Paraffin is a waxy or liquid substance derived from petroleum or crude oil through refining. It is frequently used in various industries and applications and is odorless, colorless, and solid at room temperature. Due to its low melting point, paraffin can produce candles, cover objects with wax, and lubricate equipment. As a constituent in cosmetic and skincare goods, it is also used in the medical industry for procedures such as paraffin wax baths. Due to its characteristics, paraffin is a substance with many applications.
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Data Bridge Market Research analyzes the Global Paraffin Market is expected to reach USD 15,652,425.97 thousand by 2030 from USD 11,266,424.06 thousand in 2022, growing with a substantial CAGR of 4.2% in the forecast period of 2023 to 2030. Increasing demand for paraffin in the automotive and personal care sectors is expected to drive market growth.
Key Findings of the Study
Extensive Usage Of Paraffin in Automotive Sector
The application of paraffin as both a fuel and a wax in the automotive industry plays a vital role in driving the paraffin market. The demand for paraffin-based fuels in the automotive and aviation sectors and the increasing emphasis on environmental sustainability and regulatory compliance are expected to drive market growth. In addition, the automotive sector's reliance on paraffin wax for various applications, including rust prevention and tire care, contributes to the expanding market. These factors collectively indicate a positive outlook for the paraffin market, which is expected to drive market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 – 2020)
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Quantitative Units
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Revenue in USD Thousand
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Segments Covered
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Product (Paraffin Wax, Liquid Paraffin, Kerosene Paraffins, and Petroleum Jelly), Form (Solid and Liquid), Application (Cosmetic/Personal Care, Lighting/Candles, Paper/Packaging, Polymers, Food, Tires/Rubbers, Fuel, Coatings/Inks, Pharmaceuticals, Agriculture, Adhesives, Textile, lubricants, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Western Europe, Northern Europe, Southern Europe, Eastern Europe, China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Philippines, Thailand, Singapore, Malaysia, Rest of Asia-Pacific, United Arab Emirates, Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa
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Market Players Covered
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Exxon Mobil Corporation (U.S.), Repsol (Spain), Shell Global (U.K.), Reliance Industries Limited (India), ENEOS Corporation (Japan), Indian Oil Corporation Ltd (India), Cepsa (Spain), Bharat Petroleum Corporation Limited (India), Sasol Limited. (South Africa), ENI S.p.A. (Italy), Calumet Specialty Products Partners,L.P. (U.S.), H&R GROUP (Germany), The International Group, Inc. (Canada), Farabi Petrochemicals Co. (Saudi Arabia), Adinath Chemicals (India), FUCHS (Germany), LANXESS (Germany), Unicorn (India), and Industrial Raw Materials LLC (U.S.). among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The global paraffin market is segmented into three notable segments based on product, form, and application.
- On the basis of product, the market is segmented into paraffin wax, liquid paraffin, kerosene paraffins, and petroleum jelly.
In 2023, the paraffin wax segment is expected to dominate the global paraffin market
In 2023, the paraffin wax segment is expected to dominate with a 46.74% market share because of its extensive applications in various industrial sectors.
- On the basis of form, the market is segmented into solid and liquid.
In 2023, the solid segment is expected to dominate the global paraffin market
In 2023, the solid segment is expected to dominate with a 51.48% market share because the most utilized paraffin products, such as paraffin wax and petroleum jelly, come in solid form.
- On the basis of application, the market is segmented into cosmetic/personal care, lighting/candles, paper/packaging, polymers, food, tires/rubbers, fuel, coatings/inks, pharmaceuticals, agriculture, adhesives, textile, lubricants, and others. In 2023, the cosmetic/personal care segment is expected to dominate with a 36.35% market share.
Major Players
Data Bridge Market Research recognizes the following companies as the major players in the global paraffin market that include are Exxon Mobil Corporation (U.S.), Repsol (Spain), Shell Global (U.K.), Reliance Industries Limited (India), ENEOS Corporation (Japan), Indian Oil Corporation Ltd (India), Cepsa (Spain), Bharat Petroleum Corporation Limited (India), Sasol Limited. (South Africa), ENI S.p.A. (Italy), Calumet Specialty Products Partners,L.P. (U.S.), H&R GROUP (Germany), The International Group, Inc. (Canada), Farabi Petrochemicals Co. (Saudi Arabia), Adinath Chemicals (India), FUCHS (Germany), LANXESS (Germany), Unicorn (India), and Industrial Raw Materials LLC (U.S.). among others.
Market Development
- In March 2023, Shell plc published its Energy Transition Progress Report 2022, which showed that it has again met its climate targets as part of its energy transition strategy. The report highlights important steps Shell has taken to advance its energy transition strategy.
- In April 2022, FUCHS PETROLUB, the world's largest independent lubricant manufacturer, took 3rd place overall in the BCG Gender Diversity Index 2021 and enjoyed being the highest-ranked MDAX company. This helped the company to enhance its brand recognition
- In October 2021, Shell Plc signed an agreement with Shell and Pryme for strategic plastic waste to chemicals cooperation. The agreement builds on Shell’s ambition to recycle one million tonnes of plastic waste annually in global chemical plants by 2025.This agreement will help to enhance the company's image in the market.
- In October 2021, Shell Plc signed an agreement with Shell and Pryme for strategic plastic waste to chemicals cooperation. The agreement builds on Shell’s ambition to recycle one million tonnes of plastic waste annually in global chemical plants by 2025.This agreement will help to enhance the company's image in the market
- In May 2021, ExxonMobil announced a USD 2 Billion investment to expand its Baytown, Texas, Chemical plant, which will create approximately 2,000 jobs during construction and contribute to the approximate 15% return the company expects from its chemical investments.
Regional Analysis
Geographically, the countries covered in the global paraffin market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Western Europe, Northern Europe, Southern Europe, Eastern Europe, China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Philippines, Thailand, Singapore, Malaysia, Rest of Asia-Pacific, United Arab Emirates, Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa.
As per Data Bridge Market Research analysis
Asia-Pacific is the dominant in the global paraffin market during the forecast period of 2023 to 2030.
Asia-Pacific is expected to dominate the market due to the growing demand for cosmetics and coating materials in the region.
Asia-Pacific is the dominant in the global paraffin market during the forecast period of 2023 to 2030.
Asia-Pacific is expected to dominate the market due to growing demand for water-resistant packaging materials.
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