The Polyethylene Wax Market would exceed USD 1 billion by 2028, Says Global Market Insights Inc.

SELBYVILLE, Del., March 21, 2022 /PRNewswire/ -- As per the latest research report by Global Market Insights Inc., the Polyethylene Wax Market was estimated at USD 947.2 million in 2021 and is anticipated to reach a valuation of around USD 1 billion by 2028, registering with a CAGR of 4.4% from 2022 to 2028. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.

Polyethylene wax helps modify the properties of both the applied ink and final film, which is why it is used to control the rheology properties of ink formulations and surface characteristics of the final film. Several properties of polyethylene wax, particularly its molecular weight, hardness, and particle size, improve its efficacy in enhancing mar & abrasion resistance, trapping, slip, and anti-blocking properties. These characteristics are crucial for ink manufacturers and result in more cost-effective and efficient products that address consumer requirements, which is expected to support market growth over the forecast timeline. 

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Pelletized polyethylene wax is broadly used in varied applications like poultry depilation, candle manufacturing, food packaging, and others. Rising utilization of pelletized polyethylene wax in PVC pipe production is poised to drive product demand in the coming years. In 2021, the pellets form segment accounted for nearly 4.2% of the total product demand and is estimated to register solid growth between 2022 and 2028 driven by prevalent product usage in diverse application areas.

On the other hand, the polyethylene wax industry share from the powder form segment is speculated to witness sturdy growth through the study timeframe. Powdered polyethylene wax is witnessing the highest demand in end-use industries and is set to dominate the market, which is calculated to foster segmental outlook in the upcoming years.

Key reasons for polyethylene wax market growth:

1.  Growing uptake in adhesive & coatings.

2.  High utilization in ink manufacturing.

3.  Surging adoption in PVC production.

2028 forecasts show 'adhesive & coatings' segment retaining its dominance:

From the application perspective, the adhesive & coatings segment was valued at about USD 160 million in 2021 and is projected to garner a revenue of over USD 220 million by 2028. Various properties of polyethylene, such as anti-settling characteristics, abrasion resistance, texture improvement capabilities, and good water repellency, among others, are boosting its adoption in adhesives & coatings applications. Rising requirement of wax in printing inks and paper coatings owing to its wetting properties and low coefficient of friction is slated to created massive growth potential for the segment over the following years.

Europe to maintain top status in terms of revenue:

On the regional spectrum, the Europe polyethylene wax industry exceeded a valuation of USD 245 million in 2021 and is expected to reach above USD 310 million in revenue by 2028. Robust demand for lubricants, plastic additives, candles, wood, and coatings in Europe has played a vital role in industry expansion. Surging production volume of paints & coatings in the region is likely to propel product demand in the forthcoming years.

Impact of COVID-19 pandemic on polyethylene wax market:

The COVID-19 outbreak boosted the need for effective packaging solutions in varied end-use industries. The growing e-commerce sector, along with rising prominence of plastics in the several applications, including packaging, cosmetics, and others, has increased product demand. Thus, mounting usage of polyethylene wax in numerous areas has been favorable for industry expansion during the pandemic.

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Leading market players:

Major companies in the global polyethylene wax industry include Honeywell International Inc., BASF SE, Clariant AG, Arya Chem Inc., Innospec Inc., SCG Chemicals, Synergy Additives, WIWAX, The Lubrizol Corporation, Kerax Limited, Mitsui Chemicals America, Inc., Westlake Chemical Corporation, Micro Powders, Inc., and The International Group, Inc., among others.

About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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SOURCE Global Market Insights Inc.