Transparency Market Research delivers key insights on the global polyethylene wax market. In terms of revenue, the global polyethylene wax market is estimated to expand at a CAGR of 5.1% from 2021-2031, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global polyethylene wax market.
The global polyethylene wax market is broadly affected by several factors, including rise in usage of polyethylene wax in lubricants, adhesives, and coatings. Increase in demand for lubricants, adhesives, and coatings in packaging, food & beverages, pharmaceutical, petroleum, and refining industries is propelling the global polyethylene wax market.
Polyethylene Wax Market: Dynamics
Polyethylene wax has low molecular weight, high melting point, highly linear structure, chemical resistance, lubrication, and anti-blocking properties. This makes it a top-of-the-line additive in applications that either require lubrication or physical modification in their formulation.
Increase in production and usage of plastics to manufacture various products that are employed in end-use industries such as automotive, packaging, and medical are major factors driving the demand for polyethylene wax.
The packaging industry relies on polymers for packaging and decoration of end-use products. Properties of polymers such as lightness in weight, availability in different colors, low reactivity, and chemical and moisture resistance are leading to an increase in the application of polymers in the packaging industry. This is augmenting the global polyethylene wax market.
Industrial coatings protect materials or products from corrosion and decay; and provide a colorful and esthetic appearance to the coated surface, substrate, or product. Industrial coatings made from polyethylene wax dry quickly and carry high gloss capability.
Increase in population and rapid urbanization in Asia Pacific; and need for improved infrastructure and residential spaces are anticipated to play a crucial role in the expansion of the polyethylene wax market in the region.
Polyethylene Wax Market: Prominent Regions
Asia Pacific dominated the global polyethylene wax market in 2020. The region is expected to maintain its dominance during the forecast period primarily due to the increase in infrastructure and construction activities in China and India.
The polyethylene wax market in Middle East & Africa is anticipated to expand at a significant pace during the forecast period. The expansion of end-use industries in Latin America and Europe is expected to augment the polyethylene wax market in these regions during the forecast period. The rise in demand for polyethylene wax in various applications is also likely to boost the polyethylene wax market in these regions over the next few years.
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Source: TMR