NEW YORK, June 09, 2022 (GLOBE NEWSWIRE) — The global paraffin wax market size is estimated to grow a CAGR around 4.8% over the forecast timeframe and reach a market value of US$ 7,795 million by 2030.
Paraffin wax, also known as petroleum wax, was first commercially manufactured in 1867. It is a crystalline solid or white, somewhat transparent, hard wax made up of a mixture of solid plain hydrocarbons with melting points generally range from 48° to 66° C. It can be found in candles, polishes, wax paper, cosmetics, and electrical insulators, among other things. It is also used to extract fragrance from flowers, as a base for medical ointments, and as a wood waterproofing coating. The demand for paraffin wax to be used in the production of candles is increasing daily. Aromatherapy candles are very popular in spas and hotels. Furthermore, consumers prefer paraffin wax because it acts as an excellent barrier against the transmission of gas and odor. Furthermore, paraffin wax is used in other end-use industries such as hot melts, board sizing, rubber, and packaging, which stimulates the economy.
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Global Paraffin Wax Market Growth Aspects
There is a high demand for paraffin wax for candle making due to the growing popularity of aromatherapy and household fragrance products. Furthermore, rising consumer awareness of the importance of home ambiance boosts demand for candles, resulting in the expansion of the paraffin wax market. Even though wax is necessary for the beauty and personal care industries, the paraffin wax industry is growing due to increased demand for skincare products. The oil type paraffin wax is used in skincare products. Because of its easy applicability, it is largely used in the production of balms, creams, and lotions. Paraffin waxes can also be used to make fatty strong fragrances, which are used to perfume the outer layer of skin. Paraffin wax is currently being used to treat pain and swelling, as well as to reduce inflammation and muscle spasms. Additionally, at the moment, paraffin wax is commonly used in the manufacture of waterproof tarpaulin. Water resistance, durability, and low cost are all advantages of these tarpaulins. Tarpaulins are frequently used to shield or cover crop production and equipment. Nowadays, it is widely used in spas as a wax hot shower therapy. As a result of the increased use of paraffin wax for therapy treatment, market vendors are expected to benefit from increased growth opportunities.
|Market||Paraffin Wax Market|
|Market Size 2021||US$ 5,123 Mn|
|Market Forecast 2030||US$ 7,795 Mn|
|CAGR||4.8 % During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Type, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||CNPC (Sinopec), Sasol Corp, Royal Dutch Shell Plc, Venezuela National Oil Company, Exxonmobil, Petro Canada Lubricants, Petrobras, Marathon Oil Corporation, Big West Oil LLC, Cepsa Company, Naftowax, and Nippon Siero Co.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global Paraffin Wax market. In the forecasted period, North America is expected to be the largest paraffin wax market, with the United States attributing the major shares. Growing demand for paraffin wax from various applications such as candles, beauty products, personal care, rubber, and hot melt are some of the major drivers of growth in the region. The high demand for aromatherapy candles, as well as the rapidly growing pharmaceuticals, cosmetics, and packaged food and beverage industries in the United States and Canada, are expected to drive significant growth in North America. Consumers’ inflexible work schedules and poor eating habits are likely to drive demand for packaged food products, which will fuel growth during the forecast period.
Furthermore, mass production of cosmetic products, perfumery, and packaging material is expected to drive market growth in the Middle East and Africa. Furthermore, increased oil and gas drilling in the region is likely to expand raw material availability, which is anticipated to accelerate growth throughout the forecast period.
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The global paraffin wax market has been segmented by Acumen Research and Consulting based on type, and application. Based on the type, the global paraffin wax market is categorized into fully refined wax, semi-refined wax, and others. Based on application, the segments include packaging, rubber, cosmetics, candles, hot melts, board sizing, and others.
Some key players covered global in the paraffin wax industry are CNPC (Sinopec), Sasol Corp, Royal Dutch Shell Plc, Venezuela National Oil Company, Exxonmobil, Petro Canada Lubricants, Petrobras, Marathon Oil Corporation, Big West Oil LLC, Cepsa Company, Naftowax, and Nippon Siero Co.
For instance, in March 2022, Sasol has sold its German holding company Sasol Wax GmbH to AWAX s.p.a., an international organization highly specialized in the development, production, and distribution of wax products. As of March 1, 2022, the company, which has two manufacturing plants in Hamburg, Germany, one in the United Kingdom, and one in Austria, will be known as Hywax GmbH.
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