Analysis of Potential Impact of COVID-19 on Polyethylene Wax Market
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
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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.
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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.
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- Leading companies operating in the global polyethylene wax market include WIWAX, SCG Chemicals Ltd., Honeywell International Inc., Mitsui Chemicals America Inc., and The International Group Inc. The report segments the global polyethylene wax market as follows:
Global Polyethylene Wax Market: Application
- Candles
- Packaging
- Wood & Firelogs
- Plastics Additives & Lubricants
- Rubber
- Polyethylene Wax & Coatings
- Cosmetics
- Other Applications
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