- Escalating use of hydrocarbon wax in the polyvinyl chloride (PVC) plastic processing sector due to better de-molding properties and anti-blocking effects to bring immense growth prospects
- Elastic and adhesive characteristics of hydrocarbon wax make them a favorite among many applications, thus increasing market growth rate
ALBANY, N.Y., Aug. 5, 2021 /PRNewswire/ -- The properties of hydrocarbons such as water repulsion, prevention of pigment setting, maintenance of coating appearance improved rheology, good texture, and others are expected to offer tremendous growth opportunities in the hydrocarbon wax market during the forecast period of 2020-2030. The overwhelming demand for hydrocarbon wax for use in various applications such as metalworking fluids, lubricants, paints, coatings, plastic additives, cosmetics, rubber, etc. is likely to drive the market during the forecast period.
Hydrocarbon wax is derived through the oil purification process. Crude oil undergoes the de-waxing process from where hydrocarbon wax is obtained. These wax comprise a blend of hydrocarbon molecules, which consist of 30-40 carbon atoms. The characteristics of hydrocarbon wax help them increase their growth opportunities substantially, ultimately contributing to the growth of the hydrocarbon wax market.
Transparency Market Research (TMR) has analyzed factors pertinent to the growth of the hydrocarbon wax market. The comprehensive study of each growth factor by TMR experts signals that the hydrocarbon wax market will expand at a CAGR of 3% during the forecast period. The global hydrocarbon wax market is expected to cross US$ 5 Bn by 2030, in terms of revenue.
The trend of hydrocarbon wax and paraffin wax baths is gaining traction. Wax baths provide many aesthetic benefits and known to offer relief from conditions such as fibromyalgia and arthritis. These factors help in boosting the growth of the hydrocarbon wax market. In addition, manufacturers are focusing on developing good quality wax by utilizing high molecular synthetic hydrocarbons, mineral oils, and additives, which would help in accelerating market growth prospects.
Rise in Use of Hydrocarbon Wax in Beauty and Personal Care Industry to Widen Scope of Market Growth
Paraffin wax obtained from hydrocarbons is said to have a similar melting point when compared to the normal human body temperature. This property enables paraffin-blended products to spread easily on the skin. Thus, based on this aspect, many manufacturers in the personal care and beauty industry are using hydrocarbon and paraffin wax on a large scale. The promotion of wax-blended cosmetics by manufacturers in the personal care industry will further fuel the product demand extensively. This factor will help in generating profitable growth opportunities for the hydrocarbon wax market.
Rapid Urbanization in Many Regions to Drive Hydrocarbon Wax Market
Increase in rural-to-urban migration and emergence of smart cities are likely to drive construction activities. Therefore, the demand for paints and coatings is expected to witness exponential rise. As hydrocarbon wax is a prime component in the preparation of paints and coatings, the growth trajectory of the market is expected to show a positive trend.
Negative Impact of COVID-19 on Hydrocarbon Wax Market
Due to the COVID-19 pandemic, many industries and sectors have suffered. The hydrocarbon wax market is no exception. Strict stay-at-home orders resulted in the closure of manufacturing units and production facilities. This factor led to a decline in the production and demand for hydrocarbon wax, ultimately affecting market growth.
However, with mass vaccination drives and relaxations in the lockdown restrictions, the hydrocarbon wax market is likely to revive. The consumption patterns are steadily returning to normalcy, which will have a positive impact on the growth of the hydrocarbon wax market.
Global Hydrocarbon Waxes Market: Segmentation
Hydrocarbon Waxes Market, by Application
Paints & Coatings
Others (including Cosmetics)
Hydrocarbon Waxes Market, by Region
Russia & CIS
Rest of Europe
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
Rest of Asia Pacific
Chemical & Materials Industry battles Tangible Impact of Economic and Cultural changes, Explore Transparency Market Research's award-winning coverage of the global Chemicals & Materials Industry:
Polyethylene Wax Market - Polyethylene wax is used in candles, packaging, wood & firelogs, plastic additives & lubricants, rubber, adhesives & coatings, and cosmetics among others. These applications together account for majority of the global demand for polyethylene wax. Plastic additives & lubricants and adhesive & coatings are key applications driving the demand for Polyethylene wax. In addition, printing inks application, included in other applications, is significantly boosting the polyethylene wax market.
Wax Market - The report points out that the rising base of end-use industries such as adhesives, rubber, cosmetics, packaging, candles, and wood and fire-logs is driving the global wax market. The growing demand from the packaging and cosmetics industries is particularly contributing towards the growth of the market. However, the closure of Group I base oil refineries will inhibit the growth of the global wax market during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of gas-to-liquid (GTL) waxes.
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