- In terms of value, the global polyethylene wax market was stood around US$ 300 Mn in 2018 and is anticipated to expand at a CAGR of more than to 3.0% from 2019 to 2027
- In terms of application, plastic additives & lubricants segment held a major share of the market in 2018 owing to the wide application of plastics in various end-use industries where plastic additives such as plasticizers, flame retardants, antioxidants are widely used in making plastics for various application
- Based on region, Asia Pacific held major share in 2018 and is expected to grow at significant rate of more than 3% compared to other region between 2019 and 2027. Presence of various end-user industries such as packaging, rubber, plastics, cosmetics and others where polyethylene wax are majorly utilized is the major factor which drives the demand for polyethylene wax in Asia Pacific
- Market share of North America and Europe are projected to exhibit moderate growth during the forecast period 2019 to 2027. Rise in demand for candles in North America and Europe is the major factor which is expected to drive the demand for polyethylene wax in these regions
- Increasing manufacturing of plastic products across all regions followed by rise in usage of packaging owing to increase in global trade between the countries is the major factor which is expected to drive the demand for polyethylene wax during the forecast period 2019 to 2027
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Presence of Substitutes and Volatility of Raw Material Prices May Hamper the Overall Demand for Polyethylene Wax
- Fischer-Tropsch (FT) waxes, also known as gas-to-liquid (GTL) waxes, are an attractive alternative to polyethylene waxes for numerous applications including printing inks, paints and varnishes, hot melt adhesives, textiles, and polishes. This provides superior performance in a variety of applications. In addition, FT waxes are virtually odorless, making them ideal for use in applications requiring the addition of color or fragrance such as candles, printing inks, packaging, fiberboard, and plastic processing.
- Also, gas-to-liquid (GTL) technology enables the use of natural gas rather than crude oil to produce alternatives to Polyethylene wax. FT waxes are synthetically produced in a controlled manner from carbon monoxide and hydrogen as feed. Hence, they are consistent in quality and depict better heat stability
- Manufacturing operations are bound by regulations and rules with respect to evaluation, registration, storage, usage, handling, and transportation of certain substances and such as their emissions, effluents, and other wastes. Violation of such regulations is expected to lead to legal compromise future business activities.
- These environmental regulations restrain the demand for Polyethylene Wax in packaging and printing industries, as the violation of these government regulations is projected to attract heavy penalties and losses. Most market players are shifting from solvent-based Polyethylene Wax to water-based Polyethylene Wax
- Furthermore, Ethylene is the key raw material used in the manufacture of polyethylene wax. Prices of ethylene are 96% correlated to oil prices; hence, any fluctuation in crude oil prices directly impacts the prices of ethylene
- These are the major factors which may hamper the overall demand for polyethylene wax during the forecast period 2019 to 2027
Asia Pacific Expected to be Highly Lucrative Region of Global Polyethylene Wax Market
- In terms of volume and value, Asia Pacific held the largest share of more than 30% of the global polyethylene wax market in 2018 across the globe. Rising demand for polyethylene wax in the polyvinyl chloride (PVC) market coupled with burgeoning coatings industry is driving the growth of polyethylene wax in the region. This trend is anticipated to continue during the forecast period 2019 to 2027
- Apart from Asia Pacific, Europe is expected to grow at moderate rate compared to other region. Europe is expected to grow at CAGR of more than 3.0% between 2019 and 2027.
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Global Polyethylene Wax Market -Key Developments
- In 2018, research scientists has proposed the idea of preparation of oil-soluble polyethylene wax particles temporary plugging agent (OPPTA) using polyethylene wax as main raw material to solve the problem of low strength, low permeability recovery rate, and narrow suitable temperature range of the oil-soluble temporary plugging agent
Global Polyethylene Wax Market: Competition Landscape
- Leading companies operating in the global polyethylene wax market include WIWAX, SCG Chemicals Ltd., Honeywell International Inc., Mitsui Chemicals America Inc., and The International Group Inc.