Polyethylene Wax Market Outlook - 2022–2031
The global polyethylene wax market size was valued at $1.1 billion in 2021, and is projected to reach $1.5 billion by 2031, growing at a CAGR of 2.9% from 2022 to 2031.
Wax made of polyethylene is a sort of synthetic wax that is more generally referred to as PE wax. It is a polyethylene with a high molecular weight that is made up of ethylene monomer chains in its structure. The production of polyethylene wax can be performed using a variety of methods, including polymerization of ethylene. Because of its features, such as high heat resistance, formulation flexibility, regulated molecular weight, low melt viscosity, and thermal stability, it is used in the process of making plastic. Lubricants, rubber adhesives, candles, cosmetics, and plastic additives are some of the products that make use of polyethylene wax.
Plastic is utilized in the production of a wide range of goods, including those employed in the textile, cosmetics, pharmaceutical, food packaging, automotive, coating, and other sectors. It is anticipated that the demand for polyethylene wax is expected to increase at a quick rate as a result of the rise in the number of end-use applications for the product. The expansion in the building industry is expected to propel the polyethylene wax market. Paints and coatings make use of polyethylene wax because it has a good quantity of water repellency, improves texture, carries anti-settling capabilities, and provides abrasion resistance. In addition, it has anti-settling properties. Fabrics can have their textures improved with emulsions made from polyethylene wax, and the color of the cloth will not shift. As a result, the textile industry makes use of polyethylene wax. The expansion of the polyethylene wax market has been fueled by these factors.
Wax alternatives, such as Carnauba wax, paraffin wax, candelilla wax, micro wax, soya wax, and palm wax can be used in place of polyethylene wax. It is possible to use organic wax in place of polyethylene wax. Polyethylene wax is more expensive than other types of wax. The vast majority of specialty waxes are organic waxes, and these waxes are utilized in several items that are utilized on a daily basis. It is anticipated that the availability of replacements such as gas-to-liquid (GTL) wax for a variety of applications will be a factor that hinders the polyethylene wax market growth.
The ink and coating business makes extensive use of polyethylene wax as a result of its many desirable features, which include improved slipperiness and rubbing, resistance to abrasion and scratching, resistance to moisture, and many others. The superior matting effect, blocking, and anti-blocking capabilities of polyethylene wax have led to its growing use in a variety of chemical industries. The major market players that are currently working in the polyethylene wax market are expanding the growth strategies they use to extend their product range to meet customer demand. The expansion of the polyethylene wax market in the region is significantly influenced by the rapidly increasing population and rapid urbanization that is taking place in developing countries. This creates a lucrative opportunity for the market for polyethylene wax.
The polyethylene wax market is segmented on the basis of type, application, and region. Depending on type, the market is categorized into low density polyethylene (LDPE) wax, high-density polyethylene (HDPE) wax, and others. On the basis of application, the market is categorized into plastics, masterbatch, hot melt adhesives, coatings, paints and inks, tire and rubber, and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global polyethylene wax market include, DUEREX AG, Forplast, Innospec, Marcus Oil & Chemical, Merco, MLA Group of Industries, Nanjing Tianshi New Material Technologies Co., Ltd, Prakash Chemicals, SCG Chemicals PLC, and The International Group, Inc.
Other players operating in the polyethylene wax market are Mitsui Chemicals, Inc., BASF SE, The Lubrizol Corporation, Arya Chem Inc., and Clariant.
High-Density Polyethylene (HDPE) Wax segment holds major market share and is projected to grow at a CAGR of 2.9%.
Polyethylene Wax Market, by Type
The high-density polyethylene (HDPE) wax segment accounted for the largest share, that is 50.5% followed by the low density polyethylene (LDPE) wax segment. High-density polyethylene (HDPE) wax segment is the fastest growing segment, growing around 2.8% CAGR during the forecasted period, due to increased demand from the manufacturing industry owing to its properties, such as low melt viscosity and compatibility with plasticizers, lubricants, and stabilizers.
Plastic segment has garner major share in the Polyethylene Wax market in 2021 and Hot Melt Adhesives is projected as the most lucrative segment.
Polyethylene Wax Market, by Application
The plastic segment accounted for the largest share of 31.80%. The plastic segment is the fastest growing segment, growing around 2.9% CAGR during the forecasted period. This is due to increase in demand for PE plastics by the food and beverages and packaging industries.
Europe holds a dominant position in 2021 and Asia-Pacific is projected as the most lucrative region.
Polyethylene Wax Market, by Region
Europe contributed the 41.6% market share in 2021 and is projected to grow at CAGR of 3.1% during the forecast period. Europe has garnered major share in polyethylene wax market owing to increased demand from ink and plastic industries.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides in-depth analysis of the global polyethylene wax market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global polyethylene wax market for strategy building.
- A comprehensive market analysis covers the factors that drive and restrain the global polyethylene wax market growth.
- The qualitative data about market dynamics, trends, and developments is provided in the report.
IMPACT OF COVID-19 ON THE GLOBAL POLYETHYLENE WAX MARKET
- The COVID-19 pandemic had a negative impact on the polyethylene wax market globally. The supply chain has experienced disruption as a result of lockdowns and firms closing their sites.
- Although the COVID-19 pandemic has hampered all of the business activities in the polyethylene wax market, manufacturers are creating potential opportunities as a result of the growing demand from end-use industries, such as food and beverage, pharmaceutical, packaging, refining, and petroleum.
- Manufacturers in the global market are developing new ways to generate money thanks to the growing number of applications in manufacturing of plastic, printing inks, and coating.
- The adoption of a strategic approach by market participants is assisting in the recovery from losses incurred as a result of the pandemic. As a result of their increasing rate of industrialization, countries like China and India control a significant portion of the market.
Polyethylene Wax Market Report Highlights
Key Market Players
Forplast, Merco, Marcus Oil & Chemical, Innospec, DUEREX AG, MLA Group of Industries
According to the analyst, Increase in demand for PE wax from paint & coating and packaging industries is expected to drive the growth of the PE wax during forecasted period. Nanotechnology is going to a play crucial role in the paint & coating industry as it offers wear & scratch resistance, UV resistance, and corrosion resistance. In addition, technological advancements and strict environmental regulation are expected to drive the demand for UV-curable and aqueous coatings across the globe. Increase in demand for developing region, such cha Asia-Pacific is further anticipated to boost the demand for PE wax. However, factors such as raw material price volatility are projected to hinder the demand for polyethylene wax. In addition, demand for polyethylene wax is expected to boost owing to the usage of high-quality packaging in the food industry.