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Top 3 trends to spur global Polyethylene Wax Market size
Polyethylene Wax Market
Polyethylene wax is a low weight molecular polyethylene that is used as a mold release agent, resin additive, slip agent, and dispersant to improve and enhance the properties of finished products. The compound has a significant number of applications across adhesives, packaging, firelogs, rubber and candles, among many others.
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The industrial disruption caused by the recent COVID-19 outbreak may certainly have hampered the production and demand of the wax. Reportedly, the European polyethylene (PE) markets are moving back to normal after a tumultuous period due to the pandemic as lockdowns ease and demand returns to more normal levels.
Versatile attribute and widespread applications of PE wax
The versatile properties of PE wax coating enable the substance to perfectly blend with wood products, furniture, metals, containerboards, electronics, automotive, textile, and plastic products. Due to the multidisciplinary applications of PE wax, consumption across the coating industry will surpass the US$150 billion mark by 2024.
The blending attribute of the coating material with products results in improved thermal stability, electrical insulation, chemical, and thermal resistance, friction coefficient, gloss, and rheology. Robust growth in the automotive, electronic, and construction sectors will drive substantial demand for the product.
The product’s properties such as gloss and friction coefficients are vastly used in the formulation of printing inks. The rising demand for printing inks for newspapers, banners, magazines, promotional catalogs, and brochures will propel the polyethylene wax industry trends.
Growing sectors of Asia Pacific and candle usage in festive seasons
The plastic additives and lubricants segment had a considerable share in the global polyethylene wax market in 2016, and with rising demand as a lubricant in PVC extrusion. It is anticipated to record over 3% CAGR up to 2024. Also, the substance is known for its better molding complexity, chemical resistance and abrasion, providing a sustainable market environment for the compound.
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Robust growth of several sectors in the Asia Pacific region such as the automotive sector, infrastructural activities, and plastic industry represents high growth potential for PE wax suppliers in the region. Reportedly, the Asia Pacific polyethylene wax industry is predicted to gain a significant market share of over 30% up to 2024.
Candle usage in festive seasons particularly in India and China will imply high demand for PE wax.
Leading manufacturers of polyethylene wax products include Synergy Additives, BASF SE, Mitsui Chemicals, Innospec Inc, Westlake Chemical, Arya Chem, SCG Chemicals, Honeywell International, WIWAX, Lubrizol Corporation, Kerax Limited, Micro Powders, and Clariant AG. The global PE wax industry portrayed emerging trends of market consolidation in 2016, since leading producers held more than 50% of the share.
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