Global Polyethylene Wax Market Expected to Reach $1.5 Billion by 2031

According to a new published report by Allied Market Research titled, “Polyethylene wax Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 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.

PE wax is derived from ethylene through a process called polymerization. Manufacturers alter the polymerization process to get a product with desired qualities. However, certain basic properties of the material are common for all PE wax. Polyethylene wax is a straight and crystalline ethylene homopolymer that is fully saturated. Polyethylene wax is used in a variety of products, including plastic additives and rubber production. PE wax has unusual properties, such as hardness at high temperatures and limited solubility in a wide range of solvents due to its high crystalline structure. The substance is thermoplastic, which melts at 110 °C when subjected to heat.

PE wax has the ability to be heated and cooled without significant degradation. Polyethylene wax has low poly disparity and low molecular weight. As a result, the material is resistant to chemical attacks, has exceptional heat stability, and is extremely versatile in application formulation.

PE wax exhibits following important properties:

• High melting point
• High softening point
• High chemical resistance
• Excellent thermal stability
• Highly compatible with wax varieties
• Perfect lubrication
• Perfect head resistance

Owing to these properties, PE wax finds application in a wide range of industries, including plastic, packaging, and tire & rubber.

The polyethylene wax market 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.

Increase in demand for PE wax from the textile sector drives the growth of the market. Emulsions produced from PE wax soften slowly and are resistant to acids and other chemicals. PE wax emulsions are fabric-friendly, causing no fabric fading, color alteration, or chlorine retention. Owing to these factors, PE wax is highly used in the textile industry. In addition, the emulsifiable type of PE wax is also used in auxiliaries, paper coatings, crayons, leather, and cosmetics while the non-emulsifiable type is most common in paints, printing ink, and pigment concentrates.

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. Region-wise, 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.

KEY FINDINGS OF THE STUDY

• The report outlines the current polyethylene wax market trends and future scenario of the market from 2022 to 2031 to understand the prevailing opportunities and potential investment pockets.
• The polyethylene wax market size is provided in terms of revenue and volume.
• On the basis of type, the high-density polyethylene (HDPE) segment accounted for $576.2 million in 2021, and is anticipated to garner $760.0 million by 2031, registering a CAGR of 2.8%.
• On the basis of application, the polyethylene wax for plastics application segment accounted for $362.5 million in 2021, and is anticipated to garner $482.7 million by 2031, registering a CAGR of 2.9%.
• On the basis of region, Europe was the highest revenue contributor, accounting for $474.7 million in 2021, and is estimated to reach $642.2 million by 2031, with a CAGR of 3.1%.

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.