According to the report, the global polyethylene wax industry generated $1.1 billion in 2021, and is anticipated to generate $1.5 billion by 2031, witnessing a CAGR of 2.9% from 2022 to 2031.
Prime determinants of growth
PE wax finds application in a wide range of industries, including plastic, packaging, textile, and tire & rubber, which drives the growth of the global polyethylene wax market. In addition, the emulsifiable type of PE wax is also used in auxiliaries, paper coatings, crayons, leather, and cosmetics, while the non-emulsifiable type is the most common in paints, printing ink, and pigment concentrates. These factors present lucrative opportunities for the market growth.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global polyethylene wax market, owing to implementation of the global lockdown. This also led to decrease the demand for PE wax from various end use industries.
- Supply chain disruptions, unavailability of raw materials, and shortage of labor were few challenges that hampered the market growth.
- However, manufacturers in the global market developed new ways to generate money, due to which, the market recovered steadily in the post-pandemic.
The high density polyethylene (LDPE) wax segment to maintain its leadership status throughout the forecast period
Based on type, the high density polyethylene (HDPE) wax segment held the highest market share in 2021, accounting for around half of the global polyethylene wax market, and is estimated to maintain its leadership status 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 projected to manifest the highest CAGR of 2.9% from 2022 to 2031. This is owing to increase in use of low density polyethylene (LDPE) wax in plastic processing and hot-melt adhesives in road marking application along with the increase in the shale gas exploration and production activities in developed and developing economies.
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The plastics segment to maintain its lead position during the forecast period
Based on application, the plastics segment accounted for the largest share in 2021, contributing to nearly one-third of the global polyethylene wax market, and is projected to maintain its lead position during the forecast period. This is attributed to its cost-efficient, durability, and easy handling properties. Moreover, the hot melt adhesives segment is expected to portray the largest CAGR of 3.2% from 2022 to 2031, due to increase in usage of hot melt adhesives in various end-use industries such as packaging and building & construction.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue 2021, accounting for more than two-fifths of the global polyethylene wax market, owing to the presence of huge consumer base for plastics, tire & rubber, and paint industry. However, the Asia-Pacific region is expected to witness the fastest CAGR of 3.3% from 2022 to 2031. Increase in demand from paint & coatings industry and rise in population in the region are driving the demand for PE wax in Asia-Pacific region.
Leading Market Players: –
- DUEREX AG
- Forplast
- Innospec
- Marcus Oil & Chemical
- Merco
- MLA Group of Industries
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