly likely to accentuate it demand in foreseeable time.
Global FT Wax Market: Geographical Analysis
In a bid to depict a detailed picture of the global FT Wax market, regional segments of the market could be done. The market is divided into the principal regions of Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America.
From the geographical standpoint, North America is likely to hold a large chunk of the market over the period of assessment. Following a considerable rise in the prices of crude oil, the supplies of fuel have declined substantially, which has triggered the demand for FT across North America. Therefore, it can be estimated that the growth of the global FT wax market is likely to be supported by such factors in North America.
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