FT wax market is segmented based on form that includes granules, massive and powder. The product processes are of two types hard and medium. Product is consumed in various industries such as petroleum, personal care, plastic and coating. It is used for various application including lubricants, ink, moisturizer, and adhesive. It is extensively consumed in petroleum products such as naphtha, kerosene, jet fuel, diesel, detergents, steam and electricity.
FT Wax Market size will gain prominence in the forecast time period. These synthetic material are manufactured in a controlled environment using hydrogen and carbon monoxide as feedstock. Source of product is mineral that include insects, animals, plants and crude petroleum. It is widely consumed in inks, paper, packaging and personal care. It is solid at room temperature but behaves as a free-flowing liquid at little high temperature.
Growth in personal care industry is anticipated to drive the FT wax market. The industry is expecting growth of over 3% in the forecast time frame. It is used in lotions and creams and added in cosmetic item for moisturizing and nourishment. Demand for personal care products are driven by both the genders. It was estimated that over 40% of saloon business is driven by men.
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Global wax demand will rise at over 1% annually, this will positively influence FT wax market. The merchandise is widely used in black liquor gasification, that is produced to burn in boilers to produce electricity. It is formed by coal gasification, that is further used in producing green diesel, kerosene, jet fuel and naphtha and also widely used to manufacturer candles.
Supply chain of FT wax market initiates from coal production. Coal is gasified which further converts into syngas, used to make the commodity. After the production substance is transported to various locations for its usage in various industries. Product is traded in various forms and also made available to customers in retail outlets.
Challenges faced by FT wax market includes declining wax industry. Demand for the merchandise will face a slowdown owing to decline in petroleum industry. The commodity is mainly used in producing petroleum products such as lubricants, gasoline, green diesel and kerosene. Other factors affecting goods demand is shortage of its supply. Growing supply of synthetic and natural resources is not adequate to meet increasing commodity demand.
North America followed by US is major region in FT wax market. Growth in global industry is driving demand in this region. The good is used in various application in the region including building material, candles, coating, chlorinated paraffin, cosmetic, chewing gum, crayon, food, ink and polishes. Increasing usage of these application will subsequently raise commodity demand in the country.
MEA will witness a noticeable growth in the forecast time frame. It is world’s fastest growing region owing to the product usage in moisturizers and lotions. Upsurge in cosmetic industry in the country will accelerate FT wax market during the forecast period.
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Asia Pacific headed by china is one of the largest producer of petroleum products, increasing growth and demand for petroleum sector is instigating FT wax market. India is growing in petroleum sector at over 5% CAGR, with the increasing population and disposable income, India will witness considerable growth in FT wax market.
Key manufacturers in FT wax market are Sasol, AFPM, Faer, Zibo Texiang Zoali, Westlake Chemicals, Nippon, Shell, Michelman and IRM. Sasol increases its hard and medium material capacity at the site. The company serves various application that includes construction, packaging, personal care, paper and tyre industry. Growing demand in the various industries has led to expansion of company’s production facility.
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