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Polyethylene Wax Market Poised to Garner Maximum Revenues by 2023
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According to our report, the global polyethylene wax market was estimated to stand at US$258.9 mn in 2014. With a growth rate of 3.7% over the forecast period of 2015 to 2023, the market is expected to reach US$359.1 mn by 2023. China accounted for nearly 30% of the worldwide demand for the product, being a hub of end-use industries such as adhesives, coatings, and packaging, thereby propelling the region of Asia Pacific to the forefront in this market. The global polyethylene wax market share for candles was noteworthy and substantial in 2014. The product is used in candles to enhance its characteristics such as its hardness, gloss, hardness, and burning rate as well as quality. Presence of the polyethylene also prevents mottling and improves the color distribution in colored candles.
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Cost Effectiveness of Product to Propel Growth
Polyethylene is widely used in paper & paperboard coatings for consumer goods, food and beverage applications, and industrial applications. It offers excellent resistive properties towards grease and moisture. For instance, the presence of polyethylene in packaging films aid in reducing the spread of printing in into the food product. Increasing demand for packaged food across the globe, aided by the surging working population and improving lifestyle dynamics are expected to positively impact the global polyethylene wax market.
To top this, propylene wax is easy to store and transport, as well as cost-efficient. Polyethylene waxes are easily modifiable as per requirements, and do not require a large capital investment. Increasing demand for candles in countries such as China and India for festival and decoration purposes is expected to subsequently fuel the overall growth of the polyethylene wax market in the coming years. These are some of the significant factors that are expected to stoke the growth of the global polyethylene wax market in the years to come.
Presence of Alternatives May Restrain Market Demand
In certain applications, the use of alternative products such as Fisher-Tropsch (FT) wax is preferred over polyethylene. This could hamper the growth rate of the market over the coming years. Moreover, the steep and dynamic prices of crude oil, from which polyethylene is derived, is another significant impediment to market growth. However, the industry is expected is expected to recover from these blows on account of the high demand from the asphalt industry utilizing recycled pyrolytic cross-linked polyethylene wax to a large extent.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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