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Fischer-Tropsch (FT) Wax Market - By Application (Paint & Coating, Resin, Plastics, and Synthetic Rubber, Tire, Polish and Other Sanitation Goods, Corrugated and Solid Fiber Boxes, Printing Ink) & Forecast, 2022-2028
Report ID: GMI1818
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Published Date: April 2022
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Report Format: PDF
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Premium Report Details
Base Year: 2021
Companies covered: 10
Tables & Figures: 157
Countries covered: 24
Pages: 250
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Fischer-Tropsch Wax Market Size
FT Wax Market size surpassed USD 730 million in 2021 and is estimated to grow at over 6.5% CAGR between 2022 and 2028. Increasing consumption of wax-based products including, candles, polishes and coatings will propel the market demand. Focus on increasing the adoption of sanitation products and high-quality packaging materials due to increasing food and hygiene concerns will drive the global market growth.
Physical properties of Fischer-Tropsch (FT) derived products such as melting point, molecular weight, temperature resistance coefficient etc. can be varied according to production process owing to which it can be used for variety of applications generating a greater demand. Ability of the product to address low production cost or continuous supply compared to petroleum derived hydrocarbons will create new growth opportunities for FT wax market participants.
Fischer-Tropsch Wax Market Analysis
The application of FT wax in tires processing sector is projected to witness a CAGR surpassing 6.5% in the forecast timeframe. Flourishing of the automobile industry will provide crucial push to the tire demand, ultimately adding up to the product’s market inclination. Anti-dust and anti-ozone effects of the wax offers an increased consumer preference adding thrust to the overall market demand.
Favorable schemes & initiatives undertaken by governments along with manufacturers and suppliers of different countries across the world to encourage advanced manufacturing activities which should further raise the product demand. For instance, Key players including Sasol and Shell are focusing on their dealership expansion to increase the net sales.
Resin, plastic, and synthetic rubber segment is expected to grow with a CAGR of 7% through 2028. Potential applications in resins and plastic manufacturing coupled with the rising demand for synthetic rubber will boost the FT wax market upscaling. Owing to high melting point of Fischer-Tropsch products, they are extensively used to formulate adhesive resins. Adhesive resins formulated from FT technology can be used for variety of applications including plastic processing, paints, printing inks, hot melts, technical emulsions, cosmetics, heavy compounds & candle additives, and polishes. Strong functional properties including improved heat resistance and low viscosity of resins derived from FT products will offer growth prospects to the industry participants.
Increasing application of Fischer-Tropsch wax for improving functionality of processing agents for modified plastic products will support the FT wax market development for coming years. FT resins contributes to the dispersion and excellent smoothness of fillers in the production of modified plastics and color masterbatch. It can also be used as an external lubricant for Poly Vinyl Chloride (PVC). Low viscosity can improve the production speed of the product and also helps to disperse pigments and fillers in mixing, especially in extrusion of high viscosity system.
Additionally, Fischer-Tropsch wax is also used in rubber extrusion to improve processing and extrusion properties of rubber. It also works as internal lubricant to reduce friction and also improves overall hardness of the final product. Increasing demand for synthetic rubber from automotive industry for car tire and other sectors including footwear, foam etc. will promulgate the FT wax market size as it is being extensively used for carrying out extrusion process in synthetic rubber industry.
North America FT wax market is anticipated to cross USD 250 million by 2028, growing at a CAGR of around 6%. Further, downward trend in blender and refinery production from the U.S., along with increasing importance of trade, has further propelled the demand for synthetically derived fuels. Shortage in hard and medium compounds with high viscosity has resulted in increased product demand from processing industry for formulating inks, adhesives, and PVC lubrication.
Positive application outlook of FT extracted fuels across processing industry coupled with declining production of waxes derived from petroleum and mineral source will further support the FT wax market expansion across this region. Resin production in North America is anticipated to grow at over 6.5% CAGR through 2028. This will further fuel the market growth across this region owing to application of FT compounds in formulating adhesive resins.
Fischer-Tropsch Wax Market Share
Key players in the FT wax market are
The companies are engaged in extensive research & development to develop innovative products to improve the quality & quantity of poultry meat yield. For instance, In February 2018, Sasol announced that it has completed its USD 900 million FT products capacity expansion project in South Africa. This expansion project has helped the company to pipeline its strategy as leading supplier of Fischer-Tropsch derived products globally. With this project completion, South Africa is now one of the leading countries of wax production globally.
In 2021, Sasol successfully completed the Lake Charles Chemicals Project. That will contribute to reap the benefits of their LyondellBasell joint venture partnership in coming future. This allows them to enrich in terms of research and development of new and innovative products.
In June, 2021, Evonik boosts its system solutions portfolio with the acquisition of the cosmetic delivery company Infinitec Activos which assists them in strengthening their technological and strategic fit, supporting the portfolio shift of Evonik’s life science division Nutrition & Care towards system solutions.
The FT wax market research report includes in-depth coverage of the industry, with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2017 to 2028, for the following segment:
By Application
The above information has been provided for the following regions and countries: