Key Highlights:
· In termsof value, the global polyethylene wax market was stoodaround US$ 300 Mn in 2018 and is anticipatedto expand at a CAGR of more than to 3.0% from 2019 to 2027
· In termsof application, plastic additives & lubricants segment held a major shareof the market in 2018 owing to the wide application ofplastics in various end-use industries where plastic additives such asplasticizers, flame retardants, antioxidants are widely used in making plasticsfor various application
· Based onregion, Asia Pacific held major share in 2018 and is expectedto grow at significant rate of more than 3% compared to otherregion between 2019 and 2027. Presence of variousend-user industries such as packaging, rubber, plastics, cosmetics and otherswhere polyethylene wax are majorly utilized is the major factor which drivesthe demand for polyethylene wax in Asia Pacific
· Marketshare of North America and Europe are projected to exhibit moderate growthduring the forecast period 2019 to 2027. Risein demand for candles in North America and Europe is the major factor which isexpected to drive the demand for polyethylene wax in these regions
· Increasingmanufacturing of plastic products across all regions followed by rise in usageof packaging owing to increase in global trade between the countries is themajor factor which is expected to drive the demand for polyethylene wax duringthe forecast period 2019 to 2027
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Presence of Substitutes and Volatility of RawMaterial Prices May Hamper the Overall Demand for Polyethylene Wax
· Fischer-Tropsch(FT) waxes, also known as gas-to-liquid (GTL) waxes, are an attractive alternativeto polyethylene waxes for numerous applications including printing inks, paintsand varnishes, hot melt adhesives, textiles, and polishes. This providessuperior performance in a variety of applications. In addition, FT waxes arevirtually odorless, making them ideal for use in applications requiring theaddition of color or fragrance such as candles, printing inks, packaging,fiberboard, and plastic processing.
· Also,gas-to-liquid (GTL) technology enables the use of natural gas rather than crudeoil to produce alternatives to Polyethylene wax. FT waxes are syntheticallyproduced in a controlled manner from carbon monoxide and hydrogen as feed.Hence, they are consistent in quality and depict better heat stability
· Manufacturingoperations are bound by regulations and rules with respect to evaluation,registration, storage, usage, handling, and transportation of certainsubstances and such as their emissions, effluents, and other wastes. Violationof such regulations is expected to lead to legal compromise futurebusiness activities.
· Theseenvironmental regulations restrain the demand for Polyethylene Wax in packagingand printing industries, as the violation of these government regulations isprojected to attract heavy penalties and losses. Most market players areshifting from solvent-based Polyethylene Wax to water-based Polyethylene Wax
· Furthermore,Ethylene is the key raw material used in the manufacture of polyethylene wax.Prices of ethylene are 96% correlated to oil prices; hence,any fluctuation in crude oil prices directly impacts the prices of ethylene
· These arethe major factors which may hamper the overall demand for polyethylene waxduring the forecast period 2019 to 2027
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Asia Pacific Expected to be Highly Lucrative Regionof Global Polyethylene Wax Market
· In termsof volume and value, Asia Pacific held the largest share of more than 30% ofthe global polyethylene wax market in 2018 across the globe.Rising demand for polyethylene wax in the polyvinyl chloride (PVC) marketcoupled with burgeoning coatings industry is driving the growth of polyethylenewax in the region. This trend is anticipated to continue during the forecastperiod 2019 to 2027
· Apartfrom Asia Pacific, Europe is expected to grow at moderate rate compared toother region. Europe is expected to grow at CAGR of more than 3.0% between 2019 and 2027.
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Global Polyethylene Wax Market -Key Developments
· In 2018,research scientists has proposed the idea of preparation of oil-solublepolyethylene wax particles temporary plugging agent (OPPTA) using polyethylenewax as main raw material to solve the problem of low strength, low permeabilityrecovery rate, and narrow suitable temperature range of the oil-solubletemporary plugging agent
Global Polyethylene Wax Market: Competition Landscape
· Leadingcompanies operating in the global polyethylene wax market include WIWAX,SCG Chemicals Ltd., Honeywell International Inc., Mitsui Chemicals AmericaInc., and The International Group Inc. The report segments the globalpolyethylene wax market as follows:
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