The global polyethylene wax market is expected to reach USD 2.37 billion by 2022, according to a new report by Grand View Research, Inc. Rapid shale gas development in North America has provided new avenues for producing ethylene, which has benefited production. Increasing PE wax demand across printing inks and adhesives industry is also expected to support the market growth. Volatile prices of polyethylene are expected to impact the profitability of key producers.
Polymerization was the leading technology segment and accounted for over 50% of total market volume in 2014. The technology is primarily used for high density polymerized and low density polymerized PE wax. On account of developing demand for specialized and customized wax, modification technology is expected to witness significant gain in its size over the next seven years.
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Further key findings from the study suggest:
- Global polyethylene (PE) wax market demand was 323.6 kilo tons in 2014 and is expected to grow at a CAGR of 7.5% from 2015 to 2022.
- High density polymerized wax was the leading product segment and accounted for 40% of total market volume in 2014. Increasing penetration of high density polymerized wax across printing inks, textile, food packaging, cosmetics and adhesives is expected to drive this segment.
- Masterbatches were the most dominant application segment with demand share estimated at over 20% in 2014. Printing inks is expected to witness the fastest growth of 8.7% from 2015 to 2022 on account of technological innovations in the industry.
- Asia Pacific PE wax market emerged as the leading regional industry and accounted for over 35% of total volume in 2014. Increasing demand from China, India and Vietnam on account of growth of key end-use industries in these countries is expected to drive the regional growth. It is also expected to witness the highest growth of 8.2% from 2015 to 2022.
- Global polyethylene (PE) wax industry is fragmented in nature on account of large number of domestic companies operating in the global market. Key industry participants include Marcus Oil & Chemicals Private Ltd, Merco Wax Company, Innospec Inc., Hase Petroleum Wax Co., Young’s, Sanyo Chemical, SCG Chemicals, Synergy Additives, GMT, Lion Chemtech and Coschem.