Analysis of Polyethylene Wax Market by 2024

Polyethylene Wax Market to surpass USD 370 million by 2024; according to a new research report by Global Market Insights, Inc.

Escalating coatings industry across the globe is a prominent factor propelling the overall (PE) polyethylene wax market by 2024. The overall coatings business generated revenue more than USD 90 billion in 2016 and is likely to mark USD 150 billion, with estimated gains close to 5% CAGR over the estimated period. The product addition on the coating material enhances its properties including heat & chemical resistance, thermal stability, friction coefficient, electrical insulation, rheology and gloss. In addition, coatings used in textiles, furniture, plastic products, wood products, containerboards, automotive, metals and electronics products are generally blended with the product. Therefore, fervent growth in automotive, electronics and construction industry will subsequently boost industry growth by 2024, as these industries essentially require coatings.

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PE wax market share is positively influence by inclining product applications in PVC manufacturing. It is widely used in the PVC production process to upscale its features such as molding complexity and resistance against chemicals, abrasion & heat. The global PVC manufacturing process will expand at more than 3% CAGR by 2024 for its widespread applications in the construction industry. Furthermore, polyethylene wax market is driven by broad applications printing inks industry. The product is used in printing inks formulation process to upgrade its friction coefficient and gloss. In addition, the global printing inks industry revenue was close to USD 15 billion in 2015 and shall exceed USD 23 billion by 2024, with growth close to 5% in the due course. Therefore, increasing demand of printing inks in commercial applications as newspapers, promotional catalogues and brochures will positively influence the business growth in the near future.

Fischer-tropsch (FT) wax is a product alternative for various applications including printing inks and adhesives owing to its similar features. In addition, major raw material utilized in the industry is ethylene, which is a crude oil derivate. Therefore, the polyethylene wax market price trends follow similar price dynamics. Thus, stiff substitute threat laid by FT along with wavering crude oil price trends may hamper the global industry size in coming years.

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Considering the physical form of the product, powders are estimated to lead the overall market by 2024. They feature better anti-sticking properties in PVC melts, better rub & scratch resistance and high viscosity modification when used as hotmelt adhesives.

In 2016, candles had above 20% of the PE wax market share. The factors such as the increasing product application in candles for improving the gloss and burning rate, the strong demand of candles in India and China for decoration and festival usage will drive the business size by 2024. Packaging applications are projected to observe growth over CAGR 3.5% in the forecast period.

Plastics additives and lubricants was one of the major global PE wax market share contributor in 2016 and is forecast to observe prominent gains in the coming years. Increasing product applications as a slip agent, mold release agent, resin modifier and dispersant in the plastic processing industry will positively boost the overall size during the estimated timeframe. The product has also been used in the plastic applications in order to enhance its impact strength and flexural modulus. Escalating global plastic demand on account of its widespread applications across automotive and electronics industry will substantially boost the overall industry size.

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In 2016, Asia Pacific accounted for more than 30% of overall polyethylene wax market volume. Improving consumer lifestyle dynamics, booming construction sector and escalating automobile sales in China, Japan and India are the chief factors stimulating the regional industry size. North America contributed over 20% of the overall PE wax market share in 2016. Uplifting construction spending along with robust packaging industry in the U.S. are the prime regional growth prospects.

In 2016, the overall PE wax market was consolidated as the major participants contributed over 50% market share. Some key business contributors are Honeywell International, BASF SE, Clariant AG, Innospec Inc, Westlake Chemical, Arya Chem, WIWAX, SCG Chemicals, Mitsui Chemicals, Synergy Additives, Lubrizol Corporation, Micro Powders and Kerax Limited.

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