Global FT Wax Market is set to grow from its current market value of more than $750 million to over $1.2 billion by 2025; according to a new research report by Global Market Insights, Inc.
Rising demand for FT wax is attributed to factors such as low production efficiency from mineral & petroleum derived sources, increasing fuel prices and declining output by refineries and blenders.
Some major findings of the FT wax market report include:
- Crude oil demand & supply gap along with advantages of gas to liquid technology will support the market advancement.
- The demand for FT wax is increasing across the globe due to features such as high melting point, low viscosity and excellent hardness even at elevated temperatures.
- The excellent thermal stability of the product to avoid degradation and high temperature resistance make them suitable for many demanding applications including plastics, paints & coatings, printing inks, synthetic rubber, etc.
- Some of the major companies operating in FT wax market are Nippon Seiro Co., Ltd, Sasol, Evonik Industries AG, KPL International Ltd, and Shell.
- Companies are involved in production capacity expansion for gaining competitive edge in global FT wax market.
- Low carbon footprint initiatives will drive the demand for FT wax across North America.
Increasing production of coal and natural gas derived products over conventional petroleum will support the FT wax market growth. Favorable policies and implementation of advanced processing technologies in U.S., China and Germany utilizing coal reserves for producing FT wax fueling industry development. Factors such as abundant feedstock availability, higher carbon and thermal efficiency of the product will further support the market growth as low carbon footprint is becoming part of business zeitgeist.
North America is displaying a robust growth in the FT wax market owing to the rapid growth of automobile and resin processing sectors along with a rise in research and development activities. The U.S. is among the major contributors to the industry growth due to increasing crude oil demand & supply gap and favorable government policies formulated for facilitating production of synthetic waxes in the country. With rising involvement & direction from government authorities and mounting demand for ecofriendly products, it is expected that the product will continue to experience substantial growth in the North America region.
The FT wax market participants are focusing on increasing production capacity of their existing plants for meeting growing global demand. The industry players are also engaged in developing newer varieties of hard and medium waxes to cater the diverse needs of different industries. Manufacturers are expected to compete on the basis of product efficiency, cost and distribution with increasing competition in the FT wax market.