Global Paraffin Wax Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Over the last few years, the paraffin wax market has grown steadily. Paraffin wax will continue to be widely used in the production of candles. Moreover, due to its benefits such as durability, waterproofing, and cost-effectiveness, paraffin wax is now commonly used to manufacture waterproof tarpaulin, which is widely used to protect or cover crops and vehicles. Therefore, high utilization further boosts the popularity of paraffin wax across the industries, thus resulting in positive outlook for the market.

Global Paraffin Wax Market was valued at USD 5.19 billion in 2021 and is expected to reach USD 8.16 billion by 2029, registering a CAGR of 5.80% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Paraffin wax is a colorless, soft solid derived from petroleum, coal, or oil shale as a byproduct of the oil purification process. It is derived from the dewaxing process of crude oil and then further processed for use in products. Paraffin wax is made up of a mixture of hydrocarbon molecules with 20 to 40 carbon atoms. Paraffin candles that have not been dyed or scented are odorless and bluish-white in color. It is water insoluble but soluble in ether, benzene, and certain ethers. The feedstock for paraffin wax is slack wax, which is a mixture of oil and wax.

Paraffin wax Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Numerous Applications of Paraffin Wax

The demand for paraffin wax has increased due to an increase in aromatherapy with an emphasis on home scenarios. As wax is the master key in the beauty industry, paraffin wax is reaching new heights of expansion for skin care products. Because the wax has a spectacular water or moisture obstacle quality that is more comfortable for cardboard coating, it is highly demanded for fragrance candles and has seen tremendous growth in the food packaging industry as well. Moreover, the high adoption of paraffin wax in the production of flexible packaging for the food and beverage, pharmaceutical, and personal care industries coupled with huge contribution to oil and gas exploration, which is likely to have an abundance of underdone substances, thereby boosting the paraffin wax market.

Additionally, the due to its aesthetic appeal and thermal insulation material properties, leading global manufacturers prefer paraffin wax for packaging. Other important characteristics include grease and odor resistance, gloss, and water vapor resistance. However, natural waxes are gaining popularity in the packaging industry.

 Opportunities

• Developments and Awareness

Furthermore, various developments by the market players and significant investments in research and development activities which further enhance the applications of product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing awareness about the benefits of paraffin wax such as malleability, hydrophobicity, and its ability of solubility in organic nonpolar solvents will further expand the future growth of the paraffin wax market.

Restraints/Challenges

• Adverse Impact on Health

However, when the paraffin wax is burned, it emits toxic fumes and has various negative health effects. It can also cause asthma and lung cancer. This further hampers the growth of the global paraffin wax market.

• Availability Of Eco-Friendly Alternatives

Also, the availability of alternate eco-friendly products such as polyethylene wax and beeswax will further harm the demand for the paraffin wax market. Consequently, this factor will challenge the paraffin wax market growth rate.

Moreover, the paraffin wax market is also hampered by fluctuations in crude oil prices.

This paraffin wax market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the paraffin wax market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Paraffin Wax Market

The recent outbreak of coronavirus had a negative impact on the paraffin wax market. Supply chains are being disrupted, causing disruptions in manufacturing activities in many countries. This is having a negative impact on the global paraffin wax market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.

On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.

Global Paraffin Wax Market Scope

The paraffin wax market is segmented on the basis of application, product type and form. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Application

• Candles
• Packaging
• Cosmetics
• Hotmelts
• Board Sizing
• Rubber
• Others

Product Type

• Fully-Refined Paraffin Wax
• Semi Refined Paraffin Wax
• Others

Form

• Liquid Paraffin Wax
• Solid Paraffin Wax
• Others

Paraffin Wax Market Regional Analysis/Insights

The paraffin wax market is analyzed and market size insights and trends are provided by country, application, product type and form as referenced above.

The countries covered in the paraffin wax market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the demand for hot melt adhesives in areas such as woodworking within the region. Moreover, demand for packaging industry and fragrance candles will boost the market growth.

On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing spending on research and development for applications in the region. Massive investments and the proliferation of industry leaders in countries like India and China are driving up regional demand for paraffin wax.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Paraffin Wax Market Share Analysis

The paraffin wax market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to paraffin wax market.

Some of the major players operating in the paraffin wax market are

• BASF SE (Germany)
• Clariant (Switzerland)
• Numaligarh Refinery Limited (India)
• Trecora Resources (U.S.)
• Indian Oil Corporation Ltd (IOCL) (India)
• Goyel Chemical Corporation (India)
• Nippon Seiro Co., Ltd. (Japan)
• AVERY DENNISON CORPORATION (U.S.)
• Marcusoil (U.S.)
• Mitsui Chemicals, Inc., (Japan)
• 3M (U.S.)
• Sika AG (Switzerland)
• Honeywell International Inc.,(U.S.)
• Westlake Corporation (U.S.)
• CPCL (India)
• Innospec (U.S.)

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