The Polyethylene Wax Market Size was valued at USD 2.1 Billion in 2022. The Polyethylene Wax industry is projected to grow from USD 2.45 Billion in 2023 to USD 4.1 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.1% during the forecast period (2023 - 2030). The rising use of polyethylene wax in different applications such as plastic processing, hot-melt adhesive, ink & coating, and others are major factors driving the market. Rising shale gas production in China and North America, combined with increased demand from the coatings and printing inks sectors, is expected to propel the market forward throughout the forecast period.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Polyethylene Wax Market is expected to expand throughout the projected period, owing to improvements in polyethylene wax quality and an increase in polyethylene wax’s end-use applications. The growth of the Polyethylene Wax Market was aided by rising product demand from printing inks. The increase in shale gas deposits is the key engine that is predicted to improve product sectors in the United States. Participants in the regional sector have embarked on growth projects to extend their end-use productions and consumer base.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Additionally, Nanotechnology is expected to become a key market driver in the coating business due to its high-end features such as UV resistance, wear, scratch, corrosion, and Mar. Metallic and micro-ceramic particles will be employed in paints and coating products. Along with technical improvements, strict environmental restrictions will drive demand for high-solid, UV-curable, and aqueous coatings around the world. The market is characterized by strict regulations imposed by numerous international authorities.
The Polyethylene Wax market segmentation, based on Process, includes Polymerization, Modification, and Thermal Cracking. The fastest-growing section of the polyethylene wax industry is modification. The polymerization technique is used to create LDPE and HDPE waxes. These waxes are commonly used as a lubricant in PVC processing, a modifier in hot-melt adhesives, and a water-based emulsion addition to increase slip, rub, and scratch resistance.
Based on Type, the Polyethylene Wax market segmentation includes High-Density Polyethylene (HDPE) Wax, Low-Density Polyethylene (LDPE) Wax, Oxidized polyethylene wax, and Others. During the projection period, the oxidized sector of the Polyethylene Wax Market would increase at the fastest rate. The use of oxidized polyethylene wax in applications such as lubricants for PVC processing, dispersion agents for polar masterbatches, surface modifiers in hot-melt adhesives, and processing aids in many sectors has fueled its expansion.
Based on Application, the Polyethylene Wax market segmentation includes Plastic Processing, Hot-Melt Adhesive, Ink & Coating Industry, and Others. In 2016, the Polyethylene Wax Market’s fastest-growing application sector was ink and coating. In the ink and coating industry, polyethylene wax is used as an additive to impart mark and scratch resistance, better slip, and rub and moisture resistance.
Figure 2: Polyethylene Wax Market, by Process, 2023 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific holds a major share of the market due to growing demand for the product in packaging, buildings & construction, woodworking, and others. The oxidized polyethylene wax segment holds the major portion and is anticipated to continue its dominance in the market due to the increasing consumption of polyethylene wax in various processes such as polymerization, modification, thermal cracking, and other processes. Therefore, countries such as China, Japan, South Korea, and India are the major players in this market.
Figure 3: POLYETHYLENE WAX MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The North American region is growing significantly due to the growing demand for hot melt adhesives in automotive, construction, and other industries. It is predicted that growing investments in the end-use industries are likely to drive the Polyethylene Wax Market during the forecast period. The growing consumption of magazines, catalogs, periodicals, and directories in end-use applications has propelled the growth in countries such as the U.S., Canada, and Mexico to achieve stunning growth in the market as they provide unique structural properties and high-standard performance to the product.
The European market has observed steady growth in the last couple of years. It is projected that due to stringent rules and regulations implemented by the regional governments to use lightweight materials in end-use industries, the Polyethylene Wax Market is set to grow at a higher rate during the forecast period. These rules and regulations drive various applications such as packaging, chemical, oil & gas industries, and others. Moreover, it is estimated that the growing innovation and technological advancement of the products are predicted to propel the market growth in the countries such as the U.K., Italy, Germany, and France during the forecast period.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Polyethylene Wax market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polyethylene Wax industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Polyethylene Wax. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Polyethylene Wax industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Polyethylene Wax industry to benefit customers and expand the market sector. The Low-Profile Additives market has recently given medicine some of the most important advantages. Major Polyethylene Wax market players, including Honeywell International Inc. (U.S.), Mitsui Chemicals, Inc. (Japan), Clariant (Switzerland), and others, are attempting to increase market demand by funding R&D initiatives.
