Polyethylene wax is a synthetic type of wax derived from polymerization of ethylene, which is derivative of crude oil. Polyethylene wax can be produced in two main grades; emulsifiable and non-emulsifiable, which differ from one another on the basis of their molecular weights. Polyethylene wax market is commonly found in a pellet form, with a white, transparent, hard texture. It is mostly odorless and non-toxic for individuals, and has resistance to certain chemicals and water.
Growing demand from various industries for polyethylene wax is a major factor boosting growth of the global market. Also, polyethylene wax being widely used in the manufacturing of polyvinyl chloride (PVC) and printing inks owing to its various properties is another factor anticipated to aid growth of the target market over the forecast period. Moreover, availability of ethylene in abundant quantities owing to increasing exploration activities for shale gas & crude oil and discoveries of large shale gas reserves in developed economies are other factors projected to boost growth of the global market over the forecast period to a significant extent. But volatility in crude oil prices thus limiting ethylene extraction is a key factor hampering growth of the global polyethylene wax market. In addition, increasing availability of substitutes for polyethylene wax is another factor limiting growth of the target market over the forecast period.
The global polyethylene wax market report has been segmented on the basis of type, application, and region. On the basis of region, the global polyethylene wax market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Asia Pacific accounted for highest share in terms of revenue in the global polyethylene wax market, and is anticipated to maintain its dominant revenue contribution over the forecast period. This can be attributed to increasing production and use of polyethylene wax in various end use industries in countries in the region. The North American and European markets also accounted for significant revenue contributions in the global market, owing to abundant availability of shale gas reserves and increasing adoption of polyethylene wax in countries in the region. Moreover, the Asia Pacific market is projected to expand registering highest CAGR of X.X% over the forecast period, owing to rapid industrialization in emerging economies such as China and India.
Prominent players in the global polyethylene wax market include Honeywell International Inc., The International Group Inc., Arya Chemical Inc., The Lubrizol Corporation, Westlake Chemical Corporation, Clariant International, BASF SE, Trecora Resources, and Mitsui Chemicals, Inc.