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.
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.
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.
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.
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.
Polyethylene Wax Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global polyethylene wax market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the polyethylene wax market structure. This market research report presents exclusive facts and figures about how the polyethylene wax market will grow over the forecast period.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the polyethylene wax market over the forecast period.
The study is relevant for stakeholders in the polyethylene wax market, as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the polyethylene wax market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the polyethylene wax market. The study also offers actionable insights based on the future trends in the polyethylene wax market. Furthermore, regional players and new entrants in the polyethylene wax market can also use the information presented in this report to make business decisions and gain momentum in the market.
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
Polyethylene Wax Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the polyethylene wax market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by assistant analysts to ensure precision and reliability of the conclusions.
Secondary resources are referred by analysts during the evaluation of the polyethylene wax market study, which comprise of the facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary resources and secondary resources is validated from companies operating in the polyethylene wax market to make PMR’s projection on growth prospects of the polyethylene wax market more accurate and reliable.