Paraffin Wax Market to Hit USD 7.80 Billion by 2028; Growing Demand from Cosmetics Industry to Fuel Market Progress: The Brainy Insights
NEWARK, N.J., Feb. 28, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global paraffin wax market is expected to grow from USD 4.91 billion in 2020 to USD 7.80 billion by 2028, at a CAGR of 5.82% during the forecast period 2021-2028.
The paraffin wax market has been witnessing steady growth over the past few years. The demand for paraffin wax for candle making is very high, owing to the increasing popularity of aromatherapy and home fragrance products. These waxes can also be used to provide relief from pain to muscles and sore joints. Furthermore, High melting point paraffin wax can be used as an external lubricant for PVC. High melting points help in dispersing smoothness and improve the production speed and fluidity of the product. Currently, paraffin wax is commonly used to manufacture waterproof tarpaulin, owing to its advantages such as durability, waterproofing, and cost-effectiveness, and is widely used for either protecting or covering crops and vehicles.
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Paraffin wax is a colourless, white soft wax that generally comes in solid or liquid form. It obtains from the petroleum coal and oil shale, which consists of a mixture of solid straight-chain hydrocarbons. It is used in paper, candles, cosmetics, polishes, and electrical insulators. It also assists in extracting perfumes from flowers, supplies a waterproof coating for wood, and forms a base for medical ointments.
The global paraffin wax market is growing at a steady growth rate, owing to increasing demand for a variety of end-use applications such as candle manufacturing, rubber, cosmetics, etc. In addition to this, the rising usage of paraffin wax in the packaging and automotive industry further drives the growth of the market. Furthermore, the increasing application of paraffin wax for therapy treatment is expected to offer new growth opportunities for the vendors in the market. However, growing usage for environment-friendly alternatives, such as beeswax, soy, and polyethylene wax, is anticipated to hamper the growth of the paraffin wax market over the forecast period.
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Key players operating in the global paraffin wax market ExxonMobil, PetroChina Company Limited, Sasol, Honeywell, The International Group, Inc., Chennai Petroleum Corporation Limited (CPCL), Petrobras, Nippon Seiro Co., Ltd., Petro-Canada, Repsol, H&R Group, CEPSA, and Indian Oil Corp Ltd (IOCL) among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global paraffin wax industry.
- In February 2018, Sasol announced the successful commission of its Fischer-Tropsch Wax Expansion Plant (FTWEP) at its Sasolburg operation, with the aim to expand Sasol's Southern African operations. This expansion is a part of the company's regional strategy and the company's commitment to industrial investment in South Africa.
- In October 2019, Cepsa announced that it had renewed its agreement with ExxonMobil for the manufacture, distribution, and supply of Mobil-brand marine lubricants in more than 130 ports in Spain, Portugal, and Gibraltar.
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The fully refined wax held the major market share and was valued at USD 2.76 billion in the year 2020
The type segment is divided into fully refined paraffin wax and semi-refined paraffin wax. The fully refined wax held the major market share and was valued at USD 2.76 billion in the year 2020. Fully refined paraffin wax is the highest grade purity wax and is generally used in applications such as the Medical, food, and cosmetics industry.
The solid segment dominated the market and held the major market share of 70.56% in the year 2020
The form segment includes solid and liquid. The solid segment dominated the market and held a major market share of 70.56% in the year 2020. Solid form paraffin wax is widely used for candle making and in the packaging industry as wax coatings for film, paper, and foil substrates, including corrugated board, cups, and containers.
The cosmetics application segment is estimated to rise at the highest CAGR of 6.1% over the forecast period.
The application segment includes candles, packaging, cosmetics, hotmelts, board sizing, rubber, and others. The cosmetics application segment is estimated to rise at the highest CAGR of 6.1% over the forecast period. Paraffin wax has air and water barrier properties, which open up a myriad of applications in the cosmetics industry. The global cosmetics industry is driven by the rise of e-commerce, product innovation, and growth in travel retail across the globe. In addition to this, increasing demand for cosmetics products in developing countries such as India, China, Brazil, and Southeast Asian countries, further drives the growth of the market.
Regional Segment Analysis of the Paraffin Wax Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
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The regions analysed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region emerged as the largest market for the paraffin wax market and was valued at USD 1.69 billion in 2020. This is because of the presence of emerging economies such as India and China in the Asia Pacific region. Consumption of paraffin wax in cosmetics and in candles is at its peak in these countries, which is boosting the market growth. In addition to this, the region contributes in terms of high production of paraffin wax for various applications. China is the leading country in the Asia Pacific region, owing to the presence of key vendors of the paraffin wax market in the country. On the other side, the Middle East & Africa region is projected to grow at a healthy growth rate in the global paraffin wax market, owing to a rise in the oil and gas exploration activities, which is likely to result in wide availability of raw material resources for paraffin wax in the region.
About the report:
The global paraffin wax market is analysed on the basis of value (USD Billion), volume (Kilotons), export (Kilotons), and import (Kilotons). All the segments have been analysed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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