Albany, NY -- (SBWIRE) -- 02/21/2019 -- Global Polyethylene Wax Market: Snapshot
With the five leading companies accounting for around two-third of the market share, the global polyethylene wax market looks consolidated. A noticeable trend in the market is the strategic alliances and partnerships being forged by savvy companies to bolster their positions. The global polyethylene wax market is set to soar in the next couple of years owing to their increasing usage in paper and paperboard coatings, the food and beverage industry, and in consumer goods manufacture. The uptake is because of this major unique perceived benefit of polyethylene wax – resistance to moisture and grease. As a result those are used in packaging films to reduce the spread of printing ink into food products.
Another major factor fuelling the global polyethylene wax market is their cost effectiveness. They can also be stored easily and transported. Those can be molded as per requirements. This has led to their widespread usage in various processes and industries. Posing a challenge to the global polyethylene market, on the other hand, is the emergence of substitutes namely Fisher-Tropsch (FT) wax. Additionally, rebounding crude oil prices is also proving to be a challenge for the global polyethylene market since the product is formulated from oil.
A report by Transparency Market Research on the global polyethylene wax market finds that it would rise at a 3.7% CAGR from 2015 to 2023. At this pace, the market which was valued at US$0.25 bn in 2014, would likely clock a value of US$0.35 bn.
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Global Polyethylene Wax Market Propped up by Demand from Candle Industry
The global polyethylene wax market is rising because of the numerous applications of the product. Those include its usage in making candles, packaging products, adhesives and coatings, woods and firelogs, cosmetics, rubber, plastic additives, and lubricants. Polyethylene wax is also used in making printing inks, polishes, and laminates. Among them, the candle making industry at present generates most of the demand in the global polyethylene wax market. Adhesives and coatings also account for significant demand in the market. Besides, the plastic additives and lubricants segments are emerging as lucrative application areas too. In the upcoming years, polyethylene wax will likely see rising usage in making thermoplastic paints for markings on roads, PVC pipes, PVC stabilizers, and plastic masterbatches.
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Some of the leading companies in the market are WIWAX, The International Group Inc., SCG Chemicals Co., Ltd., Mitsui Chemicals America, Inc., and Honeywell International Inc.