The FT wax market is anticipated to grow enormously by 2028 owing to rising utilization of wax-based products such as candles, polishes and coatings. In addition, growing food and hygiene concerns that are fostering the demand for cost-effective sanitation products and high-quality packaging would also have a positive impact on market growth.

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Promising government initiatives and notable research and development activities have been helping the market prosper. Recently in a study by Chinese Academy of Sciences alongside others, an eight-lumped kinetic model was developed for product selectivity description and riser reactor simulation in Fischer-Tropsch synthesis (FTS) wax catalyst cracking.

The wax created during the FTS process does not contain nitrogen, sulfur, and aromatic contents, which could prove to be an attractive material to develop high quality transportation fuels through fluid catalytic cracking reaction.

Furthermore, key participants in the industry have been focusing on innovative R&D activities as well as significant collaborative schemes to establish prominent position in the market. For instance, in September 2021, Sasol, a global chemical and energy company, collaborated with University of Cape Town (UCT) researchers to convert hydrogen and CO2 into green jet fuels and chemicals. Sasol's FT technology iron catalyst has aimed to achieve CO2 conversion of more than 40%.

In March 2022, Sasol sold its German subsidiary Sasol wax GmbH to AWAX s.p.a, a global manufacturer of wax, that would operate in Germany, Hamburg, UK and Australia. With this acquisition AWAX aims to expand its business on a global wax market.

The FT wax market has been bifurcated on the basis of application and region.

Based on application, the FT wax market has been further divided into painting & coatings, resin plastics & synthetic rubber, tire, polish & other sanitation goods, corrugated & solid fibre boxes, printing ink, and others.

The FT wax market from polish & other sanitation goods segment is expected to grow at a rate of more than 6% from 2022 to 2028. Lifted demand for hygiene and polishing sectors for more innovative and effective products are likely to fuel the segmental growth.

Meanwhile, increasing demand in food and commodities industry is likely to boost the corrugated & solid fiber boxes segment growth, helping the industry reach a valuation of more than $190 million by the end of 2028.

The others segment on another hand, is foreseen to grow at a rate above 7.0% and reach a sales share of approximately $18 million by the end of the analysis period.

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In terms of the regional landscape, the LATAM FT wax market is expected grow beyond the $67 million valuation, recording a CAGR of over 6.0% through the review timeframe.

The Middle East & Africa FT wax market is anticipated grow at a CAGR of more than 6.5% over the analysis timeline on account of steady growth depicting potential in the resins, plastics & synthetic rubber applications between 2022 to 2028.