According to a new research report by Global Market Insights Inc., the Polyethylene Wax Market size is forecast to reach USD 1 billion by 2028 owing to the increasing demand for polyethylene wax in plastic additives & lubricants, rubber, adhesives, candles, and cosmetics.
A plastic additive is one of the major applications of polyethylene wax. Plastic is used in various industries including cosmetics, automotive, construction, consumer good, etc. On account of the growing end-use industries of plastic, the demand for polyethylene wax is expected to grow at a significant rate. Increasing investments in the construction sector are further anticipated to drive the polyethylene wax market. Increasing demand for paints & coatings, adhesives, and plastic additives in the construction sector is estimated to boost the polyethylene wax market during the forecast period.
Polyethylene wax can be produced from ethylene through the polymerization process. Increasing usage of HDPE and LDPE wax in textiles, plastic or rubber processing, paints & coating, adhesives, manufacturing PVC, lubricants, etc., may enhance the polyethylene wax market growth during the forecast period. Polyethylene wax is also used in petrochemical applications owing to its unique properties such as low viscosity, low molecular weight, high brittleness or hardness, and high melting point. Polyethylene wax is majorly adopted by chemical industries on account of its excellent matting effect and anti-blocking properties by forming barriers between the surface layers and modifying frictional properties of the surface. However, the increasing adoption of organic wax may hamper polyethylene wax demand.
Browse key industry insights spread across 210 pages with 305 market data tables & 21 figures & charts from the report, “Polyethylene Wax Market Size, By Product (Flakes, Powder, Pellets, Emulsion), By Application (Candles, Packaging, Wood & Firelogs, Plastic Additives & Lubricants, Rubber, Adhesive & Coatings, Others), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2028”, in detail along with the table of contents:
Flakes polyethylene wax demand in crayon and packaging to boost product consumption
The flakes polyethylene wax segment is expected to expand at a CAGR of 4.6% during the projection timeline. Flakes of polyethylene wax are used in the production of paper-coating, packaging, crayons, ink, and leather auxiliaries. Other applications of flake polyethylene are food additives and paints. Flakes polyethylene wax will witness low dissolution properties in solvents owing to the dense crystalline structure of the flakes. Due to its high crystalline nature, this material observes unique features such as low solubility in a range of solvents and hardness at high temperatures. Flake polyethylene wax is slippery compared to natural wax owing to its advanced molecular structure. Therefore, it is intensively used in the production of lubricants. It is also used in resin additive, hot melt adhesives, mold separator, and rubber processing.
The growing packaging industry to fuel the demand for polyethylene wax
The packaging application segment was valued at over $95 million in 2021 and is projected to reach USD 130 million by 2028. Polyethylene wax is increasingly used in food and cosmetics packaging. Growing awareness regarding the quality packaging of food, beverages, and cosmetics is anticipated to impact the overall market positively. Furthermore, technological advancements in production processes are contributing to market growth, creating considerable opportunities for manufacturers operating in the global market.
The global packaging market is expected to grow at a CAGR of around 7.5% and reach above USD 1.5 trillion by 2028. Polyethylene wax is used in food packaging materials on account of its good moisture barrier characteristics and ability to protect dry foods from external moisture or lower the moisture loss of the foodstuff. Moreover, a polyethylene wax coating also protects foodstuff while handling and transporting.
Rising demand for packaging products to shoot growth in North America
North America region was valued at over USD 210 million in 2021 and is anticipated to reach over USD 275 million by 2028 owing to increasing construction activities and the increasing production & adoption of packaging products across the region. The U.S. is anticipated to witness significant growth in terms of technological advancements and expansion in end-user industries. HDPE wax demand is expected to experience considerable growth in plastic manufacturing. Rising demand for paints & coating in the construction and automotive industries is further strengthening the market expansion.
The presence of several players along with the increasing production of polyethylene wax owing to the rising demand from various industries is contributing to the global market. Some of the prominent manufacturers of polyethylene wax industry include WIWAX, Honeywell International Inc., Kerax Limited, BASF, Clariant AG, Micro Powders, Westlake Chemical Corporation, SCG Chemicals, Synergy Additives, Mitsui Chemicals America, The Lubrizol Corporation, The International Group, Inc., Innospec Inc., and Arya Chem Inc, Savita, etc.