Synthetic Polymer Waxes Market to Surpass 44.12 Billion by 2030 Drives Due to Increasing Usage of Natural Waxes
SkyQuest projects that the synthetic polymer waxes market will attain a value of USD 44.12 billion by 2030, with a CAGR of 5.01% over the forecast period (2023-2030). The automotive industry drives the growing demand for synthetic polymer waxes, contributing to significant synthetic polymer waxes market expansion. Synthetic polymer waxes are extensively utilized in the automotive sector to modify the surface characteristics of wax blends, including texture, appearance, hardness, and viscosity.
Westford USA, Aug. 14, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, wax is a complex mixture of long-chain fatty acids, alcohols, and sterols that typically melt at a slightly higher temperature in the synthetic polymer waxes market. Waxes can be categorized into two main types based on their source: natural and synthetic. Synthetic wax, also known as synthetic polymer wax, exhibits exceptional properties such as strong bonding capabilities and is generally more cost-effective than natural waxes.
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- Pages – 157
- Tables – 93
- Figures – 76
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The synthetic polymer waxes market is anticipated to face some challenges owing to the increasing usage of natural waxes, mainly carnauba wax, driven by strict regulations imposed by government authorities. These regulations aim to promote environmental sustainability and reduce the reliance on synthetic compounds. As a result, the demand for natural waxes as an alternative to synthetic polymer waxes is expected to rise in the coming years.
Prominent Players in Synthetic Polymer Waxes Market
- Clariant AG
- BASF SE
- Dow Corning Corporation
- Evonik Industries AG
- Mitsui Chemicals, Inc.
- Lubrizol Corporation
- KahlWax
- Croda International Plc
- Micro Powders, Inc.
- Shamrock Technologies
- Meguiar’s Inc.
- Paramelt BV
- Nanjing Tianshi New Material Technologies Co., Ltd.
- Sasol Limited
- Trecora Resources
- The International Group, Inc.
- Michelman, Inc.
- Honeywell International Inc.
- Altana AG
- SAE Inc.
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Pharmaceutical Segment is Expected to Dominate the Market Due to the Increasing Demand for Capsules and Tablets
The pharmaceutical segment holds the highest market share in the synthetic polymer waxes market. Synthetic polymer waxes are crucial in formulating pharmaceutical products, particularly capsules and tablets. In addition, these polymers serve as a protective barrier, effectively preventing moisture loss from the drugs.
The markets in North America is anticipated to witness significant growth in the synthetic polymer waxes market during the forecast period, primarily driven by the growing demand for cars in these regions. Furthermore, as the automotive industry expands, the need for adequate surface protection and enhancement products, such as synthetic polymer waxes, is rising.
Liquid Form Segment is Expected to Grow the Market Due to the Increasing Demand for Waxes
The liquid form of wax holds a dominant position in the synthetic polymer waxes market, with a market share of 68%, and is projected to continue its dominance throughout the forecast period. Liquid forms of wax are highly favoured as they offer several advantages. For instance, they can be easily sprayed or poured over surfaces, providing convenience and flexibility in application.
Regional markets in the Asia Pacific have emerged as the leading synthetic polymer waxes market for synthetic polymer waxes, and this trend is projected to persist over the forecast period. Several key factors contribute to the market growth in Asia Pacific. One of the primary drivers is the increasing demand for waxes across various end-use applications such as packaging, construction, and cosmetics.
A comprehensive analysis of the major players in the synthetic polymer wax market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Synthetic Polymer Waxes Market
- Recently, Sasol Limited, a global chemical and energy company, announced a distribution agreement with DKSH Management Limited, based in Switzerland. This agreement aimed to facilitate the marketing, distribution, and logistics of Sasol’s chemicals and wax products in the market.
- Turtle Wax, a renowned automotive care products company, introduced the hybrid ceramic graphene paste wax in India recently. This innovative product incorporated Turtle Wax’s patent-pending graphene technology, blending ten waxes with silicon dioxide ceramic and graphene.
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Key Questions Answered in Synthetic Polymer Waxes Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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