Hydrocarbon Waxes Market
Hydrocarbon Waxes Market (Application: Lubricating Additives, Plastic Additives, Rubber, Paints & Coatings, Metalworking Fluids, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
New Car Sales Incentives Accelerate Recovery of Economy amidst COVID-19 Pandemic
Companies in the hydrocarbon waxes market are expecting a mix of temporary and permanent impacts of the COVID-19 pandemic on various end markets. Lubricants, being a major application of hydrocarbon waxes, are susceptible to changing consumer sentiment. Analysts at the Transparency Market Research (TMR) anticipate that the demand for lubricants will inevitably rise again, as consumption patterns are returning to normal with the beginning of 2021. The surging business of industrial production and freight applications is helping to replenish revenue growth in the global hydrocarbon waxes market.
The pent-up demand for travel is anticipated to stimulate the maintenance of passenger vehicles, especially since many individuals are still hesitant to travel by airplane. New car sales incentives from OEMs (Original Equipment Manufacturer) and dealers in order to clear inventory and boost production are predicted to accelerate economic recovery.
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Micro-computed Tomography Method Help Overcome Formation Damage in Oil Fields
Formation damage induced by wax deposition during production in oil fields is one of the most challenging complications faced by manufacturers. It has been found that the use of WAT measurement technique in an open measuring system is potentially insufficient to control wax deposition in the reservoir pore volume. Hence, companies in the hydrocarbon waxes market are increasing awareness about the flooding technique and micro-computed tomography method that allows to simulate fluid flow in the porous medium of the core before and after formation damage.
Hydrocarbon wax and paraffin wax are interchangeably used in various end-use cases. This has led to value grab opportunities for companies in the hydrocarbon waxes market within the cosmetics industry.
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Hydrocarbon Wax Beauty Products and Salon Services Grow Popular amongst Individuals
The ever-increasing demand for premium beauty and skincare products has led to incremental opportunities for manufacturers in the hydrocarbon waxes market. Personal care product manufacturers are running marketing campaigns on digital media and traditional media to highlight the advantages of hydrocarbon waxes. Paraffin wax, which is derived from hydrocarbons, is found to have a melting point close to natural human body temperature, implying that products made with this wax easily spread upon contact with the skin.
Ongoing trend of paraffin and hydrocarbon wax baths is helping to expand business streams for manufacturers in the hydrocarbon waxes market. Even salons and spas are offering paraffin and hydrocarbon wax manicures and pedicures to soothe achy joints.
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Growing Demand for Wax Emulsions Delivering Ready-to-Handle Surface Gain Prominence
Industrial applications of hydrocarbon wax, such as lubricants for prevention of wear and corrosion of equipment and machines are generating stable revenue streams for manufacturers in the hydrocarbon waxes market. Klüber Lubrication— a supplier of innovative specialty lubricants is increasing the availability of wax emulsions to reduce boundary and mixed lubrication friction in components and machines. Manufacturers are making use of high molecular synthetic hydrocarbons, additives, and mineral oils to innovate in wax emulsions.
There is a growing demand for wax emulsions that deliver a ready-to-handle surface. Companies in the in the hydrocarbon waxes market are increasing their production capacities in lubricating waxes to protect chains and other components from wear and corrosion.
Electrical Insulation and Packaging Wax Applications Broaden Revenue Streams
The hydrocarbon waxes market is projected to surpass the revenue of US$ 5 Bn by 2030. Apart from lubricants and cosmetics, manufacturers are increasing their production capabilities in candle wax blends, agriculture, and corrugated wax, among others. Stakeholders in the PVC pipes industry are major buyers of hydrocarbon waxes. Applications such as electrical insulation, distillation, and packaging wax are creating business opportunities for manufacturers.
Innovations in skin moisturizers, hand salves, and balms are gaining popularity in the hydrocarbon waxes market. On the other hand, therapeutic benefits of hydrocarbon wax are associated with pain relief treatment of several medical conditions. Hydrocarbon and paraffin bath therapies are being publicized for reduced pain and tenderness.
The steady growth in demand for shared mobility and e-hailing services is contributing toward the recovery of the hydrocarbon waxes market amidst the ongoing coronavirus pandemic. In India, experts and industry professionals are stressing on the importance of accelerating technological integration to enhance production lines and business activities during the pandemic. However, the market of hydrocarbon waxes is expected to register a sluggish CAGR of ~3% during the forecast period. Alternate products for hydrocarbon wax such as biowax-based barrier coatings are growing popular for their environment-friendly attributes. Hence, companies should tap opportunities in personal care, cosmetics, and lubrication applications to explore new business avenues.
Hydrocarbon Waxes Market: Overview
- In terms of value, the hydrocarbon waxes market is expected to cross US$ 5 Bn by 2030
- Hydrocarbon waxes are byproducts of the oil purification process. Hydrocarbon waxes are derived from the de-waxing process that crude oil undergoes. They are then processed further for usage in products. Hydrocarbon waxes consist of a mixture of hydrocarbon molecules that contain 20 to 40 carbon atoms.
