Global Polyethylene Wax Market: Snapshot
The global polyethylene wax market is predicted to soar in the coming years mainly because off exponential growth of end-use industries. This includes paper and paperboard coatings, consumer goods, and food & beverages. The uptake of polyethylene wax is mainly because of distinct perceived advantage of polyethylene wax, i.e. resistance to grease and moisture. Due to this property, polyethylene wax is widely used in packaging films to reduce printing inks to spread into food products.
The cost effectiveness of polyethylene wax is another key factor boosting the polyethylene wax market. Due to ease of storage and transportation, the overhead costs associated with polyethylene wax are fewer. This is because polyethylene wax can be molded as per the need, which makes it suitable for several intermediate processes across industries.
Providing headwinds to the global polyethylene wax market is emergence of substitute products such as Fisher Tropsch (FT). Additionally, rebounding prices of crude oil is also posing a challenge for the growth of polyethhlene wax market. This is because polyethylene wax is derived from crude oil.
According to a report by Transparency Market Research (TMR), the global polyethylene wax market is projected to expand at a CAGR of 3.7% between 2015 and 2023. Expanding at this pace, the global polyethylene wax market is likely to reach a valuation of US$0.35 bn by 2023 from US$0.25 bn in 2014.
Global Polyethylene Wax Market receives Impetus by Demand from Candles Industry
The global polyethylene wax market is divided based on application and region. Based on application, the global polyethylene wax market is segregated into candles, adhesives and coatings, cosmetics, lubricants, packaging products, woods and firelogs, and plastic additives. Some other applications of polyethylene wax include printing inks, laminates, and polishes. Among all, candles display the leading demand for polyethylene wax. Adhesives and coatings also hold substantial share in the polyethylene wax. On the other hand, plastics additives and lubricants are likely to emerge as key application segments in the polyethylene wax market. In the years ahead, thermoplastic paints is likely to display substantial demand for polyethylene wax; this is because of expanding use of thermoplastic paints in PVC pipes, plastic masterbatches, roads, and PVC stabilizers.
Discovery of Shale Gas Wells makes North America Prominent
From a geographical perspective, the global polyethylene wax market is segmented into North America, South America, Asia Pacific, and the Middle East & Africa. Among them, Asia Pacific is an attractive market for polyethylene wax. The growth in the region is mainly pushed by expansion of the manufacturing sector in China.
North America too holds prominence in the global polyethylene wax market. The discovery of shale wells in the region has reduced the dependence on import of crude oil to manufacture polyethylene wax.
Leading companies operating in the global polyethylene wax market include WIWAX, SCG Chemicals Ltd., Honeywell International Inc., Mitsui Chemicals America Inc., and The International Group Inc.
- Wood & Firelogs
- Plastic Additives & Lubricants
- Adhesive & Coatings
- Others (Including printing inks, laminates, polishes, etc.)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA