Rapid growth in the automobile sector to impel FT wax market share
Selbyville, Delaware, United States, September 9 2020 (Wiredrelease) Global Market Insights, Inc –:The Fischer-Tropsch (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.
As business are trying lower their carbon footprint, features of FT wax like higher thermal & carbon efficiency and abundant feedstock availability is supporting product penetration. Imposition of supportive federal policies coupled with increasing adoption of advanced processing technologies across China, Germany and the U.S. for utilizing coal reserves to develop FT wax would favor product development.
Considering these growth drivers, Global Market Insights Inc., predicts that the FT wax market could cross USD 1.2 billion by the year 2025.
Diverse applications of FT wax :
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.
They also offer desirable gloss, hardness, and buff ability to emulsion paste polishes or solvents. Proliferating demand for lubricants for the production of PVC pipes could boost the demand for FT wax.
Listed below are some of the ongoing trends witnessed in the FT wax industry:
Widespread product demand –
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.
Industry players are anticipated to proactively invest in new and advanced technologies to curb carbon footprint. Additionally, companies are introducing new tailor-made product blends to attain a decisive competitive edge other related firms.
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.
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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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