SAN FRANCISCO, April 6, 2021 /PRNewswire/ -- The global oxidized polyethylene wax market size is expected to reach USD 1.04 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a compound annual growth rate of 4.8% from 2021 to 2028. The global market is expected to witness substantial growth over the forecast period owing to the increase in the demand from end-use applications, such as plastics, coatings, hot melt adhesives, rubber processing, and printing. Nontoxic nature, high thermal stability, and excellent dispersion have increased product consumption in the aforementioned segments.
Key suggestions from the report:
The unstable price of crude oil, from which petroleum wax is derived, significantly affects the stability of PE wax production across the globe
In terms of volume, the high-density product segment accounted for the largest share of the market in 2020 and is expected to retain its lead throughout the forecast period
The paints & coatings application segment dominated the global market and accounted for more than 21% of the overall revenue share in 2020
Asia Pacific accounted for more than 12% of the global share, in terms of volume, in 2020. Increasing consumption of the product in the industrial and infrastructural industries is assisting the market growth in the region
In April 2020, Lubrizol Corp. joined hands with Nike, Inc. by donating Thermoplastic Polyurethane (TPU) polymers, an essential element in PPE kits, to produce and donate Powered Air-Purifying Respirator (PAPR) lenses and full-face shields for frontline healthcare workers during the COVID-19 pandemic
It is used in masterbatches in other applications including polymer processing, leather, textile, metalworking industries, and tire manufacturing. The market growth is also driven by rising product demand in the coatings and rubber processing industries. The rising usage of hot melt adhesives in various consumer goods applications, such as furniture making, shoe manufacturing, packaging, baby diapers, and cigarettes, is expected to be one of the major drivers. Moreover, the rise in demand for paperboard & paper and building boards is likely to contribute to the market development.
Ethylene and petrochemical waxes are the main raw materials used in the manufacturing of polyethylene (PE) wax, which is further oxidized to manufacture the product. The major demand for printing ink across the globe arises from printed packaging products, followed by newspaper printing and printed advertisements. Solvent, water, and oil-based inks are used along with wax in digital printing, offset printing, and flexo printing processes. Furthermore, with the high penetration of print manufacturing companies globally, such as DIC India, Toyo Ink, Wikoff Color, and Ruco, the demand is likely to rise over the coming years.
Asia Pacific is one of the largest plastic manufacturing regions globally. The high demand for commodity plastics in the region, such as PVC, PE, and PU, has boosted the application of PE waxes. The demand for products that have applications in the infrastructure and industrial sectors is growing rapidly. The paints and coatings industry is expected to be the major contributor to the regional market growth, owing to the presence of a large number of emerging economies making significant investments in infrastructure development.
Grand View Research has segmented the global oxidized polyethylene wax market on the basis of product, application, and region:
Oxidized PE Wax Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Oxidized PE Wax Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Paints & Coatings
Oxidized PE Wax Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Oxidized Polyethylene Wax Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.