Chemical industries in the chlorinated paraffin wax market havereaped revenue gains from the versatile nature of the compound. Chlorinatedparaffin wax formulations are extensively used in wide range of industryverticals. They have grown in popularity as secondary plasticizer in numerousapplications, notably in making paints, rubber, plastics, adhesives, andsealants. Further, the growing uptake of chlorinated paraffin wax as additiveshas offered large revenue scope to manufacturers in the chlorinated paraffinwax market.
The global market stood at approximately US$1.6 bn in 2018 and isprojected to reach worth of US$2.2 bn by the end of 2027.
The growing prospect in the market has been underpinned to a substantialextent by the strides made the flame retardant industry. The market hascontributed to a significant share of about 12% in the industry. The demanddynamics is influenced by the rapid uptake of low-cost flame retardantadditives for a wide range of materials in various industries around the world.Moreover, the chlorinated paraffin wax market has seen new potential fromadvances being witnessed in the synthesis of the various formulations as wellas the adoption of better manufacturing technologies.
The potential of the chlorinated paraffin wax market is reinforced to agreat extent by the advances in shipment and logistics pertaining to thetransportation of the bulk materials around the developing regions of theworld.
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Vast Uptake as PVC Formulations in ConstructionIndustry
Extensive utilization of PVC products in the building and constructionindustry has opened several sizable revenue generating avenues in thechlorinated paraffin wax market. The marked commercialization that PVC productshave witnessed over the past few years has also spurred the demands forchlorinated paraffin wax formulations. The vast utilization can beattributed to low-temperature flexibility. The trend of rapid uptake in theconstruction industry is noticeable in Asia Pacific, especially in China andIndia.
Moreover, the revenues have been propelled by the usage of these ascoolants or lubricant in metal cutting or forming applications. These form asone of the few lubricants that resist aqueous detergent extraction.
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Toxicity Profile under Intense Scrutiny ofRegulators around the World
With the continuous strides in the chlorinated paraffin wax market, thetoxicity profile of all product types has been intensely studied. Especiallyshort-chain chlorinated paraffin have been found to toxic to aquatic lives andthe environment in general, thus dampening its demand over the past few years.Researchers world over have been giving due attention to overcome theseconstraints. This has been cause of concern for industry players in developedregions, especially in Europe and North America. These regions have alsoformulated regulations to this end in order to counter the adverseenvironmental impact. Top chemical manufacturers in the chlorinated paraffinwax market have to take care of these regulations; non-compliance has led tohefty penalties.
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To circumvent this, a growing numbers of players have recently beenexpending their efforts and energy to develop products with better safetyprofiles. They are also intensively mulling capacity expansions to expand theirgeographic foothold in the chlorinated paraffin wax market.
Some of the well-entrenched players in the chlorinated paraffin waxmarket are Inovyn, Dover Chemivcal Corporation, NCP Chlorchem, and Aditya BirlaChemicals. Several prominent players are trying to capitalize on opportunitiesfrom the growing demand for customized formulation among end-use industries.Moreover, they are engaging in long-term contracts to ensure a consistent supplyof raw materials at cost-effective rate. This has also helped them consolidatetheir positions in the chlorinated paraffin wax market.
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