Growing demand for cosmetic products is one of the significant factors influencing market growth.
Market Size – USD 5.42 billion in 2018, Market Growth – CAGR of 3.9%, Market Trends – Increasing demand for paraffin wax in making candles.
The global Paraffin Wax Market is expected to reach USD 7.72 Billion by 2027, according to a new report by Reports and Data. Paraffin wax has widespread application in the making of functional candle, owing to its several benefits such as ease of dyeing with all types of candle dyes, and compatibility with all types of fragrance oils and additives used in making of candles. Also, it is very economical in comparison to other kinds of waxes to manufacture candles.
Paraffin wax finds application in the cosmetic industry for application on the hands and feet. It is a natural emollient effect that aids in making skin soft and supple. On application to the skin, it imparts moisture and carries on to improve the moisture levels of the skin post completion of the treatment. Moreover, it helps to exfoliate skin and open pores, thereby giving a smoother and fresher appearance to the skin. Combinations of paraffin and micro waxes find usage in the rubber industry to avert cracking of the rubber; the blend of wax moves to the surface of the rubber product and forms a protective layer. Also, this layer acts as a release agent, assisting the product separate from its mold.
Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market. The pandemic has affected every segment of the market, along with bringing disruption in the supply chain, demands & trends, and financial difficulties. The report covers the initial and future assessment of the COVID-19 impact on the market.
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The report covers the market dynamics analysis, company profiles, production and manufacturing capacity, product specifications, product value, and key players. The report also offers an insight into the growth prospects during the forecast period. The Paraffin Wax Market report also offers detailed data on the key market players to impart a deeper understanding of the competitive landscape. The report focuses on the key market elements to ensure the readers gain a competitive advantage and maximum benefit of the market data to assist them in achieving substantial growth and an advantageous position in the global market.
Key findings of the report:
By product type, fully-refined paraffin wax is likely to grow at a significant rate in the forecast period, as it contains below 0.5% of oil and has the highest grade of refinement. It is clay treated or hydro-treated to take out impurities and discoloration.
By availability, solid paraffin wax dominated the market in 2018 and is expected to experience a growth rate of 3.7% in the period 2019-2027.
By applications, candles contributed to the largest market share in 2018 and is projected to grow at the fastest rate of 3.6% in the forecast period. Candles are used primarily for their aesthetic value and aroma, mostly to set a soft or warm ambiance, emergency lighting in case of electrical power failures, and for religious purposes, among others.
The market in the Asia Pacific region held the largest market share in 2018 and is likely to grow at a rate of 4.8% in the forecast period. The market dominance of the APAC region is attributed to the increasing demand for candles, packaging, and hot melt adhesives in developing economies, including India, China, and South Korea.
Key participants include ExxonMobil, Sinopec, PetroChina Company Limited, Sasol, The International Group, Honeywell, Nippon Seiro Company Limited, Petrobras, Repsol, and Indian Oil Corporation Ltd., among others.
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For the purpose of this study, the global Paraffin Wax market has been segmented on the basis of disease type, application, distribution channel, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Fully-Refined Paraffin Wax
Semi-Refined Paraffin Wax
Availability Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
Liquid Paraffin Wax
Solid Paraffin Wax
Applications Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
By Region (Revenue, USD Million; 2017-2027)
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
Key Coverage of the Report:
- An in-depth analysis of the historical years and the forecast period has been offered in the report
- Paraffin Wax Market dynamics, including key drivers, challenges, restraints, threats, and growth opportunities have been analyzed in reports
- SWOT analysis and Porter’s Five Forces analysis with feasibility analysis and investment return analysis
- Competitive landscape benchmarking along with a comprehensive overview of their company profiles, product portfolios, strategic business decisions, and financial standings
- The report covers mergers and acquisitions, product launches and brand promotions, joint ventures, collaborations, and partnerships among few
- Pictorial representation of the key statistical data into graphs, tables, charts, diagrams, and figures
- An in-depth analysis of the current and emerging market trends and developmental patterns
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