The global Oxidized Polyethylene Wax Market size is expected to reach USD 1.04 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a compound annual growth rate of 4.8% over the forecast period. The global market is expected to witness substantial growth over the forecast period owing to the increase in the demand from end-use applications, such as plastics, coatings, hot melt adhesives, rubber processing, and printing. Nontoxic nature, high thermal stability, and excellent dispersion have increased product consumption in the aforementioned segments.
It is
used in masterbatches in other applications including polymer processing,
leather, textile, metalworking industries, and tire manufacturing. The
market growth is also driven by rising product demand in the coatings and
rubber processing industries. The rising usage of hot melt adhesives in various
consumer goods applications, such as furniture making, shoe manufacturing,
packaging, baby diapers, and cigarettes, is expected to be one of the major drivers. Moreover,
the rise in demand for paperboard & paper and building boards is likely to
contribute to the market development.
Ethylene
and petrochemical waxes are the main raw materials used in the manufacturing
of polyethylene (PE) wax, which is further oxidized to
manufacture the product. The major demand for printing ink across the globe arises from
printed packaging products, followed by newspaper printing and printed
advertisements. Solvent, water, and oil-based inks are used along with wax in
digital printing, offset printing, and flexo printing processes. Furthermore,
with the high penetration of print manufacturing companies globally, such as
DIC India, Toyo Ink, Wikoff Color, and Ruco, the demand is likely to rise over
the coming years.
Asia
Pacific is one of the largest plastic manufacturing regions globally. The high
demand for commodity plastics in the region, such as PVC, PE, and PU, has
boosted the application of PE waxes. The demand for products that have applications
in the infrastructure and industrial sectors is growing rapidly. The paints and
coatings industry is expected to be the major contributor to the regional
market growth, owing to the presence of a large number of emerging economies
making significant investments in infrastructure development.
Related Press
Release @ Oxidized
Polyethylene Wax Market Report
Oxidized Polyethylene Wax Market Report Highlights
- The unstable
price of crude oil, from which petroleum wax is derived, significantly
affects the stability of PE wax production across the globe
- In terms of
volume, the high-density product segment accounted for the largest share
of the market in 2020 and is expected to retain its lead throughout the
forecast period
- The paints
& coatings application segment dominated the global market and
accounted for more than 21% of the overall revenue share in 2020
- Asia Pacific
accounted for more than 12% of the global share, in terms of volume, in
2020. Increasing consumption of the product in the industrial and
infrastructural industries is assisting the market growth in the region
- In April
2020, Lubrizol Corp. joined hands with Nike, Inc. by donating
Thermoplastic Polyurethane (TPU) polymers, an essential element in PPE
kits, to produce and donate Powered Air-Purifying Respirator (PAPR) lenses
and full-face shields for frontline healthcare workers during the COVID-19
pandemic
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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