“Global polyethylene wax market is anticipated to grow at a CAGR of over 4% from 2020 to 2030”; says Visiongain
29 November 2019
Visiongain’s new report Polyethylene Wax Market 2020-2030: Forecasts by Process (Polymerization, Modification, Thermal Cracking), Type (Acid-Modified, High Density Polymerized PE Wax, Low Density Polymerized PE Wax, Low Density Cracked, Oxidized PE Wax, Other Types), Application (Adhesives(Hot -Melt), Coating, Masterbatches, Plastics, Printing Inks, Rubbers, Other Applications), by region and analysis of leading companies operating in this industry.
The global polyethylene wax market was valued at over USD 1 billion in 2018 and is anticipated to grow at a CAGR of over 4% during the forecast period from 2020 to 2030. The global polyethylene wax market is anticipated to grow over the forecast period owing to rising shale gas production in China, and North America, coupled with increasing demand from the coating and printing ink sectors.
Polyethylene wax is a crucial resource for many companies. Polyethylene waxes are mainly used as components of aqueous emulsion and are commonly used as additives for varnishes, lubricants, and paints, as well as for the manufacturing of PVC.
The growing use of digital platforms to promote and sell goods is gaining momentum in the polyethylene (PE) wax industry. The Internet has also played a key role in raising awareness of the numerous applications of polyethylene (PE) wax as a key source of marketing a product. Manufacturers of polyethylene (PE) wax are increasingly using digital platforms as a primary means of marketing and promotional activities to enter the untapped markets.
The transport of fruits and food products around the globe has grown rapidly in recent years.
The shift in food habits and preferences for processed foods has driven the growth of the food packaging market. PE wax is heat stable, resistant to chemicals and has low solubility. In the food packaging industry, the introduction of polyethylene wax with resins and plastics is used to ensure long life and freshness of fruits and processed foods. The result is expected to grow demand for polyethylene wax in the food packaging industry.
Rapid industrialization and high supplies of polyethylene from India and China have led to growth in the region's PE wax market. China's well-established wax infrastructure for polyethylene along with the presence of major players in the country fueled Asia Pacific's dominance in 2018. The area will experience increased demand for PE wax over the forecast period as a result of rapid industrial growth in India and Vietnam.
High density polymerized consumer segment was the market leader and represented the majority of revenue share in 2018. High density polymerized wax with high density and tensile strength is the most widely used PE wax. They are used in a variety of applications because they have high market penetration and are projected to grow at a steady rate of growth.
Due to high-performance properties such as low melt viscosity and compatibility with plasticizers, lubricants, and stabilizers, the material has found its wide application in manufacturing industries. LDPE and HDPE are obtained by high-density polymerization and are typically used as a lubricant for processing PVC, as a solvent for hot-melt adhesives and as an emulsion additive for increasing resistance to slip, friction and scratch.
In the forecast period, the polyethylene wax market in APAC is anticipated to experience the highest growth. It is anticipated that rapid industrialization, increased demand from various applications, and increased government spending will drive the market in this area. Because of the huge demand from various end-use applications, China is projected to be the fastest-growing market in the world. Major key players concentrate on inorganic growth strategies, such as mergers & acquisitions and alliances to boost their presence as well as distribution networks to meet the growing demand in this area.
Also, due to the existing oil & gas infrastructure and low product prices, Middle East & Africa is projected to see a significant increase in its revenue share. The US shale gas and crude oil demand are anticipated to drive the North American market. It is also projected that Europe will see stable growth due to the development of end-use industries such as packaging, printing inks and adhesives coupled with strict FDA and REACH food regulations.
In terms of technological advancements and rising end-user markets, the U.S. is a thriving region. The HDP demand is expected to develop steadily over the coming years and will rise at a stagnant level for plastic production. Also, due to increasing plastic and elastomer applications in this area, the oxidized material segment is anticipated to witness remarkable growth.
Some of the key Polyethylene Wax market players include Baker Hughes, BASF SE, Clariant, Coschem, EPChem International Pte Ltd, Euroceras, GMT, Hase Petroleum Wax Co., Honeywell International Inc., Innospec Inc., Lion Chemtech, Kato & Co., Marcus Oil & Chemicals Private Ltd., Merco Wax Company, Mitsui Chemicals, Nanjing Tianshi New Material Technologies Co. Ltd, Sanyo Chemical Industries, SCG Chemicals, Synergy Additives, Trecora Chemical, Young's Corporation among other prominent players.
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