Honeywell International is a software-industrial company that invents and commercializes technologies in energy, safety, security, productivity, and urbanization. It operates through four segments: Aerospace, Honeywell Building Technologies, Performance Materials and Technologies, and Safety and Productivity Solutions. The Aerospace segment supplies propulsion engines, environmental control systems, integrated avionics, and electricity.
Also, Mitsui Chemicals Group is a company that manufactures chemical products. It produces petrochemicals, phenols, and polyurethane. The company's fields of business include mobility, food, packaging, healthcare, basic materials, etc.
Honeywell International Inc. (U.S.)
Mitsui Chemicals, Inc. (Japan)
Clariant (Switzerland)
TRECORA RESOURCES (U.S.)
BASF SE (Germany)
SCG (Thailand)
Innospec (U.S.)
The Lubrizol Corporation (U.S.)
EUROCERAS (Poland)
Westlake Chemical Corporation (U.S.)
others.
Mitsui Chemicals (Japan) has a strong position in the polyethylene wax market due to its varied product portfolios, strategically located R&D centers, continual adoption of various growth strategies, and technological developments for the development of new types of goods and technologies. A subsidiary of SK Capital Partners, LP, a private investment corporation focused on specialty materials, chemicals, and medicines has completed its previously announced acquisition of Baker Hughes' specialty polymers business. The company has been rebranded as NuCera Solutions as a result of the acquisition, indicating the company's history of innovation in the polyethylene wax and specialty polymers markets.
Polyethylene Wax Process Outlook
Polymerization
Modification
Thermal Cracking
Polyethylene Wax Type Outlook
High-Density Polyethylene (HDPE) Wax
Low-Density Polyethylene (LDPE) Wax
Oxidized Polyethylene Wax
Others
Polyethylene Wax Application Outlook
Plastic Processing
Hot-Melt Adhesive
Ink & Coating Industry
Others
Polyethylene Wax Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.1 Billion |
| Market Size 2023 | USD 2.45 Billion |
| Market Size 2030 | USD 4.1 Billion |
| Compound Annual Growth Rate (CAGR) | 5.1% (2023-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Process, Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Honeywell International Inc. (U.S.), Mitsui Chemicals, Inc. (Japan), Clariant (Switzerland), TRECORA RESOURCES (U.S.), BASF SE (Germany), SCG (Thailand), Innospec (U.S.), The Lubrizol Corporation (U.S.), EUROCERAS (Poland), and Westlake Chemical Corporation (U.S.) among others. |
| Key Market Opportunities | The increasing demand for biocompatible, efficient organic compound in plastic processing, hot melt adhesive, and other sectors are projected to drive the market |
| Key Market Dynamics | Its growing consumption in paints & coatings and others are set to drive the market in the next couple of years. |
Frequently Asked Questions (FAQ) :
The Polyethylene Wax market size was valued at USD 2.1 Billion in 2022
The market is projected to grow at a CAGR of 5.1% during the forecast period, 2023-2030
Asia Pacific had the largest share of the Polyethylene Wax market
The key players in the market are Honeywell International Inc. (U.S.), Mitsui Chemicals, Inc. (Japan), Clariant (Switzerland), TRECORA RESOURCES (U.S.), BASF SE (Germany), SCG (Thailand), Innospec (U.S.), The Lubrizol Corporation (U.S.), EUROCERAS (Poland), and Westlake Chemical Corporation (U.S.) among others
The modification categories dominated the market in 2023
The oxidized had the largest share in the market for Polyethylene Wax
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
