Noteworthy growth in end-use industries such as paints & coatings, packaging, printing ink and candles, particularly in developing economies, are propelling the use of polyethylene (PE) wax in diverse industries, thereby driving its market in a positive direction.
The global polyethylene wax market is estimated to be valued at ~US$ 810 Mn by 2019-end, and it is expected to attain a value of ~US$ 1,300 Mn by the end of 2029, growing at a CAGR of ~5% throughout the forecast period. A prominent share of this growth is anticipated to come from the growing packaging industry in East Asia and European regions. The polyethylene wax market is anticipated to witness incremental $ opportunity of ~US$ 544 Mn between 2019 and 2029.
Significant growth of construction industry and subsequent rise in the demand for paints & coatings, especially in developing countries such as India, China, and Mexico, will continue to propel the growth of the polyethylene wax market in the years ahead.
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- Innospec Inc.
- Mitsui Chemicals America, Inc.
- Clariant International
- Honeywell International
- Trecora Resources
- Westlake Chemical Corporation
- The Lubrizol Corporation
- Qingdao Haihao Chemical Co.,Ltd.
- Yimei New Material Technology Co., Ltd.
- Darent Wax Co.Ltd.
Gains Underpinned by Ascending Demand from Food Packaging Industry
In recent years, transportation of fruits and food products across the globe has been growing at rapid pace. The sea-change in food habits and preference for processed foods has propelled the growth of the food packaging market, while the increasing transportation of goods is creating newer sales opportunities. PE wax is heat-stable, chemically resistant, and has low solubility.
Addition of polyethylene wax with resins and plastics are being manufactured to ensure longer life and the freshness of fruits and processed foods in the food packaging industry. The result is likely to lead to increasing demand for polyethylene wax in the food packaging industry.
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Boom in the Petrochemical Industry to Promote the Market Growth
Tremendous demand from end-use sectors is a microeconomic driver for polyethylene wax market growth. In recent years, end use markets for the petrochemical industry, including textile and paints & coatings industries have been booming at the global level. A robust domestic demand for chemicals and petroleum base products has been a key factor for the growth of the polyethylene wax market.
These industries are constantly investing in new policies to tackle challenges of increasing costs, lack of experience, and technology gap. As the global economy continues to recover, acquisitions and joint ventures are likely to become a more frequent phenomenon in the market.
Industry leaders such as textile manufactures, adhesive manufactures, etc., are looking forward to increasing their business portfolios and market shares by entering into strategic developments, such as collaboration with regional players, opening up in new regions, and entering into long-term supply contracts. Such factors are expected to potentially raise the demand for polyethylene wax for a wide range of applications.
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Distinct Advantages of Polyethylene Wax Accounting for Greater Gains
Polyethylene wax is a vital material with applications in numerous industries. It is one of the most significant groups of synthetic waxes. Polyethylene waxes are primarily used as components of aqueous emulsion and have many applications, including being used as additives for paints, varnishes, and lubricants, and for manufacturing polyvinyl chloride (PVC).
Application properties of polyethylene wax depends on the type of raw materials used (low-density polyethylene (LDPE) or high-density polyethylene (HDPE)) as well as the method of production, which may be process in melt, aqueous dispersion, or solid phase.
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Polyethylene Wax Market Players to Explore Online Marketing
A major trend gaining momentum in the polyethylene wax market is the increasing use of online channels to market and sell products. Internet, being the key source of marketing a product, has also played a major role in raising awareness regarding the various applications of polyethylene wax.
In order to reach the untapped markets, manufacturers of polyethylene wax are continuously leveraging online channels as a key medium of sales and for promotional activities. While traditional distribution channels continue to influence the growth strategies, manufacturers are increasingly focusing on e-commerce sites to capitalize on rapidly expanding industries and developing regions.
As per our analysts’ review, the polyethylene wax market is growing at a significant rate in the global market. The polyethylene wax market is significantly fragmented and characterized by the presence of a large number of regional players. The Asia Pacific region is holding a prominent share of the global polyethylene wax market.
Global polyethylene wax manufacturers are shifting from powder form to flakes/prills, owing to the high demand for flakes/prills among end-use industries. The polyethylene wax market in China is estimated to witness high sales growth in the near future. Widespread adoption of polymerized polyethylene wax has also been identified in developing countries, and manufacturers are focusing on providing a complete range of products in various geometrical shapes & sizes.
Key Segments of the Polyethylene Wax Market
PMR’s study on the polyethylene wax market is divided into five significant segments- product form, production process, application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories
Key Questions Answered in PMR’s Polyethylene Wax Market Report
- Which region is anticipated to hold a prominent market share over the forecast period?
- What will be the key driving factors propelling the demand for polyethylene wax during the forecast period?
- How current trends will impact the polyethylene wax market?
- Who are significant market participants in the polyethylene wax market?
- What are the crucial strategies of prominent players in the polyethylene wax market to upscale their positions in this landscape?