TAGS: PVC, Plasticizers and Sustainability
The global hydrocarbon waxes market is anticipated to expand at a CAGR of ~3% from 2020 to 2030 and cross US$ 5 Bn by 2030. Europe dominated the global hydrocarbon waxes market in terms of volume in 2019. It is estimated to lead the global hydrocarbon waxes market during the forecast period.
The plastic additives application segment is projected to offer lucrative opportunities for the global hydrocarbon waxes market in the near future. The hydrocarbon waxes market in North America is anticipated to expand at a rapid pace during the forecast period. The hydrocarbon waxes market in Asia Pacific is estimated to expand at a healthy CAGR during the forecast period.
Major Drivers and Restraints of the Market
New technology in plastic materials has opened up avenues in safety and comfort, and enabled significant energy savings. Innovations in plastic and plastic composites are driven revolution in construction and automotive industries, enabling designers and engineers to push boundaries with the ability to produce concepts cost effectively.
Structure and composition of
PVC lends itself to being mechanically recycled, with reasonable ease, to produce good quality recycling material. This helps achieve optimal recycling of
PVC materials.
PVC is extensively employed in building & construction, automotive, and packaging sectors.
Properties of
PVC material such as strength,
lightweight, durability, and versatility make it ideal for piping solutions and window profiles. Increase in demand for
PVC in various end-use industries is projected to boost the demand for lubricant additives. In turn, this is likely to have positive impact on the hydrocarbon waxes market during the forecast period.
Hydrocarbon waxes are used in paints and coatings to modify the latter’s properties and improve the wash/rub/wear resistance of formulations. The demand for paints and coatings is high in automotive and building & construction sectors. This is augmenting the hydrocarbon waxes market.
Based on application, the lubricating additives application segment held notable share of the global hydrocarbon waxes market in 2019. This trend is estimated to continue during the forecast period. The rubber segment of the global hydrocarbon waxes market is anticipated to expand at a healthy CAGR during the forecast period, owing to the increase in demand for rubber in the tire industry. Hydrocarbon waxes act as ozone resistance additives in rubber, thereby increasing the durability of rubber.
Source: TMR