Sellbyville, DE -- (SBWire) -- 06/18/2020 --As suggested by a Global Market Insights, Inc., FT wax market size is anticipated to be pegged at USD 1.2 billion by 2025 and to grow at 7.6% CAGR from 2019 to 2020. FT wax is widely used as an additive in numerous application verticals like paints and coatings, inks, hot melt adhesives (HMAs), plastics, emulsions for averting metal corrosion, polishes and fruit coating. These waxes impart gloss to ink or a fruit coating emulsion, and minimize the viscosity of hot melt adhesives.
Meanwhile, the paints industry is emerging as one of the most lucrative grounds for the global FT wax market. The primary factors fueling the segmental growth include regulated VOC emissions, high gloss retention, excess durability, robust scratch resistance, and high quality finish.
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Paints industry make use of micronisation technology to produce sharp particle size distribution therefore enabling the formulation of paints with improved consistency. This in turn generates an upsurge in FT wax market share from the paints & coatings sector.
The FT wax market is anticipated to observe sizable growth owing to the product's significant features over petroleum-based counterparts. Factors like low production efficiency of petroleum & mineral derived products, lessening output of refineries and surging fuel prices could complement the demand for FT wax. Burgeoning production of natural gas and coal-based products over traditional petroleum alternatives may accentuate FT wax market share.
Speaking on the application terms, FT wax market is expected to garner positive outlook across myriad industries like the construction, automotive, and packaging leading to the high climb in the industry trends.
Simultaneously, expansive product applications for polymer processing and asphalt manufacturing are estimated to establish new avenues for the industry contenders. According to the FT wax market analysts, polymers and plastics market in 2017 valued nearly USD 600 billion in terms of revenue.
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FT wax is gaining immense traction and demand from the plastic, synthetic rubber, and resin applications. Aspects like low viscosity and improved heat resistance could boost product adoption in mechanical fastening, thermal bonding, and sewing purposes.
Rampant growth in the automobile and of the resin processing sectors coupled drive steady growth in the North America FT wax market. The U.S. is often considered as a major market contributor owing to mounting crude oil demand & supply gap and positive federal policies geared towards manufacturing synthetic waxes within the nation.
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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