Global Polyethylene Wax Market: Snapshot
The rapid increase in the shale gas exploration and production activities in North America, primarily in the U.S. and Canada, has significantly incremented the availability of ethylene, the raw material for the manufacturing of polyethylene wax, and provided a strong traction to the market for the same. In addition to that, the demand in the global polyethylene wax market is incrementing as a result of the prosperity of the coating and printing ink industry, although associated environment issues continue to pose challenges for the polyethylene market from attaining its true potential.
As per the estimations of the report, the global polyethylene wag market will expand at a CAGR of 3.7% during the forecast period of 2015 to 2023, reaching a valuation of US$359.1 mn by the end of 2023, up from its evaluated worth of 258.9 mn in 2014. Growing requirement for polyethylene wax in polyvinyl chloride production is another key driver for the polyethylene wax market, wherein the existing vendors will gain new opportunities from the advent of RPPW (recycled pyrolytic cross-linked polyethylene wax), which has shown potential for application in the asphalt industry.
Plastic Additives and Lubricants Segment Flourishing
Application-wise, the global polyethylene wax market is segmented into packaging, candles, wood and firelogs, adhesive and coatings, rubber, cosmetics, plastic additives and lubricants, and others such as laminates, printing inks, and polishes. In 2014, the candles segment accounted for the maximum demand in the global polyethylene wax market, at more than 20%, and is expected to remain a highly profitable application-segment. The same year, adhesive and coatings segment was second most prominent contributor of the demand for polyethylene wax. However, towards the second half of the forecast period, the segment of plastic additives and lubricants is anticipated to prosper as most profitable. In the near future, the polyehylene wax industry is anticipated to increment its application in road marking thermoplastic paints, PVC stabilizer, PVC pipes, plastic masterbatches manufacturing. Strict regulations pertaining to the emission standards by environmental bodies such as EPA is another factor positively reflecting on PE wax market for solvent borne coatings.
China Driving Strong Demand from Asia Pacific
Geographically, the report gauges the potential of the polyethylene wax market in the regions of North America including the U.S., Europe including the U.K., France, and Spain, Asia Pacific including China and Japan, Latin America including Brazil, and the Middle East and Africa. Currently, Asia Pacific is the most lucrative region for the vendors operating in the polyethylene wax market, which accounted for more than 30% of the global demand for polyethylene wax, gaining prominent requirement from China, which is the hub of several end-use industries including packaging, coating, adhesives, printing ink, and cosmetics. From India, the report expects strong demand for masterbatch in the near future. North America is expected to maintain its position as second most profitable region, on account of stringent food regulations by the FDA along with shale gas development.
In the present scenario, the global polyethylene wax market is quite consolidated in nature with top five companies holding more than two-third of the global shares. Some of the key players profiled in this report on the polyethylene wax market are Honeywell International Inc., WIWAX, The International Group Inc., Mitsui Chemicals America, Inc., SCG Chemicals Co., Ltd., Clariant AG, BASF SE, and Westlake Chemical Corporation.
- 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