The global oxidized polyethylene wax market size is projected to reach USD 446.4 million by 2025, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.7% during the forecast period. The growth is majorly driven by rising demand for product in coatings and rubber processing industries.
Asia Pacific is the largest consumer of oxidized Polyethylene (PE) wax with China holding the highest market share. Growth of automotive industry has led to high demand for tire production which is yet another key market driver. However, companies such as Braskem have been successful in the production of bio-ethylene which have the same chemical and physical properties as that of fossil fuel derivatives.
Growing paints and coatings industry in Asia Pacific has been showing increased demand for the product, especially in countries such as China and India. Moreover, continuous efforts taken by China to develop shale gas will be a decisive factor for the region to benefit from lower raw material prices.
Polyethylene wax and oxidized polyethylene wax are both used in paints and coating applications. The advantage of Oxidized PE wax over its precursor is, it emulsifies more easily in water when added with an emulsifying agent. Moreover, oxidized waxes are typically cationic in nature and chemically more stable. In coating applications, oxidized PE wax is used in temporary protective coatings, wood finishes, textile, glass, leather, fruits, paper, and chlorinated rubber coating.
Ethylene is the major raw material used for manufacturing oxidized polyethylene wax and it finds high demand in various application segments. Since the past few years, increasing capacities of petroleum refineries and manufacturers of petroleum products have been insufficient to meet the parallel increase in product demand across end-use industries, and hence it has created supply demand gap in the market.
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Key Takeways Of The Report :
- High density PE (HDPE) wax is the dominant product owing to its properties such as low viscosity, good hardness and high softening point, and compatibility with various substrates
- Asia Pacific countries are the largest consumers of ethylene with growing consumption into construction, packaging, and automotive sector. Demand in packaging applications is dominating over others owing to characteristics of the product such as thermal resistance, corrosion resistance and lightweight
- China is the largest paints and coatings market and is expected to grow irrespective of economic growth. Major automobile manufacturers are also shifting their bases to this country which is further anticipated to have a positive impact on the product consumption
- Some of the key participants operating in the oxidized polyethylene wax market are Innospec, Clariant International AG, CNPC, BASF SE, Marcus Oil, Lubrizol, and Trecora Chemicals among others
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Grand View Research, Inc. has segmented the global oxidized polyethylene wax market on the basis of product, application and region:
Oxidized Polyethylene Wax Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- High Density PE Wax
- Low Density PE Wax
Oxidized Polyethylene Wax Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Hot Melt Adhesive
- Printing Inks
- Rubber Processing
Oxidized Polyethylene Wax Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- South Korea
- Central and South America
- Middle East and Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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