Fischer-Tropsch (FT) wax Market size is set to surpass USD 1.1 billion by 2028, according to a new research report by Global Market Insights Inc.
The market is projected to gain a significant momentum over the forecast period owing to a surge in the demand for cost efficient paints and coatings additives. In recent years, the automotive industry witnessed a substantial development to produce innovative models and sales are observing growth which contributes to the market for tire application. Extensive utilization in various end use industries such as plastics, rubber, tire coupled with companies ongoing investment in research & development of new products to gain a competitive advantage in the market.
FT wax market is still in the involving stage and as a result, the infusion in manufacturing practices germinating which will boost the market expansion. However, with the industry development and the adoption of modern production methods and techniques, the cost of manufacturing is expected to register 6.5% CAGR through 2028. The return of investment for producers will increase due to high productivity benefit offered by the product.
Growing demand for FT wax as an effective additive in the paint and coatings industry will foster product demand
FT wax market from paints & coatings segment is anticipated to cross USD 120 Million by 2028, growing at a CAGR of 6%. This is driven by high consumer preference towards resistive and high strength traits of the product. FT wax finds vast scope of application across various end use industries such as tire manufacturing, resins, plastics, synthetic rubber, polishes, sanitation product, printing inks, and production of corrugated & solid boxes for the packaging industries, etc. thus gaining momentum in recent years.
Shift in consumer preference for enhanced aesthetic appearance and attractive textures will propel product adoption rate across paints & coatings. Key benefits including enhanced UV protection, low cost, easy to use and color retention capabilities are among the major factors driving market revenue. Rapid expansion of paints & coatings industry with growing construction and automotive production will create positive business outlook for manufacturers.
Browse key industry insights spread across 250 pages with 145 market data tables & 9 figures & charts from the report, “FT Wax Market Analysis By Application (Paint & Coating, Resin, Plastics, And Synthetic Rubber, Tire, Polish And Other Sanitation Goods, Corrugated And Solid Fiber Boxes, Printing Ink) Industry Analysis Report, Regional, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
Rising automotive industry in Europe will foster market demand
Europe FT wax market is predicted to reach USD 365 million by 2028. As per regional market analysis, the increased evolution and introduction of innovative products, which target economic needs, will fuel the regional business landscape. The lifted need for more effective and efficient base for manufacturing and processing of printing inks, resins, plastics, tires, paintings, coatings, and polish in the region shall spur the market progression. Rising consumer consciousness toward cost effective and sustainable products has increased the consumption of FT wax in the region, driving business statistics.
Key market participants in FT wax industry are Sasol, Shell, Deurex AG, Evonik Industries AG, Nippon Seiro Co. Ltd., Nanyang Saier, KPL International Limited, King Honor International, Brenntag, Yi Mei New Material Tech. Co. Ltd., Ter Hell and Co. Gmbh, Michel man, Industrial Raw Materials LLC, and Globalwax LLC.
For instance, in January 2022, Nippon Paint launches campaign for new stain repellent emulsion 'Spotless NXT'. the stain repellent emulsion. The advertisement campaign highlights Spotless NXT’s unique ‘Swan-back’ technology which makes the paint resistant to the penetration of water-borne stains and causes them to form beads which will contribute to the growth of sales in the paints market for Nippon. This campaign will also be a backbone for approaching a larger clientele and gaining a competitive advantage for the company.