“Global Normal Paraffin Market, By Product Type (Powder, Slurry, Other Types), By Distribution Channel (Industrial Customers, Resellers, Government Acquisitions, Online Online), By Application (Demolition, Mining, Quarrying, Other Applications), as well as by Region – Global Forecast 2021 to 2029.”, which offers a comprehensive view of the Global Normal Paraffin Market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over $3,421.4 Mn, and is estimated to increase substantially over the latter part of the forecast period.
Normal paraffin is a clear liquid that are made up of saturated hydrocarbons with a straight-chain chemical structure. They are either extracted from kerosene or through the ‘Fischer-Tropsch’ process at gas-to-liquid production sites.
On account of booming global populations, increased globalization and industrialization, the automotive industry has experienced a steady spike in the demand for vehicles, which in turn has led to the surge in the demand for high-octane fuels. This is a major factor that is anticipated to have a significant impact on the revenue growth of the global normal paraffin wax market in the foreseeable future. A growing number of individuals are now seeking to make the transition from fossil fuel-powered vehicles to electric-powered ones on account of their eco-friendlier nature, among other favourable benefits, and this factor may restrain the revenue growth of the Global Normal Paraffin Market in the coming years. However, the increasing number of applications of products such as n-pentane, n-hexane, etc., specifically in the pharmaceutical, polystyrene industries among others is also a major factor that is expected to further augment the market growth of the Global Normal Paraffin Market in the near future. Additionally, several end-use industries such as the automotive, electronics, aerospace sectors, etc., are experiencing a steady increase in the demand for precision metal casting. These are some of the most crucial factors anticipated to play a critical role in catapulting projected revenues for the Global Normal Paraffin Market to $3,698.7 Mn by 2029, at a CAGR of 2.0%.
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