The recent report on the global polyethylene wax market published by PMR offers a comprehensive analysis of the global market. The polyethylene wax market reached ~US$ 770 Mn in 2018. According to the research report, the polyethylene wax market is expected to grow at ~5% CAGR in terms of value over the forecast period. Rising demand for polyethylene wax in end-use industries such as paints & coatings, adhesives, printing ink, and candles along with its growing application in the construction industry are anticipated to fuel the growth of the polyethylene wax market during the forecast period.
Polyethylene wax has a relatively higher melting point, and it is used as an additive for hot melt adhesives, as a lubrication and processing aid for plastics, PVC, and rubber, and as a dry stir-in additive for ink, etc. Further, it is used in textile emulsion, as a wax portion in polish formulation, and a lubricant in PVC extrusion.
According to the detailed study by PMR, the superior properties of polyethylene wax have contributed to its wide range of applications across the end-use industries including paints & coatings, hot-melt adhesives, inks, plastic additives, paper, polishes, textiles, wax blends, personal care products, and others which have positively impacted the growth of the polyethylene wax market. Additionally, high demand for polyethylene wax for food packaging industry is expected to boost the market growth throughout the forecast period.
Significant demand for polyethylene wax manufactured from the polymerization process is strengthening the growth of the polyethylene wax market over the forecast period. The market value of the global polyethylene wax market is estimated to be ~US$ 810 Mn by 2019 end, and is forecasted to reach ~US$ 1,300 Mn by the end of 2029.
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East Asia Remains in the Vanguard
As a result of steady demand for polyethylene wax from the growing industrialization and rapidly expanding end-use industries, East Asia is expected to hold a noticeable market share of the global polyethylene wax market, in terms of both value and volume. Moreover, the Asia Pacific market’s dominance is projected to remain constant over the forecast period, followed by Europe and South Asia, where the polyethylene wax market is expected to grow at a noteworthy rate.
Key manufacturers involved in the production of polyethylene wax are strongly focusing on expansion activities in order to generate more revenue, for instance Trecora Resources signed an agreement with SSI Chusei Inc. – a US base PE wax manufacturer, to acquire 100% stakes of the company, which is anticipated to raise the production capacity of polyethylene wax.
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Demand Bolstered by Multifarious Applications in Adhesives and Coatings
PMR found that polyethylene wax is suitably employed in the adhesives and coatings industry for a variety of applications. Polyethylene wax is a low molecular weight polyethylene polymer that is used for improving and enhancing the process parameters and properties of finished products in in the plastic industry. It is being used in several applications as a slip agent, resin modifier, mold release agent, processing aid for hot-melt adhesive composition, for improving physical appearance and thermal properties. It is also added to coatings and inks to resist adhesion, scratches, and increase smoothness.
Cost Effectiveness & High Productivity – Dual Drivers for PE Wax Demand
Cost effectiveness of polyethylene wax is a key factor boosting its demand over the years. The other options available in the market, such as Fischer-Tropsch wax and others, have much lower viscosity and higher prices as compared to polyethylene wax. Prominent companies have developed processes to produce polyethylene wax using paraffin bases as a replacement to petroleum ones, and the use of such alternative raw materials for oxidized polyethylene wax, has benefited manufacturers by overruling the price imbalance caused due to ethylene costs.
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Polyethylene Wax Market: Competition Landscape
Some of the prominent market participants of the global polyethylene wax market operating at international and domestic levels are as follows:
With a large number of market participants in the global polyethylene wax market, the competition among these players is intense. The market players are differentiated on the basis of tier structure ranging from Tier 1 to Tier 3. Some of the players such as BASF, Clariant AG, Honeywell International, along with other key players, are categorized under Tier 1 players of the global polyethylene wax market. To expand product offerings, market leaders are collaborating with other market players.