Sellbyville, DE -- (SBWire) -- 05/14/2020 --FT wax market share will experience a significant growth owing to increasing demand for the product for its properties as an additive in paints, varnishes, coatings formulation and printing ink. The product is known to have much better functionality under higher temperature which encourages the demand and sale across a host of other applications.
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The production process has been incorporated with the gas to liquid (GTL) technology and uses hydrocarbons and carbon monoxide as sustainable feedstock coupled with the natural gas in order to produce syngas. The product is essentially derived from synthesis gas that enhances its performance features such as high degree of linearity, thermal stability, crystallinity and low viscosity, fostering FT wax market trends over the forecast timeframe.
The product is being widely used in the manufacturing of asphalt and polymer processing which will help the industry players to explore an array of opportunities. Major properties like low viscosity and liner structure of the product will encourage its demand in the polymer processing industry. Moreover, there is a major inclination towards using materials that are environment-friendly with non-cumulative effects and inherent biodegradability which in turn will drive FT wax market outlook.
According to the trends in the FT wax market, both plastic and global polymer markets were recorded at nearly USD 600 billion in the year 2017. The rise in the regulatory pressure has induced the manufacturers to opt for advanced materials with low environmental impact and better performance.
FT wax market share across the Europe region will depict a notable growth owing to factors like low production efficiency of mineral-based sources, high prices for petroleum as well as the reducing production in blenders and refineries. The GTL technology will experience further growth on account of surging pressure by the regulatory bodies pertaining to pollution issues which will boost the sales of the product.
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Europe FT wax market size has been anticipated to account for over 25% of global share by 2025 due to the steadily rising demand for reduced cost and additives that are environmental-friendly, for coatings, building material, chewing gum, food, polishes, cosmetics, candles, chlorinated paraffin, crayon and ink.
Key players comprising the industry's competitive dynamics include Sasol, Shell, DEUREX AG, Evonik Industries AG, Nippon Seiro Co., Ltd, Nanyang Saier, KPL International Ltd, King Honor International, Brenntag, Yi Mei New Material Tech Co., Ltd., TER HELL & Co. GmbH, Michelman, Industrial Raw Materials LLC, and Globalwax LLC.
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