San Francisco, CA – 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% from 2021 to 2028. 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.
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.
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.