Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global polyethylene wax market was estimated to be worth US$ 1.0 billion in 2022. It is expected to increase at a 5.1% CAGR from 2023 to 2031, reaching US$ 1.6 billion by the end of 2031. The increased manufacturing and consumption of plastics in the creation of various items used in end-use sectors such as automobile packaging, and healthcare is a primary driver boosting the need for polyethylene wax.
Lubricant demand is increasing in the plastics production industry. The increased use of plastic-based goods including PVC, plasticizers, and antioxidants for multiple industries is fueling the expansion of the polyethylene wax market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 1.0 Bn | |
| Estimated Value | US$ 1.6 Bn | |
| Growth Rate - CAGR | 5.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 563 Pages | |
| Market Segmentation | Type, Application | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Mitsui Chemicals, Inc., BASF SE, The Lubrizol Corporation, Arya Chem Inc., Innospec Inc., Micro Powders, Inc., Kerax Ltd., Clariant, Sinopec Group, WIWAX, The International Group, Inc., INEOS Group Ltd., Synergy Poly Additives Pvt. Ltd., SCG Chemicals Co., Ltd., and Westlake Chemical Corporation | |
Competitive Landscape
Transparency Market Research has profiled the following players in its global Polyethylene Wax market report:
Mitsui Chemicals, Inc., BASF SE, The Lubrizol Corporation, Arya Chem Inc., Innospec Inc., Micro Powders, Inc., Kerax Ltd., Clariant, Sinopec Group, WIWAX, The International Group, Inc., INEOS Group Ltd., Synergy Poly Additives Pvt. Ltd., SCG Chemicals Co., Ltd., and Westlake Chemical Corporation.
- Sasol, a renowned energy and chemical corporation, sold its Germany-based subsidiary, Sasol Wax GmbH, to AWAX s.p.a., a company that specializes in the research, manufacturing, and marketing of wax products, in March 2022. Sasol would operate as Hywax GmbH, with two manufacturing plants in Hamburg, Germany, one in the United Kingdom, and one in Austria.
- The International Group Inc., a wax maker located in Toronto, bought Rheogistics LLC, a supplier of lubricant solutions situated in Picayune, Mississippi, in June 2020 to expand its foothold in the rigid PVC market.
Polymers are used in the packaging industry for end-user product wrapping and decoration. Polymers are lightweight and come in a variety of hues. They are also resistant to dampness. The use of appropriate substances in plastics helps to increase lifetime, superior design, thermal insulation, clarity, low haze, and mechanical characteristics.
Paints and coatings are commonly utilized in the building, automotive, shipping, and timber industries. They are generally used in the construction industry to safeguard structures from outside damage. Paints and coatings are utilized in a variety of applications, including residential and non-residential structures, buildings, manufacturing equipment, vehicles, and commercial wood. The increasing prevalence of coatings in end-use industries is driving up demand for PE wax.
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Key Takeaways from the Market Report
- North America held a 40% share in 2022.
- The market is expected to grow at a CAGR of 5% in Asia Pacific over the forecast period.
- The HDPE wax type segment is expected to grow at a CAGR of roughly 5.3% throughout the projected period.
- The market in China is expected to grow at a CAGR of roughly 4.9% throughout the projected period.
- Europe held a 22% share of the global market in 2022.
Polyethylene Wax Market: Prominent Drivers and Trends
- According to the United Nations, the real estate industry is expected to play a critical part in the organization's long-term development objectives (SDGs). This can be attributed to the predicted population outflow in the near future. As a result, modern building and construction projects are more likely to increase the use of ornamental or architectural finishes and paints.
- As reported by the United States Census Bureau, the nation's building industry was worth US$ 1.3 trillion in 2019. It is expected to grow rapidly in the foreseeable future. The value of polyethylene wax is increasing due to the expansion of the construction industry.
- During the forecast time frame, the HDPE wax type segment is expected to account for a considerable proportion of the worldwide polyethylene wax market. HDPE wax is appropriate for applications requiring thermal stability. Because of its greater melting point, it is utilized in the production of hot-melt adhesives and coatings.
Polyethylene Wax Market: Regional Analysis
- Asia Pacific is expected to dominate the global scene. In 2022, the region ruled around 45.0% of the market. The rise in production and infrastructural expansion in nations such as China, India, Japan, South Korea, and Southeast Asia is boosting the Asia Pacific polyethylene wax market growth. Increased growing populations and increasing urbanization are driving up consumption of lubricants, paints, and coatings, resulting in expanding markets in the region.
- The North American polyethylene wax market is expected to increase gradually throughout the estimated time frame, attributable to developments in sectors including automotive, construction, and chemicals, particularly in the United States and Canada. Polymers and lubricants are heavily used in these two nations.
Polyethylene Wax Market: Key Segments
- Type
- HDPE Wax
- Candles
- Packaging
- Wood & Firelogs
- Lubricants
- Rubber
- Adhesives & Coatings
- Cosmetics
- Roofing
- Refining & Roads
- Plastic Processing & Composites
- Others
- LDPE Wax
- Oxidized PE Wax
- Microcrystalline Wax
- Wax Emulsion
- Others
- HDPE Wax
- Application
- Candles
- Packaging
- Wood & Firelogs
- Lubricants
- Rubber
- Adhesives & Coatings
- Cosmetics
- Roofing
- Refining & Roads
- Plastic Processing & Composites
- Others
- Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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