According to a report by Grand View Research, Inc., global polyethylene (PE) wax market is estimated to value USD 2.37 billion by 2022. Growing requirement by printing inks and adhesives sectors are anticipated to propel demand for polyethylene wax. This wax is expected to offer low melt viscosity, low volatile organic compounds (VOC) emissions, low production cost, and numerous industrial applications.
High demand for paints and coatings is anticipated to propel growth of market in the forthcoming years. Stringent regulations to reduce volatile organic compound (VOC) emissions from coatings are expected to fuel market growth. The market demand is anticipated to expand at a 7.5% CAGR from 2015 to 2022. Growing adoption of high-quality packaging attributed to tough food and safety regulations are anticipated to spur growth of market during the forecast period (2012 to 2022)
Full research report on polyethylene wax market analysis:
The polyethylene wax market can be segregated on the basis of product, technology, application, and region. Based on product, the market can be categorized into low density polymerized polyethylene wax, high density polymerized polyethylene wax, oxidized polyethylene wax, acid modified polyethylene wax, low-density cracked polyethylene wax, and others. In 2014, high density polymerized (HDPE) polyethylene wax segment dominated the market and accounted for market share of 39.2%. Increasing use of this HDPE polyethylene wax in plastics processing and textile industry can fuel product demand. In addition, high performance properties coupled with wide range of industrial applications are likely to impel growth of segment and account for market share of 39.8% by 2022.
The oxidized wax segment followed HDPE polyethylene and emerged as second largest segment in 2014. Development of textiles, paints, lubricants, leather rubber, and shoes can fuel product demand. Stringent regulations in automobile industry can also stimulate demand for oxidized PE wax in coating industry. Moreover, increasing use of this form of PE wax in water based wax emulsions, polyvinyl chloride (PVC) processing, and nonionic emulsions can influence product demand during the forecast period.
Based on application, the market can be classified into adhesives, plastics, rubber, master batches, printing inks, and others. In 2014, the masterbatches segment dominated the market with a market share of 23.6%. In addition, plastics segment accounted for second largest market share of 20.3% in the same year. Effective lubricating and release properties of PE wax to support processing of resin can fuel product demand. In addition, increasing use of PE wax for dispersing colors and other additives in plastics can stimulate growth of the segment.
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Based on technology, the market can be divided into modification, polymerization, and thermal cracking. Polymerization is expected to emerge as most significant technology segment owing to rising demand for high density polarization (HDPE) wax being used in printing inks, industrial paints, paper, and rubber. High density polymerized waxes and low density polymerized wax can be obtained using this technology. Its increasing use by PE wax manufacturers can augment segment demand. In addition, the modification technology segment can also display substantial growth during the forecast period, attributed to growing use in oxidized, anti-modified, copolymer manufacturing.
Regional segmentation includes Europe, Asia Pacific, North America, Central & South America, and Middle East & Africa.
In 2014, Asia Pacific dominated the market and accounted for 35.3% of total market share. It is expected to grow further and account for 37.3% of market share by 2022. Possible development of shale gas in China can boost market growth in the region. In addition, high prevalence of manufacturers and established infrastructure of China is likely to support growth of market. Moreover, development of end-user industries in countries such as Vietnam, China, India, and other regional countries can stimulate market growth during the forecast period.
In North America, the market had significant growth in 2014 and accounted for 27.6% of volume share. U.S. is expected to be one of the leading exporters of organic chemicals and had accounted for 15% of export market share in 2012. Development of shale gas reserves can influence demand for organic chemicals in the region. In addition, growing investments in the paint & coating sector coupled with rising production of ethylene is expected to fuel demand for polyethylene wax products in the region.
Some of the leading companies offering polyethylene wax are Westlake Chemical, Marcus Oil & Chemicals Private Ltd, Honeywell, BASF, and Baker Hughes. Purchase of latest technologies, acquisition of small players, and product development are strategies being used by players to gain a competitive edge in the market.
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