NEW YORK, March 10, 2022 (GLOBE NEWSWIRE) -- The global polyethylene (PE) wax market is anticipated to witness a growth rate of around 5.2% and reach US$ 1.63 Bn by 2029. Market growth is anticipated to be attributed by growing demand from plastic and rubber manufacturing industries.
Polyethylene wax exhibits superior properties and thus finds a wide range of applications in packaging, pharmaceuticals, plastics, rubber, cosmetics, candles, sealants & adhesives, and other products. The plastics and rubber segment is expected to remain a key application field for polyethylene wax owing to substantial production rate of plastics and rubber all over the globe. Growing demand for packaging is also boosting consumption rate. Increasing production rate of masterbatches across regions is also enhancing the market value of polyethylene wax.
The COVID-19 pandemic impacted the business of polyolefin wax as demand from various end-use industries decreased due to less consumer spending. Paints and coatings, printing inks, and adhesives were significantly impacted during the crisis, affecting demand for PE wax
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Key Takeaways from Market Study
- The flakes/prills segment is estimated to witness a growth rate of 4.9% during the assessment period of 2022-2032.
- Plastics and rubber is estimated to remain a key application segment for polyethylene wax, and is estimated to create around 50% of the overall incremental market opportunity in the market.
- North America is anticipated to create an incremental dollar opportunity of US$ 93.8 Mn by 2032.
- By production process, thermal degradation is anticipated to witness a CAGR of 5.5% over the decade.
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“Key market participants are focusing on strategic expansions and launching of new products in the polyethylene wax business to boost their annual turnovers,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for polyethylene wax has been identified as a consolidated space owing to a certain number of players dominating the market.
Some of the key market players included in the report are Innospec Inc., BASF SE, Mitsui Chemicals America, Inc., Clariant International, Honeywell International, Trecora Resources, EUROCERAS, Westlake Chemical Corporation, The Lubrizol Corporation, Qingdao Haihao Chemical Co., Ltd., and Yimei New Material Technology Co., Ltd.
Key market participants are expected to maintain a competitive environment all over the globe. They are focusing on acquisition activities owing to increased demand for polyethylene wax. Market players are also focusing on increasing their revenue generation by selling products in overseas markets, often through exports, and for this they are strengthening their distribution networks.
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- In June 2021, Braskem launched polyethylene wax from a renewable source, which is the first of its kind. This will be applicable as a viscosity modifier in adhesives, cosmetics, paints & coatings, and polymerization.
- In October 2020, S K Capital acquired the specialty polymer business of Baker Hughes, a manufacturing company of low molecular weight olefin polymers. Its product portfolio also includes a range of functional polymers and high melting point polyethylene waxes.
Conclusion
The market is anticipated to witness healthier year-over-year growth, especially in East Asia and South Asia Pacific, owing to increasing demand from various end-use sectors such as plastics and masterbatches, paints & coatings, and many others.
East Asia and South Asia Pacific are significantly diverse in terms of customer base, innovations, and geopolitical conditions. The polyethylene wax market in India, China, and ASEAN countries is expected to gain traction in the foreseeable future due to rapidly growing end-use sectors.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global polyethylene wax market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, product form, production process, application, and region. The report also provides supply and demand trends along with an overview of the parent market.
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