TMR PredictsPolyethylene Wax Market to Grow at a CAGR of 3.7% Between 2015 & 2023

Transparency Market Research has published a new report titled “Polyethylene Wax Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global polyethylene wax market was valued at $258.9 million in 2014 and is likely to reach $359.1 million in 2023, expanding at a CAGR of 3.7 percent between 2015 and 2023.Polyethylene wax is manufactured by polymerization of ethylene, which is a crude oil derivative. Companies have developed the polymerization process to manufacture wax with different properties. This is because the level of polymerization affects the physical properties of polyethylene wax. Molecular weight of polyethylene wax falls in the range of 600 to 10,000.

Rising demand for polyethylene wax in the plastic processing industry, especially in polyvinyl chloride production, is anticipated to boost the market growth. Additionally, the growing coatings industry is estimated to drive the polyethylene wax market. Increasing demand for polyethylene wax in printing inks application is also significantly fueling the polyethylene wax market. However, volatile raw material prices and availability of substitutes such as Fischer-Tropsch (FT) waxes are expected to hamper the polyethylene wax market. Development of new applications of polyethylene wax in the asphalt industry is projected to be an important opportunity for market players during the forecast period.

In terms of volume, candles held the largest share of the global polyethylene wax market in 2014. The segment accounted for over 20 percent share of the market in 2014. However, it is anticipated to lose its market share to the fastest-growing plastic additives & lubricants segment in the near future. Additives & coatings is likely to be second-fastest growing segment in the global polyethylene wax market during the forecast period. Cosmetics and packaging application segments are estimated to grow at a moderate rate in the next few years. Others application segment includes printing inks, laminates, polishes, etc.

In terms of volume, Asia Pacific dominated the global polyethylene wax market, holding more than 30 percent share in 2014. Asia Pacific was followed by Europe and North America in terms of volume. Demand for polyethylene wax in the Middle East & Africa and Latin America is estimated to increase at a moderate rate in the next few years due to rising demand for polyethylene wax in plastic additives & lubricants and adhesives & coatings application segments. The global polyethylene wax market is moderately consolidated in nature; the top five players constituted over 70 percent share in 2014. Key players in the polyethylene wax market include Honeywell International Inc., BASF SE, Mitsui Chemicals America, Inc., Clariant AG, Westlake Chemical Corporation, SCG Chemicals Co., Ltd., and Innospec Inc.

The report segments the global polyethylene wax market as follows:

Polyethylene Wax Market – Application Analysis

• Candles
• Packaging
• Wood & Firelogs
• Plastic Additives & Lubricants
• Rubber
• Adhesive & Coatings
• Cosmetics
• Others (Including printing inks, laminates, polishes, etc.)