New Car Sales Incentives Accelerate Recovery of Economy amidst COVID-19 Pandemic
Companies in the hydrocarbon waxes market are expecting a mix of temporary and permanent impacts of the COVID-19 pandemic on various end markets. Lubricants, being a major application of hydrocarbon waxes, are susceptible to changing consumer sentiment. Analysts at the Transparency Market Research (TMR) anticipate that the demand for lubricants will inevitably rise again, as consumption patterns are returning to normal with the beginning of 2021. The surging business of industrial production and freight applications is helping to replenish revenue growth in the global hydrocarbon waxes market.
The pent-up demand for travel is anticipated to stimulate the maintenance of passenger vehicles, especially since many individuals are still hesitant to travel by airplane. New car sales incentives from OEMs (Original Equipment Manufacturer) and dealers in order to clear inventory and boost production are predicted to accelerate economic recovery.
Micro-computed Tomography Method Help Overcome Formation Damage in Oil Fields
Formation damage induced by wax deposition during production in oil fields is one of the most challenging complications faced by manufacturers. It has been found that the use of WAT measurement technique in an open measuring system is potentially insufficient to control wax deposition in the reservoir pore volume. Hence, companies in the hydrocarbon waxes market are increasing awareness about the flooding technique and micro-computed tomography method that allows to simulate fluid flow in the porous medium of the core before and after formation damage.
Hydrocarbon wax and paraffin wax are interchangeably used in various end-use cases. This has led to value grab opportunities for companies in the hydrocarbon waxes market within the cosmetics industry.
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Hydrocarbon Wax Beauty Products and Salon Services Grow Popular amongst Individuals
The ever-increasing demand for premium beauty and skincare products has led to incremental opportunities for manufacturers in the hydrocarbon waxes market. Personal care product manufacturers are running marketing campaigns on digital media and traditional media to highlight the advantages of hydrocarbon waxes. Paraffin wax, which is derived from hydrocarbons, is found to have a melting point close to natural human body temperature, implying that products made with this wax easily spread upon contact with the skin.
Ongoing trend of paraffin and hydrocarbon wax baths is helping to expand business streams for manufacturers in the hydrocarbon waxes market. Even salons and spas are offering paraffin and hydrocarbon wax manicures and pedicures to soothe achy joints.
Growing Demand for Wax Emulsions Delivering Ready-to-Handle Surface Gain Prominence
Industrial applications of hydrocarbon wax, such as lubricants for prevention of wear and corrosion of equipment and machines are generating stable revenue streams for manufacturers in the hydrocarbon waxes market. Klüber Lubrication— a supplier of innovative specialty lubricants is increasing the availability of wax emulsions to reduce boundary and mixed lubrication friction in components and machines. Manufacturers are making use of high molecular synthetic hydrocarbons, additives, and mineral oils to innovate in wax emulsions.
There is a growing demand for wax emulsions that deliver a ready-to-handle surface. Companies in the in the hydrocarbon waxes market are increasing their production capacities in lubricating waxes to protect chains and other components from wear and corrosion.
Electrical Insulation and Packaging Wax Applications Broaden Revenue Streams
The hydrocarbon waxes market is projected to surpass the revenue of US$ 5 Bn by 2030. Apart from lubricants and cosmetics, manufacturers are increasing their production capabilities in candle wax blends, agriculture, and corrugated wax, among others. Stakeholders in the PVC pipes industry are major buyers of hydrocarbon waxes. Applications such as electrical insulation, distillation, and packaging wax are creating business opportunities for manufacturers.
Innovations in skin moisturizers, hand salves, and balms are gaining popularity in the hydrocarbon waxes market. On the other hand, therapeutic benefits of hydrocarbon wax are associated with pain relief treatment of several medical conditions. Hydrocarbon and paraffin bath therapies are being publicized for reduced pain and tenderness.
The steady growth in demand for shared mobility and e-hailing services is contributing toward the recovery of the hydrocarbon waxes market amidst the ongoing coronavirus pandemic. In India, experts and industry professionals are stressing on the importance of accelerating technological integration to enhance production lines and business activities during the pandemic. However, the market of hydrocarbon waxes is expected to register a sluggish CAGR of ~3% during the forecast period. Alternate products for hydrocarbon wax such as biowax-based barrier coatings are growing popular for their environment-friendly attributes. Hence, companies should tap opportunities in personal care, cosmetics, and lubrication applications to explore new business avenues.