December 3, 2018 - 7:32 AM EST
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Global Polyethylene Wax Market: Rise in Demand for Enhanced Coating System to Augment Demand for Polyethylene Wax - TMR

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.

Albany, New York, Dec. 03, 2018 (GLOBE NEWSWIRE) -- The global polyethylene wax market is highly consolidated in nature as few players in the market hold the majority of the share, notices Transparency Market Research. Top five companies which are The International Group Inc., Mitsui Chemicals America, Inc., Honeywell International Inc., SCG Chemicals Co., and WIWAX held two-third of the total revenue share in the market. Major players are opting for strategic partnership such as mergers and acquisitions with regional or local players to widen their customer base in untapped pockets. These partnerships are expected to create growth opportunities for both the players. Players are investing hefty amount behind research and development activities in order to produce more efficient products in the market.

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According to a study done by Transparency Market Research, the global polyethylene wax market is predicted to expand at a steady CAGR rate of 3.7% over the tenure period, 2015 – 2023. The market which was valued at US$0.25 bn in 2014 is likely to be worth at US$0.35 bn by the end of the assessed period. On the basis of application, the market is segregated into candles, wood and firelogs, packaging, rubber, adhesives and coatings, cosmetics, plastic additives and lubricants. Of these, the candle segment is expected to thrive, thus driving the market. Candles segment holds 20% share in the overall market. On the basis of geography, Asia Pacific is anticipated to dominate the market due tremendous rise in demand for polyethylene wax in China. Rapid industrialization is another important factor favoring Asia Pacific to hold leading position.

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Surge In Demand for Packaged Food Products to Push the Market

Decline of crude oil prices in recent years is considered to provide a boost the sales rate of the market product. Surge in demand of polyethylene wax from various paint and coating industry across the world is expected to favor the market. Strict rules and regulation pertaining to VOC emission are anticipated to increase the demand for enhanced coating system, this is directly like to bring a positive influence on the global polyethylene wax industry. Packaging and food processing industry are also bided by strict rules and regulations. These rules have compelled the manufacturers to improve quality of packaging which is stimulating the market. Low capital investment required is likely to foster the market.

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Presence of Alternative Products and Volatile Crude Oil Prices to Hamper Market Growth

Rise in middle class throughout the world has significantly increased trends like home décor, celebrations, tourism, and presenting innovative gifts, these are prognosticated to bolster the demand. However, it has been noticed that presence of substitute products like Fisher-Tropsch is expected to deter polyethylene wax demand, thus hampering market growth. Volatile crude oil prices due to ongoing political tensions among countries is considered to be a major restraint factor. Nonetheless, growing demand for polyethylene wax in the asphalt industry is foreseen to lift the market.  

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The information presented in this review is based on a TMR report, titled “Polyethylene Wax Market (Application –Candles, Packaging, Wood & Firelogs, Plastic Additives & Lubricants, Rubber, Adhesive & Coatings, Cosmetics, and Printing Inks, Laminates and Polishes) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 - 2023.”

The Global Polyethylene Wax Market has been segmented as presented below:

Global Polyethylene Wax Market - Application Analysis

  • Candles
  • Packaging
  • Wood & Firelogs
  • Plastic Additives & Lubricants
  • Rubber
  • Adhesive & Coatings
  • Cosmetics
  • Others (Including printing inks, laminates, polishes, etc.)

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Source: GlobeNewswire (December 3, 2018 - 7:32 AM EST)

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