Award-winning consulting firm Fact.MR has published a new report on the global hydrocarbon waxes market for the 2021-2031 forecast period. According to the study, the market is poised to surpass US$ 5 billion in revenue by 2031, expanding at a CAGR of around 3%. Growth is primarily underpinned by extensive uptake in the plastic additives and paints & coatings segments.
A key driver behind this increased uptake across the aforementioned segments is the rapid expansion of the global construction industry. Data from Oxford Economics suggests that global construction output shall surpass US$ 1 trillion by 2030, registering an astronomical 85% incline with China, India and the U.S contributing almost three-fifths of overall growth. As this trend becomes increasingly evident, key construction giants are leveraging high-grade plastics adoption, prompting increased usage of hydrocarbon waxes.
Hydrocarbon waxes enhance surface properties such as water repulsion, maintain coating appearance (gloss, matting, and texturing), improve rheology, and prevent pigment settling. The demand for paints and coatings is high in automotive and building & construction sectors, augmenting growth prospects. Furthermore, enhanced skin protection properties are providing a wide ground for expansion across the cosmetics & personal care industry as well.
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“Prominent manufacturers are constantly innovating existing product offerings in hydrocarbon waxes, given their increasing scope and applicability across a broad range of end-use industries, providing adequate room for expansion,” says a Fact.MR analyst.
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Major players profiled in Fact.MR’s market study include Sasol Ltd., ExxonMobil Corp., Kerax Limited, Faith Industries Limited, Poth Hille & Company Limited, Strahl & Pitsch Inc., Blended Waxes Inc., Calwax LLC, Goyel Chemicals Corporation, Valan Wax Products Limited, AF Suter & Company Limited, Mat-Chem,and King Honor International Ltd.
Fact.MR, in its new offering, presents an unbiased analysis of the hydrocarbon waxes market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of application (lubricating adhesives, plastic additives, rubber, paints & coatings, metalworking fluids, and others) across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
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