Global Fischer-Tropsch (FT) Wax Market Size, Share, and COVID-19 Impact Analysis, By Product Type (High Melt and Medium Melt), By Application (Paint and Coating, Polish and Other Sanitation Goods, Printing Ink, Tire, Resin, Plastics, and Synthetic Rubber, Corrugated and Solid Fiber Boxes, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Specialty & Fine Chemicals
Global Fischer-Tropsch (FT) Wax Market Insights Forecasts to 2030
- The global Fischer-Tropsch Wax market was valued at USD 790 million in 2021.
- The market is growing at a CAGR of 6.7% from 2021 to 2030
- The global Fischer-Tropsch Wax market is expected to reach USD 1416 million by 2030
- North America is expected to grow the fastest during the forecast period
The global Fischer-tropsch wax market is expected to reach USD 1416 million by 2030, at a CAGR of 6.7% during the forecast period 2021 to 2030. The Fischer-tropsch wax market has been growing owing to the low production efficiency of mineral and petroleum-derived sources, declining output by refineries & blenders, and rising fuel prices.
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The Fischer-Tropsch technique creates Fischer Tropsch (FT) wax from hydrogen monohydride and carbon monoxide. The procedure consists of a series of chemical reactions that take place at temperatures between 150°C and 300°C (302°F and 572°F) in the presence of metal catalysts. This process is a crucial reaction in producing liquid hydrocarbons using coal liquefaction and gas-to-liquid technologies. Gasification is a method used to create raw materials for FT wax from biomass, coal, and natural gas. Inks, coatings, polymers, lubricants, adhesives, and personal care items commonly use FT wax. It is also utilized in rubber extrusion to enhance the extrusion and processing qualities of rubber. It also functions as an interior lubricant to increase overall hardness and lessen friction in the finished product. High-melt FT waxes provide a distinctive combination of low viscosity when used in applications including hot melt adhesives (HMA), bitumen modification, printing inks and coatings, polymer processing, polishes, and textiles, high melting point, and hardness, even at high temperatures. These goods are frequently combined with microcrystalline wax with a low melting point and paraffin wax. Because the physical characteristics of Fischer-Tropsch (FT) generated products, such as melting point, molecular weight, temperature resistance coefficient, etc., can vary depending on the production process, there is a higher demand for them. Participants in the FT wax market will have new prospects for expansion due to the product's capacity to address low production costs or continuous supply compared to petroleum-derived hydrocarbons.
Global Fischer-Tropsch (FT) Wax Market Report Coverage
|Market Size in 2021:||USD 790 Million|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||6.7%|
|2030 Value Projection:||USD 1416 Million|
|Historical Data for:||2017 - 2020|
|No. of Pages:||198|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product Type, By Application, By Region|
|Companies Covered:||Evonik Industries AG, Michel man, Sasol, Shell, Deurex AG, KPL International Limited, King Honor International, Brenntag, Yi Mei New Material Tech. Co. Ltd., Ter Hell and Co. Gmbh, Nippon Seiro Co. Ltd., Industrial Raw Materials LLC, Globalwax LLC, Nanyang Saier.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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This research report on Fischer-tropsch wax categorizes the market for Fischer-tropsch wax based on various segments and regions and forecasts revenue growth. It analyzes trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges influencing the Fischer-tropsch wax market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Fischer-tropsch wax market.
- In 2021, the high melt segment dominated the market with the largest market share of 63% and market revenue of 497.7 million.
Based on the product, the Fischer-tropsch wax market is categorized into high melt and medium melt. In 2021, the high melt segment dominated the market with the largest market share of 63% and market revenue of 497.7 million. High-melt Fischer-Tropsch wax offers a special blend of hardness, low viscosity, and high melting point even at high temperatures. High-melt wax is hence a performance additive that can be utilized in a variety of specialized applications, such as hot melt adhesives (HMA), bitumen modification, printing inks and coatings, polymer processing, polishes, and textiles.
- In 2021, the resin, plastic, and synthetic rubber segment dominated the market with the largest market share of 21% and market revenue of 165.9 million.
Based on the product, the Fischer-tropsch wax market is categorized into paint and coating, polish and other sanitation goods, printing ink, tire, resin, plastics, synthetic rubber, corrugated and solid fiber boxes, and others. In 2021, the resin, plastic, and synthetic segment dominated the market with the largest market share of 21% and market revenue of 165.9 million. The FT wax market will expand due to potential uses in resin and plastic manufacture as well as the increased need for synthetic rubber. Fischer-Tropsch chemicals are often utilized to create sticky resins due to their high melting point. Plastic processing, paints, printing inks, hot melts, technical emulsions, cosmetics, heavy compounds & candle additives, and polishes are just a few of the uses for adhesive resins created using FT technology. The industry's participants will have growth opportunities thanks to the resins made from FT materials' strong functional attributes, such as increased heat resistance and low viscosity. In the upcoming years, the growth of the Fischer-Tropsch wax market will be supported by an increase in the use of FT wax to enhance the processing agents' functionality for modified plastic goods. In the creation of modified plastics and color masterbatches, FT resins aid in the dispersion and superior smoothness of fillers. It can also be used with Poly Vinyl Chloride as an exterior lubricant (PVC). Low viscosity can speed up product production and aid in mixing, particularly in the extrusion of high viscosity systems, by dispersing colors and fillers. To enhance the qualities of rubber during processing and extrusion, Fischer-Tropsch wax is also utilized. Additionally, it functions as an interior lubricant to lessen friction, increasing the overall hardness of the finished product. The FT wax market will grow as a result of rising demand for synthetic rubber from the automotive industry for vehicle tires and other industries like footwear and foam.
