Pune, July 08, 2024 (GLOBE NEWSWIRE) -- The Polyethylene Wax Market Size will be experiencing rapid growth in the production of plastics because of their ability to prevent sticking. Furthermore, they increase lubrication by altering viscosity or melt point and enhancing filler dispersion during the plastics production process. They raise thermal stability and strengthen plastic's resistance to heat. This factor will be important for the market growth, as this will be the perfect gateway for the players to attend several untapped opportunities.
The Polyethylene Wax Market size is projected to reach USD 2.88 billion by 2032 and grow at a CAGR of 4.93% over the forecast period of 2024-2032.
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Major Players listed in the Report:
- Clariant
- BASF SE
- Baker Hughes
- SCG Chemicals
- Mitsui Chemicals
- Honeywell International Inc.
- Trecora Chemical
- Zellag
- Marcus Oil & Chemicals Pvt. Ltd.
- Oxidized Polyethylene Innovations
The rising usage of polyethylene wax in plastic processing, paint and coating and others drive the Market growth.
Polyethylene wax enhances the abrasion resistance, anti-settling qualities, and water repellence of paints and coatings. The market is projected to be driven by the expanding construction industry in nations like India and China. Paint and coatings are widely used in automotive, transportation, construction, and wood industries. This is primary used in construction sector to protect from the external damage. Moreover, increase in usage of various application is fuelling the demand of PE wax.
According to the U.S., the real estate sector has played a significant role in sustainable development goals by the organisations. Therefore, new construction projects are likely to increase the polyethylene wax demand through its application of architectural paints and coatings.
Moreover, various industry has focused on the green environment product strategy for instance, in June Braskem has launched the first renewable-source polyethylene (PE) wax. It is used in the production of cosmetics, coatings, compound and many more. This new solution entails lower Co2 footprint and helped to maintain sustainable environment.
Furthermore, due to increase the demand of Polyethylene wax many key players focused t increase its expansion by invested in production plant. For instance, in March, 2024, Haldia Petrochemicals has started operations as its plant in India. It will manufacture low molecular weight polyethylene wax. It is used in paints, ink, toners, plastic and rubber industry and others. Hence this new expansion and uses in the various industry drive the market growth.
There will be several challenges associated with this, i.e., the infrastructure the high cost and the dependency of raw material. Despite these challenges, SNS Insider forecast the growth of the market because of the rising investments and the plans to improve the overall landscape and make it possible for the access element to improve.
Polyethylene Wax Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.97 billion |
| Market Size in 2032 | USD 2.88 billion |
| CAGR (2024-2032) | 4.93% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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“Growing demand for construction industry globally drives the market growth.
The rising sales of construction all over the globe drive the market growth. For instance, according, to Oxford Economics, the global construction industry is increased by approx. 84% to reach USD 1550 billion by 2030. With the three major countries such as, China, U.S., and India. Hence increase the construction fuel the demand for adhesives and coatings which increase the polyethylene wax market growth.
Segmentation Analysis
On the Basis of Product Segment Oxidized PE holds the dominant share.
The oxidized PE dominated the polyethylene wax market with the highest revenue share of more than 38% in 2023. Due to the rise in use in the masterbatches, rubber, plastics, inks, rubber, shoe, and leather sectors. The oxidized market in Asia Pacific is anticipated to expand significantly as a result of increased R&D and rapid industrialization.
On the Basis of Technology Segment polymerization holds the largest share
The polymerization dominated the market with the highest revenue share of more than 48.54% in 2023. Manufacturers have recently turned to metallocene, a type of polymerization technology, as an upgraded and improved performance solution for HDP and LDP manufacturing. This is anticipated to support the PE wax market's rise in polymerization technology.
Modification technique is employed in the production of co-polymers, oxidized, acid-modified, and unique monomers. Over the course of the forecast period, it is anticipated that the technological share will rise due to the significant expansion in demand for acid-modified and oxidized products.
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Regional Landscape:
Asia Pacific led the polyethylene wax market with the highest revenue share of approx. 33.12% in 2023. This dominance is a result of the region's PE wax market expanding rapidly due to China and India's ample supply of polyethylene and fast industrialization. Asia Pacific's supremacy is further cemented by China's well-established infrastructure for the manufacturing of polyethylene wax, along with the presence of important industry participants. The fast industrial boom that nations like Vietnam and India are experiencing will cause demand for PE wax to soar in the region. In the near future, these countries' expanding industries are anticipated to fuel demand for PE wax.
Recent Developments
- In December 2023, QGP Quimica Geral was acquired by Innospec Inc. QPG is a well-known manufacturer of specific chemicals in Brazil. The purpose of this action was to increase the company's clientele in South America.
- In August 2023 Chevron Phillips Chemical a U.S based company invested USD 6 billion for construction of a polymers complex in Qatar. It included two high-density polyethylene derivative units with a total capacity of 1680 KTA. This construction helped the company to increase its production capacity and increase its expansion in other countries.
Key Takeaways:
- The Polyethylene Wax Market size will increase due to the growing application in building and construction, equipment and others.
- Key players are implementing market development strategies, mostly targeting the developing economies of the APAC region.
- Key players has taken initiatives to invested more in production plant will have a major impact on overall market growth.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Polyethylene Wax Market Segmentation, By Product
8. Polyethylene Wax Market Segmentation, By Technology
9. Polyethylene Wax Market Segmentation, By Application
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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