PE wax finds application in a wide range of industries including plastics, packaging, textiles, tires, and rubber, which is driving the growth of the market.
PORTLAND, OREGON, USA, July 12, 2022 /EINPresswire.com/ — According to the report, the polyethylene wax industry generated $1.1 billion in 2021 and is expected to generate $1.5 billion by 2031, growing at a CAGR of 2.9% from 2022 to 2031.
PE wax finds application in a wide range of industries including plastics, packaging, textiles, tires, and rubber, which is driving the growth of the global polyethylene wax market. Furthermore, the emulsifiable type of PE wax is also used in auxiliaries, paper coatings, pencils, leather and cosmetics, while the non-emulsifiable type is most common in paints, printing inks and pigment concentrates. These factors present lucrative opportunities for market growth.
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• The outbreak of the Covid-19 pandemic has negatively impacted the global polyethylene wax market, owing to the implementation of the global lockdown. This has also led to a decrease in the demand for PE wax from various end-use industries.
• Supply chain disruptions, unavailability of raw materials, and shortage of labor are some of the challenges that have hampered the growth of the market.
• However, manufacturers in the global market have developed new ways of generating money, thanks to which the market has been steadily recovering from the pandemic.
The High Density Polyethylene (LDPE) Wax Segment to Maintain Its Leading Status Throughout the Forecast Period:
Based on type, high-density polyethylene (HDPE) wax segment held the highest market share in 2021, accounting for approximately half of the global polyethylene wax market, and is expected to retain its leading status while throughout the forecast period, due to increased demand from the manufacturing industry for its properties such as low melt viscosity and compatibility with plasticizers, lubricants and stabilizers. However, the low density polyethylene (LDPE) wax segment is expected to show the highest CAGR of 2.9% from 2022 to 2031. This is due to the increase in the use of low density polyethylene wax ( LDPE) in plastic processing and hot melt adhesives in road marking application as well as increasing shale gas exploration and production activities in developed and developing economies.
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The plastics segment to maintain its leading position during the forecast period:
Based on application, the plastics segment accounted for the largest share in 2021, contributing almost one-third of the global polyethylene wax market, and is expected to maintain its leading position during the forecast period. . This is attributed to its economical, durable and easy to handle properties. Additionally, the hot melt adhesives segment is expected to show the highest CAGR of 3.2% from 2022 to 2031, owing to the increase in the use of hot melt adhesives in various end-use industries such as packaging and building and construction.
Europe to maintain its dominance by 2031:
Based on region, Europe held the highest market share in terms of 2021 revenue, accounting for more than two-fifths of the global polyethylene wax market, owing to the presence of a huge consumer base for plastics, tires and rubber and the paint industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 3.3% from 2022 to 2031. Rising demand from the paint and coatings industry and increasing population in the region are driving the demand for PE wax in the Asia-Pacific region.
Major Market Players:-
• DUEREX SA
• Marcus Oil and Chemicals
• MLA Industry Group
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