Regional Segment Analysis of the Fischer-Tropsch (FT) Wax Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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North America emerged as the largest market for the global Fischer-Tropsch (FT) Wax market, with a market share of around 31% and 244.9 million of the market revenue in 2021.
- In 2021, North America emerged as the largest market for the global Fischer-tropsch wax market, with a market share of around 31% and 244.9 million of the market revenue. The market for Fischer-Tropsch Wax in the North American region has been rising owing to the downward trend in refinery production from the United States. Additionally, the importance of trade is growing, which has increased the demand for fuels made synthetically. The processing industry has seen a rise in product demand due to a shortage of hard and medium compounds with high viscosities that are used to make inks, adhesives, and PVC lubricants. The promising application outlook for FT will further support the rise of the FT wax market in this region, extracted fuels across the processing industry, and the falling output of waxes made from petroleum and mineral sources. Through 2030, resin output in North America is expected to increase at a CAGR of around 6.5%. Because FT compounds are used to create sticky resins, this will further fuel market growth throughout this area.
- The Europe market is expected to grow at the fastest CAGR over the forecast period. It is anticipated that the demand for Fischer-Tropsch wax will rise shortly across a range of end-use industries, including plastic, adhesives, inks, and coatings. Britain and France are also significant Fischer-Tropsch wax customers. The U.K. market for Fischer-Tropsch wax is predicted to be driven by an increase in plastic demand. Due to its special characteristics, Fischer-Tropsch wax is employed as a high-performance additive in the plastics sector. In addition, it is employed as a dispersion agent and additive for nucleation in various polymers and plastic manufacturing techniques.
The report offers the appropriate analysis of the key organizations/companies involved within the global Fischer-Tropsch Wax market, along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Evonik Industries AG
- Michel man
- Deurex AG
- KPL International Limited
- King Honor International
- Yi Mei New Material Tech. Co. Ltd.
- Ter Hell and Co. Gmbh
- Nippon Seiro Co. Ltd.
- Industrial Raw Materials LLC
- Globalwax LLC
- Nanyang Saier.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- In July 2021, Sasol completed the Lake Charles Chemicals Project satisfactorily. This will make it easier for them to benefit from their joint venture with LyondellBasell in the future. As a result, they are better able to conduct research and develop fresh, cutting-edge items.
- In June 2021, Evonik acquired cosmetic delivery company Infinitec Activos to expand its offering of system solutions. This helps them improve their technological and strategic alignment and supports the portfolio change of Evonik's life science division Nutrition & Care toward system solutions.
This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the global Fischer-Tropsch Wax market based on the below-mentioned segments:
Fischer-Tropsch (FT) Wax Market, By Product Type
- High Melt
- Medium Melt
Fischer-Tropsch (FT) Wax Market, By Application
- Paint and coating
- Polish and other sanitation goods
- Printing ink
- Resin, plastics, and synthetic rubber
- Corrugated and solid fiber boxes
Fischer-Tropsch (FT) Wax Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the global Fischer-Tropsch (FT) Wax market?As per Spherical Insights, the size of the Fischer-Tropsch (FT) Wax market was valued at USD 790 million in 2021 to USD 1416 million by 2030.
What is the market growth rate of the global Fischer-Tropsch (FT) Wax market?The global Fischer-Tropsch (FT) Wax market is growing at a CAGR of 6.7% during the forecast period 2021-2030.
Which region dominates the global Fischer-Tropsch (FT) Wax market?North America emerged as the largest market for Fischer-Tropsch (FT) Wax.
What is the significant driving factor for the global Fischer-Tropsch (FT) Wax market?The application of FT wax in tires processing sector will influence the market's growth.
Which factor is limiting the growth of the global Fischer-Tropsch (FT) Wax market?Fluctuation in product prices could hamper market growth.
Who are the key players in the global Fischer-Tropsch (FT) Wax market?Key players in the Fischer-Tropsch (FT) Wax market are Evonik Industries AG, Michel man, Sasol, Shell, Deurex AG, KPL International Limited, King Honor International, Brenntag, Yi Mei New Material Tech. Co. Ltd., Ter Hell and Co. Gmbh, Nippon Seiro Co. Ltd., Industrial Raw Materials LLC, Globalwax LLC, and Nanyang Saier.
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