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Posted on May 17 2022 1:29 PM
'Key segments covered in Synthetic Polymer Waxes Market are By Type , By Application , By End-Use Industry & Regional Forecast 2028
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The global synthetic polymer waxes market size is set to extend owing to multiplying demand of synthetic polymer waxes in automotive industry, which will propel its market. Nowadays, consumers have propensity towards appearance of their vehicles, use of such waxes on automobiles in order to enhance the appearance is expected to expand the demand of synthetic polymer waxes. This market is expected to witness growth with the help of plastic industry. Fortune Business Insights™ mentioned this in a report titled, “Synthetic Polymer Waxes Market, 2022-2029”.
Wax is made up of long-chain fatty acids, alcohols, and sterols which has a slight high melting point. They are either made synthetically by the process of polymerization or naturally. Features such as strong bond and economical is a preferred choice. Materials like co-polymer, polyethylene, Fischer-troops, polypropylene, and ethylene vinyl acetate is used to make synthetic wax. Abrasion resistance, better translucent shine, high melting point, and better durability. It is used to enhance surface, viscosity of wax blends, hardness, and appearance. High usage and consumption of this product is witnessed in food, cosmetic, pharmaceutical, and automotive industries.
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COVID-19 Impact: Implications in Different Industries Produced Variations in Demand
Pandemic affected almost every industry and sector directly or indirectly. Demand of synthetic polymer waxes derives from industries like automotive, plastic, packaging & paper, and textile. Industries were affected in different ways, hence demand of synthetic polymer wax also had variations. New automotive production was halted and also affected the demand of this product.
Segmentation
Based on type, the market is divided into homopolymer wax, polypropylene wax, co-polymer wax, ethylene acrylic acid wax, polyethylene wax, fishcher-trospch wax, and ethylene vinyl acetate wax.
On the basis of application, the market is divided into lubricating, surface modifying, wetting and dispersing, retention, and others.
According to end-use industry, the market is divided into automotive, plastic, textile, construction, paper & packaging, paint & coating, and others.
Geographically, the market is divided into regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Report Coverage
This research projects a skim analysis of the firms that exist in the market that can affect forecasting period. It also offers a comprehensive by scrutinizing factors like segmentation, segmentation, trends, growth, size, restraints, etc. This analysis is subject to change if the key players and projected analysis of market dynamics changes.
Drivers & Restraints
Synthetic Polymer Waxes Demand from Automotive Industry to Inflate Market
One of the drivers for synthetic polymer waxes market growth is demand from automotive industry. It is usually used for enhance texture of surface, hardness, appearance, and viscosity of wax mixes. It helps in maintain shine and colour of vehicle protecting it from discolouring, oxidizing, and fading caused by sunlight.
Innovation associated with growth in automotive industry is expected to boost consumption fuelling the demand.
Availability of alternate products like carnauba wax also known as natural wax may act as hindrance for this market. Natural wax may act as a restriction it has applications in various industries.
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Regional Insights
Applications in Various Industries to Credit to Market Position
Europe has a feasible synthetic polymer waxes market share which is credited to rising demand from automotive industry.
In North America, demand of polyethylene wax and homopolymer from plastic industry is fuel the demand in this market.
Asia Pacific; with rise of polypropylene wax and copolymer from packaging & paper and textile industries would give rise to synthetic polymer waxes.
Africa & The Middle East is set to witness a major growth, with rising demand from paint & coating industry.
List of Key Players Present in the Market
- BASF (Germany)
- Innospec (U.S.)
- The DuPont (U.S.)
- Honeywell (U.S.)
- ZSCHIMMER & SCHWARZ (Germany)
- SCG Chemicals Co. Ltd (Thailand)
- Trecora Chemical (U.S.)
- Baker Hughes (U.S.)
- Zell Chemie International (Spain)
- Clariant (Switzerland)
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