It is expected to grow at a CAGR of 3.0% to reach US$ 5.3 billion by the end of 2033, from US$ 3.9 billion in 2023. The hydrocarbon waxes market is the industry that manufactures and sells waxes made from hydrocarbons, which are compounds made up of only carbon and hydrogen atoms. These waxes are widely used in a variety of industries, such as cosmetics, candles, packaging, and coatings.
Several factors drive the market for hydrocarbon waxes, including their low cost, high stability, and ability to be easily modified for different applications. Furthermore, the growing demand for natural and renewable wax sources has aided the growth of this market, as some hydrocarbon waxes can be derived from plant-based sources.
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Overall, the hydrocarbon waxes market is expected to continue to grow in the coming years, driven by increasing demand from various industries and the development of new, innovative applications for these versatile materials
- The U.S. is predicted to offer lucrative growth opportunities during the forecast period, driven to increasing use of hydrocarbon waxes in painting and coating industry and demand for housing projects.
- Flourishing construction sector in China has opened flood gate of opportunities for hydrocarbon waxes market growth. Increased demand for high grade plastic paints in domestic constructions drives the market growth in the region.
- Incorporation of hydrocarbon wax in rubber production and rubber products manufacturing due to high demand from automotive industry will accelerate the market growth in India.
- Increased use of hydrocarbon waxes in manufacturing of light weight and durable PVC plastics will provide lucrative growth opportunities.
- Adoption of bee wax and plant based wax in cosmetic industry will positively influence the market growth during the forecast period.
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Manufacturers Key Strategies
To create novel items with improved qualities, manufacturers are investing in research and development projects. Companies are forming strategic alliances and working together to broaden their product offerings and market reach.
For instance :
- In May 2021, Calumet Specialty Products Partners acquired Paralogics, a provider of synthetic waxes, to expand its product portfolio and enhance its market presence.
- In February 2021, Sasol Ltd. worked with the waste management solutions provider GrnCat to create a method for recovering wax from used catalysts as a part of its focus on SDG's goals.
- In January 2021, Clariant announced the opening of a new production facility for waxes and additives in China to cater to the growing demand for these products in the Asia-Pacific region.
- In November 2020, Nippon Seiro entered into a partnership with Evonik Industries to expand its product portfolio in the wax industry.
Key Companies Profiled
- Blended Waxes Inc.
- ExxonMobil Corp.
- Kerax Limited
- King Honor International Lt
- Poth Hille & Company Limited
- Valan Wax Products Limited