Strides in Flame Retardant Industry boosting Chlorinated Paraffin Wax Market
Chemical industries in the chlorinated paraffin wax market have reaped revenue gains from the versatile nature of the compound. Chlorinated paraffin wax formulations are extensively used in wide range of industry verticals. They have grown in popularity as secondary plasticizer in numerous applications, notably in making paints, rubber, plastics, adhesives, and sealants. Further, the growing uptake of chlorinated paraffin wax as additives has offered large revenue scope to manufacturers in the chlorinated paraffin wax market.
The global market stood at approximately US$1.6 bn in 2018 and is projected to reach worth of US$2.2 bn by the end of 2027.
The growing prospect in the market has been underpinned to a substantial extent by the strides made the flame retardant industry. The market has contributed to a significant share of about 12% in the industry. The demand dynamics is influenced by the rapid uptake of low-cost flame retardant additives for a wide range of materials in various industries around the world. Moreover, the chlorinated paraffin wax market has seen new potential from advances being witnessed in the synthesis of the various formulations as well as the adoption of better manufacturing technologies.
The potential of the chlorinated paraffin wax market is reinforced to a great extent by the advances in shipment and logistics pertaining to the transportation of the bulk materials around the developing regions of the world.
Vast Uptake as PVC Formulations in Construction Industry
Extensive utilization of PVC products in the building and construction industry has opened several sizable revenue generating avenues in the chlorinated paraffin wax market. The marked commercialization that PVC products have witnessed over the past few years has also spurred the demands for chlorinated paraffin wax formulations. The vast utilization can be attributed to low-temperature flexibility. The trend of rapid uptake in the construction industry is noticeable in Asia Pacific, especially in China and India.
Moreover, the revenues have been propelled by the usage of these as coolants or lubricant in metal cutting or forming applications. These form as one of the few lubricants that resist aqueous detergent extraction.
Toxicity Profile under Intense Scrutiny of Regulators around the World
With the continuous strides in the chlorinated paraffin wax market, the toxicity profile of all product types has been intensely studied. Especially short-chain chlorinated paraffin have been found to toxic to aquatic lives and the environment in general, thus dampening its demand over the past few years. Researchers world over have been giving due attention to overcome these constraints. This has been cause of concern for industry players in developed regions, especially in Europe and North America. These regions have also formulated regulations to this end in order to counter the adverse environmental impact. Top chemical manufacturers in the chlorinated paraffin wax market have to take care of these regulations; non-compliance has led to hefty penalties.
To circumvent this, a growing numbers of players have recently been expending their efforts and energy to develop products with better safety profiles. They are also intensively mulling capacity expansions to expand their geographic foothold in the chlorinated paraffin wax market.
Some of the well-entrenched players in the chlorinated paraffin wax market are Inovyn, Dover Chemivcal Corporation, NCP Chlorchem, and Aditya Birla Chemicals. Several prominent players are trying to capitalize on opportunities from the growing demand for customized formulation among end-use industries. Moreover, they are engaging in long-term contracts to ensure a consistent supply of raw materials at cost-effective rate. This has also helped them consolidate their positions in the chlorinated paraffin wax market.
The study presented here is based on a report by Transparency Market Research (TMR) titled (Grade – Medium Chain, and Long Chain; Application – Lucrative Additives, Plastic Additives, Rubber, Paints, and Metal Working Fluids) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027”
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