PUNE, India, Feb. 18, 2021 (GLOBE NEWSWIRE) -- The Global Polyethylene Wax Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global polyethylene wax market size was estimated to be US$ 953.45 million in 2019 and expected to reach US$ 1500.35 million by 2030 at a CAGR of 4.3%. Polyethylene wax is a fully saturated homopolymer of polyethylene with low molecular weight and is formulated using distillation process. It is widely used across the plastic processing industry to enhance and improve process parameters and properties of finished products. The polyethylene wax exhibits properties such as highly crystallinity, linearity, low solubility in solvents, oil thickening capability, and hardness at elevated temperatures. As a result of this, the polyethylene wax is employed to enhance the quality of different materials such as rubber, petroleum wax blends, plastic additives and so on, across multiple industry verticals. Rising demand from oil & gas production industry, along with strong demand from paints & coating production industry has significantly contributed towards the growth of the polyethylene wax market during last decade. Another factor fuelling the growth of the global polyethylene wax market is increasing adoption in food packaging across the globe. With stringent regulatory framework in place to govern the production and consumption of polyethylene wax and associated products, the polyethylene wax market is anticipated to witness prominent growth during the forecast period. However, rising concerns over the usage of plastic is anticipated to impede the growth of the global polyethylene wax market during the forecast period.
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High density polyethylene wax to drive market growth fueled by high density and tensile strength offered of HDPE wax
The global polyethylene wax market is segmented on the basis of type, process, applications, and geography. Based on type, the global polyethylene wax market is segmented into high density polymerized polyethylene wax, low density polymerized polyethylene wax, oxidized polyethylene wax, acid-modified polyethylene wax, low-density cracked polyethylene wax, and others. The high-density polymerized polyethylene wax contributed the largest revenue share to the global market in 2019 and is anticipated to be a dominating segment throughout the forecast period owing to strong demand across multiple end use industries fuelled by high density and tensile strength offered by high density polymerized polyethylene wax. The oxidized polyethylene wax segment is anticipated to grow significantly during the forecast period owing to rising adoption in inks, rubber, coating, plastic, leather, and masterbatch processing.
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Strong demand for plastic across emerging economies to fuel growth of polyethylene wax market
Based on applications, the global polyethylene wax market is segmented into ink & coating, hot-melt adhesives, plastic, rubber, and others. The plastic processing applications contributed the largest share to the global polyethylene wax market in 2019 owing to strong adoption of polyethylene wax as plastic additives. The application of polyethylene wax in adhesives contributed a prominent share to the global market and is anticipated to grow at a steady growth rate during the forecast period.
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Based on geography, the global polyethylene wax market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global market in 2019 and is expected to be the fastest growing region during the forecast period owing to rapid industrialization and presence of leading suppliers of polyethylene wax across major countries. Expansion of plastic processing industry and manufacturing industry across China, India, Vietnam, Indonesia, and Malaysia is anticipated to drive the growth of the Asia Pacific polyethylene wax market. North America contributed a prominent share to the global market owing to the expansion of shale gas production in the United States and rising demand from packaging industry.
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Major players active in the global polyethylene wax market include Baker Hughes, BASF SE, Clariant AG, EPChem International Pte Ltd, euroceras, GMT Corporation, Hase Petroleum Wax Co., Honeywell International Inc, Innospec Inc., Lion Chemtech Co., Ltd, Marcus Oil, MERCO, Mitsui Chemicals, Nanjing Tianshi New Material Technologies Co. Ltd, S.KATO & CO., Sanyo Chemical Industries, Ltd., SCG Chemicals, Synergy Additives, and TRECORA CHEMICAL.
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