NEWARK, Del, July 26 2022 (GLOBE NEWSWIRE) — According to the latest industry analysis from Future Market Insights, the paraffin wax market is expected to witness a substantial CAGR of 5.7% and is expected to grow by US$9.2 billion in 2021. to US$15.98 billion by 2032.
Due to their higher water resistance as compared to packaging materials, paraffin wax market share is also expected to increase significantly over the projection period. In an effort to promote the expansion of the paraffin wax market, paraffin wax manufacturers are constantly expanding their base oil facilities.
The paraffin wax market share is also supported by increasing shale oil production and exploration in the United States, Russia, China, and Brazil. As people become more aware of the importance of the environment, the paraffin wax market is expected to grow, along with the demand for aromatherapy.
The largest international companies use paraffin wax as a thermal insulator and for aesthetic purposes in packaging.
The increased use of environmentally acceptable substitutes, including polyethylene wax, soy wax, and beeswax, is expected to pose challenges for the expansion of the paraffin wax market. In addition, dangerous fumes are produced when paraffin wax is burned. Asthma or lung cancer could result.
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Since paraffin wax is used to coat pills, the pharmaceutical industry has a high demand for it. The market share of paraffin wax is growing due to its wide applications in household cleaning products and for insulation of electrical nodes and appliances.
Key insights from market research
- The paraffin wax market is expected to have a CAGR of 5.7% during the forecast period.
- The paraffin wax market has a market valuation of US$9.6 billion in 2022.
- The paraffin wax market had a market valuation of US$9.1 billion in 2021.
- The market is segmented on the basis of product type with semi-refined accounting for adequate global paraffin wax market share by 2032.
- The market is segmented on the basis of application, with the candle segment accounting for a major paraffin wax market share by 2032.
- The Asia-Pacific paraffin wax market is expected to lead at the fastest pace during the forecast period.
- The paraffin wax market in North America is expected to witness significant growth with a prodigious market share over the forecast period.
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The paraffin wax market offers several opportunities for small businesses and startups to create low-cost manufacturing and processing processes. As there are so many important players in the industry, the expanding global paraffin wax market is highly fragmented and diverse in its structure. The paraffin wax industry is highly dependent on mergers and acquisitions.
Some of the major key players in paraffin wax market are Sinopec, ExxonMobil, PetroChina Company Limited, Sasol, International Group, Inc., IOCL, Honeywell, Petrobras, Nippon Seiro Co., Ltd, Petro-Canada, Repsol, H&R Group , and CEPSA.
By product type:
- Fully Refined
- Beauty products
- Hot melt adhesives
- Map sizing
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Recent developments: mergers, acquisitions and collaborations
- ExxonMobil offers fully refined paraffin waxes with low, medium and high melting points under the ParvanTM brand. They are used in a variety of products including candles, paper converting, adhesives, wax blends and emulsions, PVC extrusion lubricants and cosmetic formulations.
- To meet growing demand for waxes used in candles, emulsions and hot melt adhesives, ExxonMobil has announced plans to expand its Group II and Group II base oil production facilities in Baytown, Texas. in the United States, in February 2013.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Type Innovation / Development Trends
4. Key success factors
4.1. Product Type Adoption / Usage Analysis
4.2. Product Type USP/Features
4.3. Strategic promotional strategies
5. 2017-2021 Global Paraffin Wax Market Demand Analysis and Forecast, 2022-2032
5.1. Historical Market Volume Analysis (Tons), 2017-2021
5.2. Current and Future Projections of Market Volume (Tons), 2022-2032
5.3. Analysis of annual growth trends
Read more Table of Contents….
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