A three-pronged approach was followed for deducing the polyethylene wax market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for polyethylene wax market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of polyethylene wax market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The polyethylene wax market was categorized into four segments, namely product (High Density Polymerized PE Wax, Low Density Polymerized PE Wax, Oxidized PE Wax, Micronized PE Wax), technology (Polymerization, Modification, Thermal Cracking, Micronization), application (Candles, Packaging, Woods & Fire Logs, Printing Inks, Cosmetics, Plastic Additives, Lubricants, Rubber), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The polyethylene wax market was segmented into product, technology, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The polyethylene wax market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Italy, China; India; Japan, South Korea, Brazil; Argentina; Saudi Arabia; and South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The polyethylene wax market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Baker Hughes Company - Baker Hughes Company is a global company engaged in the oilfield services sector. The company has operations across 120 countries. The four major product & service lines offered by the company include oilfields; turbomachinery & process solutions; software analytics for oil & gas companies; and measurement, testing, and control services. It is a technology-oriented company that released over 2,700 patents in 2018 working with a cluster of more than 9,000 scientists & engineers. The company invested USD 700 million in research & development activities to formulate new products and unique solutions for its clients worldwide.
BASF SE - BASF SE is a global chemical manufacturing company. It operates through five major business segments, namely chemicals, performance products, functional materials & solutions, agricultural solutions, and oil & gas. The company has an operational presence in over 80 countries through six Verbund sites and 353 production sites across the globe. It markets its polyethylene wax products under the Luwax brand for use in various applications such as polishes, coatings, and plastics processing.
Clariant AG - Clariant AG is a Switzerland-based chemical manufacturing company that was initially established as Sandoz Chemical Company in 1886. The company serves industries such as agriculture, consumer goods, chemical intermediates, automotive, oil & gas, electronics, and pharmaceutical. It markets its polyethylene wax products under the Licowax brand, which are specifically used in plastics and emulsifiers among other applications. The key business areas of the company include natural resources, care chemicals, and catalysts.
Mitsui Chemicals, Inc. - Mitsui Chemicals, Inc. is a chemical manufacturing company with a worldwide presence. The company operates through five major verticals, which include food & packaging, mobility, basic materials, healthcare, and next-generation businesses. It generates around 45% of its sales from overseas and around 55% from Japan. The company has set targets to achieve USD 1.85 billion operating income by the end of 2025.
Nanjing Tianshi New Material Technologies Co., Ltd. - Yangzhou Tianshi New Material Technologies Co., Ltd. is a China-based chemical manufacturing company. It mainly formulates wax additives and has an annual production output of 7,000 tons of special powder and 52,000 tons of various wax products. The company operates with a range of 10 refined wax additive products and caters to rubber, engineering plastics, textile & paper, masterbatches, and other allied industries in the country.
Hase Petroleum Wax Co. - Hase Petroleum Wax Co., a U.S.-based wax manufacturer, has established networks with several refineries across the North America region. The company is engaged in developing various wax products from new sources to cater to the increasing demand from producers and blenders of multiple industrial products in the region. Key products marketed by the company include white oils, microcrystalline, synthetic waxes, natural waxes, fully refined paraffin, polyethylene waxes, scale waxes, and petrolatum among others.
Deurex AG - Deurex AG manufactures a broad range of waxes including micronized waxes, coated waxes, wax dispersions & emulsions, oxidized waxes, master waxes, amide waxes, Fischer-Tropsch waxes, hybrid waxes, polyethylene waxes, sugarcane & other natural waxes among other variants. The company has its polyethylene wax manufacturing facility in Elsteraue, Germany, wherein various polyethylene-based waxes are formulated.
Honeywell International Inc. - Honeywell International Inc. is a U.S.-based conglomerate company that operates in the field of chemical manufacturing and serves its products on a global scale. The company recorded overall sales of USD 41.8 billion in 2018, with its services in aerospace, building & construction, manufacturing, and footwear among other domains. It markets its polyethylene wax products under the Honeywell brand, which are specifically in coatings, inks, and polishing applications.
SCG Chemicals Co., Ltd. - SCG Chemicals Co., Ltd. is a petrochemical company that is integrated with upstream operations into the formulation of olefins as well as downstream operations with three major plastic resin products that include polyvinyl chloride, polypropylene, and polyethylene. Key application markets served by the company include packaging, healthcare, agriculture, automotive, additive & lubricants, lifestyle & living, and building & infrastructure.
Marcus Oil & Chemicals Pvt. Ltd. - Marcus Oil & Chemicals Pvt. Ltd. is a chemical manufacturing company and is majorly involved in formulating a broad range of polyethylene-based waxes for end-use industries such as paints & coatings, adhesives, and candles. The company has two main manufacturing sites, namely Texas, U.S., and Haldia, India. Current operations of the company are being carried out in India with an annual production capacity of 250 million pounds of PE wax. The processing unit includes a drum flaker as well as six accudrop belts (60″ wide and 88’long). The company markets its polyethylene wax products under the Marcus brand for use in coatings, color concentrate, bitumen modification, and emulsions applications.
Cosmic Petrochem Pvt. Ltd. - Cosmic Petrochem Pvt. Ltd. offers an array of PE wax formulations and specialty additive products to cater to the regional wax, rubber, and plastics industries. The company formulates multiple wax products to serve the local manufacturers of industrial coatings, paints, textiles, masterbatches, PVC stabilizers, and industrial compounds. It markets its products under the CP Wax brand across the regional marketspace. The company has a proprietary manufacturing process in place that helps it control molecular weight and molecular weight distribution.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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