Sellbyville, DE -- (SBWire) -- 03/21/2019 --Global Polyethylene Wax Market is certain to be driven by the rising demand from coatings industry in the next 7 years. The coatings industry will cross USD 150 billion by 2024, with a strong potential for PE wax coating blend in furniture, textiles, wood products, plastic products, containerboards, metals, automotive and electronics.
Product blending with coating material results in improved chemical & thermal resistance, friction coefficient, thermal stability, electrical insulation, gloss and rheology. Robust growth in construction, automotive and electronics industries will propel the product demand over the forecast period.
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Polyethylene Wax Market is likely to surpass USD 370 million; as projected by a new research report. Growing PE wax applications as a resin modifier, mold releasing agent, dispersant and slip agent in plastic processing will hold substantial potential for industry growth by 2024. Escalating growth trends in global plastic industry for the widespread applications will boost polyethylene wax market The product will also witness strong demand in formulation of printing inks for enhancing its gloss and friction coefficient.
Demand for printing inks in promotional catalogues, newspapers, brochures and banners will have positive influence on PE wax market by 2024. Also, modern packaging trends from several end-use industries including: pharmaceutical, food & beverage, electronic gadgets, textile, among others will also support the product growth.
Polyethylene wax market will be subjected to pricing fluctuations of crude oil in the near future, as ethylene being a chief raw material. The market will witness significant threat of substitution by Fischer-Tropsch (FT) wax, with its rising usage in adhesives & printing inks.
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PE wax in powder form had been most prominent in 2016 and will feature the similar trend with a market share over 40% by 2024. Powdered form of product tends to exhibit various unique characteristics such as: better viscosity modification, high scratch resistance, enhanced anti-sticking in the PVC melts, etc.
Plastic additives & lubricants segment had significant share in global PE wax market in 2016 and is expected to rise with gains over 3% CAGR by 2024. Polyethylene wax market will have a significant demand as a lubricant in PVC extrusion, in the future years. Product usage marks better molding complexity, abrasion & chemical resistance.
Asia Pacific region is expected to lead the PE wax market by 2024, with a massive share over 30%. Robust growth in the regional automotive sector, plastic industry and the infrastructural activities portray high growth potential for the product in the region in the coming years. Higher demand for PE wax is expected from China & India particularly for the candles usage in festive seasons.
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PE wax market exhibited trends of consolidation in 2016 since the key industry participants held above 50% share. Key manufacturers are: BASF SE, Honeywell International, Clariant AG, Synergy Additives, Innospec Inc, Arya Chem, Mitsui Chemicals, SCG Chemicals, WIWAX, Micro Powders, Lubrizol Corporation, Kerax Limited and Westlake Chemical.
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Polyethylene Wax Market to Generate over USD 370 Million Revenue by 2024 : Honeywell International Inc., BASF SE, Arya Chem Inc., Clariant AG, the Lubrizol Corporation
Escalating coatings industry across the globe is a prominent factor propelling the overall polyethylene wax market by 2024.