Polyethylene Wax Market: Overview
Manufacturing industries and chemical producers have harnessed the unique physical and chemical characteristics as a versatile material to improve surface properties. The polyethylene wax market has benefitted substantially from the extensive usage of the material as a processing agent in wide range of industries. Plastics industries world over have been utilizing polyethylene wax as a trio of mold release agent, dispersant, and a modifier for plastics in several industrial applications.
The freedom that polyethylene wax has been offering to resin formulators market is one of the key trends that have shaped the contours of the polyethylene wax market, notes Transparency Market Research (TMR). The polyethylene wax market is expected to clock a CAGR of 3.7% during 2015 - 2023. The global worth of polyethylene wax market stood at US$0.25 bn in 2014. By the end of 2023, revenues in the market are expected to climb to reach US$0.35 bn.
Utilization as Versatile Processing Agent in Wide Spectrum of Applications Growing
Polyethylene wax is seeing demands in wide range of applications. Of all, the demands for making candles dominates. Meanwhile, extensive uptake in adhesive and coatings in numerous industries has led these segments to occupy a prominent share in the global polyethylene wax market. On the other hand, burgeoning demands for the wax for formulating thermoplastic paints has been imparting a large growth impetus to the market growth. The demands have been hugely filliped by the use of thermoplastic paints in PVC pipes, plastic masterbatches, and PVC stabilizers. Strides being witnessed by the PVC industry have led to the proliferation of demands. Going further, the attractiveness quotient is unlikely to lose sheen as they continue to be utilized as lubricant.
Several other end-use industries have also been keen on leveraging a range of melt points and densities of polyethylene wax to utilize them for a wide range of applications. For instance, consistent revenues to the polyethylene market has come from its usage as emulsifier in the textile industry. Another source of sizable demands comes from its use as a food additive. Yet a slew of demands have come from the utilization of polyethylene in several coating and ink applications.
Strides Made by Manufacturing Sectors in Developing Economies Underpin Lucrativeness
Sheer pace of utilization of polyethylene wax among manufacturers in several parts of the world has helped catalyze the outlook of the polyethylene wax market. Asia Pacific has come out as one market with vast revenue-generating potential, globally. The sheer pace of industrialization in economies is paving way to significantly lucrative avenues for all market players.
On the other hand, North America is expected to play larger role in the global polyethylene market in coming few years. Countries find it worthwhile to rely on polyethylene wax to reduce dependence of crude oil imports.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Polyethylene Wax Market (Application - Candles, Packaging, Wood & Firelogs, Plastic Additives & Lubricants, Rubber, Adhesive & Coatings, and Cosmetics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”
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