Key Highlights:
·
In terms
of value, the global polyethylene wax market was stood around US$
300 Mn in 2018 and is anticipated to expand at a CAGR
of more than to 3.0% from 2019 to 2027
·
In terms
of application, plastic additives & lubricants segment held a major share
of the market in 2018 owing to the wide application of plastics
in various end-use industries where plastic additives such as plasticizers,
flame retardants, antioxidants are widely used in making plastics for various
application
·
Based on
region, Asia Pacific held major share in 2018 and is expected
to grow at significant rate of more than 3% compared to other
region between 2019 and 2027. Presence of various
end-user industries such as packaging, rubber, plastics, cosmetics and others
where polyethylene wax are majorly utilized is the major factor which drives
the demand for polyethylene wax in Asia Pacific
·
Market
share of North America and Europe are projected to exhibit moderate growth
during the forecast period 2019 to 2027. Rise
in demand for candles in North America and Europe is the major factor which is
expected to drive the demand for polyethylene wax in these regions
·
Increasing
manufacturing of plastic products across all regions followed by rise in usage
of packaging owing to increase in global trade between the countries is the
major factor which is expected to drive the demand for polyethylene wax during
the forecast period 2019 to 2027
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Presence of Substitutes and Volatility of Raw
Material Prices May Hamper the Overall Demand for Polyethylene Wax
·
Fischer-Tropsch
(FT) waxes, also known as gas-to-liquid (GTL) waxes, are an attractive
alternative to polyethylene waxes for numerous applications including printing
inks, paints and varnishes, hot melt adhesives, textiles, and polishes. This
provides superior performance in a variety of applications. In addition, FT waxes
are virtually odorless, making them ideal for use in applications requiring the
addition of color or fragrance such as candles, printing inks, packaging,
fiberboard, and plastic processing.
·
Also,
gas-to-liquid (GTL) technology enables the use of natural gas rather than crude
oil to produce alternatives to Polyethylene wax. FT waxes are synthetically
produced in a controlled manner from carbon monoxide and hydrogen as feed.
Hence, they are consistent in quality and depict better heat stability
·
Manufacturing
operations are bound by regulations and rules with respect to evaluation,
registration, storage, usage, handling, and transportation of certain
substances and such as their emissions, effluents, and other wastes. Violation
of such regulations is expected to lead to legal compromise future
business activities.
·
These
environmental regulations restrain the demand for Polyethylene Wax in packaging
and printing industries, as the violation of these government regulations is
projected to attract heavy penalties and losses. Most market players are
shifting from solvent-based Polyethylene Wax to water-based Polyethylene Wax
·
Furthermore,
Ethylene is the key raw material used in the manufacture of polyethylene wax.
Prices of ethylene are 96% correlated to oil prices; hence,
any fluctuation in crude oil prices directly impacts the prices of ethylene
·
These are
the major factors which may hamper the overall demand for polyethylene wax
during the forecast period 2019 to 2027
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Asia Pacific Expected to be Highly Lucrative Region
of Global Polyethylene Wax Market
·
In terms
of volume and value, Asia Pacific held the largest share of more than 30% of
the global polyethylene wax market in 2018 across the globe.
Rising demand for polyethylene wax in the polyvinyl chloride (PVC) market
coupled with burgeoning coatings industry is driving the growth of polyethylene
wax in the region. This trend is anticipated to continue during the forecast
period 2019 to 2027
·
Apart
from Asia Pacific, Europe is expected to grow at moderate rate compared to
other region. Europe is expected to grow at CAGR of more than 3.0% between 2019 and 2027.
Global Polyethylene Wax Market -Key Developments
·
In 2018,
research scientists has proposed the idea of preparation of oil-soluble
polyethylene wax particles temporary plugging agent (OPPTA) using polyethylene
wax as main raw material to solve the problem of low strength, low permeability
recovery rate, and narrow suitable temperature range of the oil-soluble
temporary plugging agent.
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