- Hydrocarbon waxes are solid at room temperature and begin to melt above approximately 37 °C (99 °F). Their boiling point is above 370 °C (698 °F). Hydrocarbon waxes are generally darker, more viscous, denser, tackier, and more elastic than paraffin waxes. Microcrystalline wax, a type of hydrocarbon wax, has small and thin crystal structure. This make hydrocarbon waxes more flexible than paraffin waxes. Consequently, they are preferred over paraffin wax.
- The composition of hydrocarbon waxes is characterized by the distribution of hydrocarbon molecules by number of carbon atoms per hydrocarbon molecule and the distribution of branched and linear hydrocarbons. Hydrocarbon waxes possess elastic and adhesive characteristics, which are related to their non-straight chain components. Hydrocarbon waxes are widely used in various applications, including lubricating additives, plastic additives, rubber, paints & coatings, and metal working fluids.
Hydrocarbon Waxes Market: Key Drivers and Restraints
- The global hydrocarbon waxes market is driven by the increase in demand for lubricating additives, especially in the polyvinyl chloride (PVC) plastic processing sector. Hydrocarbon wax is an excellent external lubricant for PVC processing. PVC has natural tendency of sticking to metal at the time of processing; hence, it is not lubricated externally. Higher rate of production can be achieved by using hydrocarbon wax as a lubricant, without compromising the shining smooth internal and external surfaces. Hydrocarbon waxes are highly effective and cost-effective lubricants, especially suitable for the PVC industry. Their benefits include better flow of the PVC melt, better release/anti-sticking, slip and anti-blocking effects, and better de-molding properties to finished articles.
- Polyvinyl Chloride (PVC) is a widely used polymer in the world. Led by its versatile nature, PVC is employed extensively across a broad range of industrial, technical, and everyday applications (including building & construction and automotive sectors). PVC is a durable and long-lasting material that can be used in various applications, either rigid or flexible. It is also available in white or black and a broad range of colors. Thus, increase in demand for PVC in various end-use sectors is expected to fuel the demand for lubricating additives, subsequently driving the hydrocarbon waxes market during the forecast period.
- The market is also witnessing certain restraints such as intense competition among existing manufacturers of hydrocarbon waxes and frequent changes in consumer preferences
Hydrocarbon Waxes Market: Prominent Applications
- Based on application, the global hydrocarbon waxes market has been divided into lubricating additives, plastic additives, rubber, paints & coatings, metalworking fluids, and others
- The plastic additives application segment is projected to dominate the global hydrocarbon waxes market during the forecast period. Plastic additives was a high-value application segment of the global hydrocarbon waxes market in 2019. This trend is expected to continue during the forecast period.
- The lubricating additives application segment has also been expanding at a significant pace, since the past few years. The lubricating additives application segment is estimated to expand substantially during the forecast period, owing to the rise in demand for hydrocarbon waxes as lubricating additives in PVC processing.
Asia Pacific to be Highly Lucrative Region of Hydrocarbon Waxes Market
- Europe accounts for a prominent share of the global hydrocarbon waxes market due to high demand for components that are used in automotive, building & construction, and packaging industries. The market in North America is projected to expand significantly, owing to high utilization of composite materials in paints & coatings applications in the region. Asia Pacific and Latin America also account for a notable share of the global market. Their share is anticipated to increase significantly over the next few years.
Hydrocarbon Waxes Market: Competition Landscape
- 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
- King Honor International Ltd.
Hydrocarbon Waxes Market – Scope of the Report
The new study on the global hydrocarbon waxes market published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the global hydrocarbon waxes market. TMR’s study offers valuable information on the global hydrocarbon waxes market to illustrate how growth would discern during the forecast period of 2020 to 2030.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global hydrocarbon waxes market during the forecast period.
An extensive analysis of leading market players’ business strategies is also featured in TMR’s study on the global hydrocarbon waxes market. This can help readers understand principal factors to foresee the growth of the global hydrocarbon waxes market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global hydrocarbon waxes market, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on Hydrocarbon Waxes Market
- What would be the Y-o-Y growth rate of the global hydrocarbon waxes market between 2020 and 2030?
- What is the influence of changing trends on the global hydrocarbon waxes market?
- Would Europe/Asia Pacific continue to remain the most profitable region for manufacturers of hydrocarbon waxes in the near future?
- Which factors are expected to hamper the global hydrocarbon waxes market during the forecast period?
- Which are the leading companies of the global hydrocarbon waxes market?
A unique research methodology is utilized by TMR to conduct comprehensive research on the global hydrocarbon waxes market and arrive at conclusions on growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary sources referred to by analysts during the production of the report on the global hydrocarbon waxes market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the global hydrocarbon waxes market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global hydrocarbon waxes market. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global hydrocarbon waxes market with accuracy. The study also uses the top-down approach to assess numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on future prospects of the global hydrocarbon waxes market more reliable and accurate.
Hydrocarbon Waxes Market – Segmentation
TMR’s study on the global hydrocarbon waxes market segments the market based on application and region. Changing market trends and other crucial market dynamics associated with these segments of the global hydrocarbon waxes market are discussed in detail.