Chlorinated Paraffin Wax Market to Reach ~ US$ 2.2 Bn by 2027Posted by ROSHAN KHACHANE on August 8th, 2019 The global chlorinated paraffin wax market was valued at ~ US$ 1.6 Bn in 2018, and is projected to expand at a CAGR of ~ 3% from 2019 to 2027, according to a new report published by Transparency Market Research (TMR). Rise in the usage of chlorinated paraffin wax as a flame retardant is expected to drive the chlorinated paraffin wax market in the near future. Growth in Flame Retardant Industry to Drive Market Flame retardant chemicals are typically added to various materials such as plastics, textiles, paints, and resins to inhibit or delay the propagation of fire. Chlorinated paraffin wax is mixed with the base material as a flame retardant additive. Chlorinated paraffin wax accounted for around 12% share of the global flame retardant industry in 2018. Chlorinated paraffin wax is a low-cost flame retardant. It is stable up to 300°C; however, the maximum temperature stability that can be reached is between 200°C and 230°C, due to possible imperfections in molecules during chemical synthesis. Thus, improvement in the standards of fire safety and rise in applications using specific types of plastics are anticipated to create new opportunities for the chlorinated paraffin wax market during the forecast period. Are you a start-up willing to make it big in the business? Grab an exclusive PDF sample of this report here Increase in Demand for Metalworking Fluids to Propel Market Increase in the demand for metalworking fluids in automotive, aerospace, and other manufacturing sectors is projected to boost the metalworking fluids segment, as these fluids are good flame retardants and coolants. Chlorinated paraffin wax is primarily used as a key ingredient in the formulation of working or metal cutting fluids. This is likely to boost the penetration of chlorinated paraffin wax during the forecast period. Growth in Environmental Regulations to Restrain Market Laboratory tests confirm that the bio concentration factor for short-chain chlorinated paraffin wax is approximately 8,000, while that for medium-chain chlorinated paraffin wax is around 1,000. Currently, chlorinated paraffin wax is classified into category three carcinogens, and its prolonged exposure needs to be avoided considering the potential harmful effects. In addition to strict environmental regulations and possible threat of prohibition in numerous regions as per the Stockholm Convention on Persistent Organic Pollutants, the other major restraint of the chlorinated paraffin wax market is the need for application-specific substitutes. Is something restraining your company’s growth in the Chlorinated market? Ask for the report brochure here Demand for Long-chain Chlorinated Paraffin Wax Growing at a Significant Rate Long-chain chlorinated paraffin wax (LCCP) is primarily used as an additive in PVC, rubber, sealants, paints and coatings, metal cutting/working fluids, leather fat liquors, and textile treatments. The demand for LCCP is expected to grow at a fast CAGR over the forecast period. Furthermore, medium-chain chlorinated paraffin wax (MCCP) can be used as a flame retardant or plasticizer in plastics, rubbers, inks, paints, adhesives, and surface coatings in the apparel and footwear industry. This also may be found as impurities in fat liquoring agents in leather production. Outside of apparel and footwear, these compounds may be used in metal operations as additives in lubricants or coolants used in cutting metal or metal forming. However, legislation in major markets around the world restricts the presence of short-chain chlorinated paraffin wax (SCCP) in final products. High Demand for Chlorinated Paraffin Wax in Plastic Industry Based on application, the global chlorinated paraffin wax market has been divided into lubricating additives, plastic additives, rubber, paints, metal working fluids, and others (including adhesives & sealants and fabrics). Growth in the plastic industry and increase in demand for chlorinated paraffin wax as a plasticizer in various products such as resins, plasticizer extenders in synthetic rubber, and chlorinated rubber are anticipated to boost the chlorinated paraffin wax market in the near future. Asia Pacific Prominent in the Global Chlorinated Paraffin Wax Market In terms of region, the global chlorinated paraffin wax market has been split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific dominated the global chlorinated paraffin wax market in 2018. The chlorinated paraffin wax market in the region is projected to expand at a rapid pace, being led by growing rubber, plastic, paints & coatings, and other manufacturing industries in China, India, and South Korea. The increasing need for metalworking fluids in China, Taiwan, Australia, India, and South Korea for machining, manufacturing, and cutting processes is expected to boost the chlorinated paraffin wax market in the region. The chlorinated paraffin wax market in North America is estimated to expand due to the high demand for lubricant additives and rapid growth in plastic, rubber, and paints industries in the U.S. and Canada. High Degree of Competition among Market Players The global chlorinated paraffin wax market has a few major players dominating the landscape, and is moderately consolidated. Prominent players operating in the chlorinated paraffin wax market include INOVYN, NCP Chlorchem, Dover Chemical Corporation, LEUNA-Tenside GmbH, Química Del Cinca, Caffaro Industrie S.p.A., JSC Kaustik, KLJ Group, Qualice, LLC, Makwell Group, Aditya Birla Chemicals, and Altair Chimica SpA. About Us Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories. TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision. Contact Like it? Share it! More by this author |