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.
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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.
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