Scienza e Tecnologia
Paraffin Wax Market to Hit USD 7.80 Billion by 2028; Growing Demand from Cosmetics Industry to Fuel Market Progress: The Brainy Insights
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.
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.
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 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 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.
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.
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.
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.
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
Logo: https://mma.prnewswire.com/media/1747971/Brainy_Insights_Logo.jpg