WASHINGTON, April 26, 2023 (GLOBE NEWSWIRE) -- The Global Paraffin Wax Market is valued at USD 7.2 Billion in 2022 and is projected to reach a value of USD 10.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.1% over the forecast period 2023-2030.
The growing population from the food, health care, and aesthetics industries is anticipated to expand the market. This can be attributed to rising candle applications since paraffin is the most common form of wax used in light production. One of the key components used in the manufacture of candles is polished Paraffin Wax. Also, the product's outstanding skin barrier feature and protection, which increase its utilization for coating paper & tissue used in the food business, are to thank for the product market's expanding demand.
We forecast that the conventional Paraffin Wax market sales will account for more than 38% of total sales by 2030. Its rising application in home interiors is what accounts for a large share. Retail stores typically sell pellets of Paraffin Wax in tiny quantities. Due to how quick and simple it is to melt and measure Paraffin Wax pellets, several businesses have recently started selling candles manufactured from them.
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Increasing Development and Awareness will Support Market Expansion
The market players will have lucrative chances during the projected period due to numerous developments made by market participants and sizeable investments in research and development activities that further improve the applications of products. The increased understanding of the advantages of Paraffin Wax, including its fungibility, surface chemistry, and capacity to dissolve in organic nonpolar solvents.
Growing Numerous Applications of Paraffin Wax Drives the Market Growth
A rise in aromatherapy, focusing on domestic settings, has increased the demand for Paraffin Wax. Paraffin Wax is expanding to new heights in the skin care industry because glycerin is the key ingredient in the beauty sector. The wax is highly sought after for perfumes candles. Packaging has seen massive growth because it has a spectacular water or moisture obstacle quality that is more comfortable for cardboard coating. Additionally, the widespread use of Paraffin Wax in the manufacture of plastic products for the pharmaceutical, personal care, and casual dining industries, along with significant investment in oil and gas exploration, which is likely to contain a wealth of underused materials, has helped to increase the Paraffin Wax market.
Top Players in the Global Paraffin Wax Market
- Petrochemical Corp. (China)
- Sasol Ltd. (U.S.)
- The International Group Inc. (Canada)
- Petro Bras (Rio de Janeiro, Brazil)
- Nippon Seiro Co. Ltd. (Tokyo)
- Repsol (Madrid, Spain)
- Holly Frontier Corporation (Dallas, U.S.)
- H&R GROUP (Germany)
- Honeywell International Inc. (Charlotte, U.S.)
- Ergon Inc. (Flowood, U.S.)
- Cepsa (Spain)
- Calumet Specialty Products Partners L.P (Indianapolis, U.S.)
- Eni SPA (Rome, Italy)
Top Trends in the Global Paraffin Wax Market
- One trend that Vantage Market Research (VMR) expects to see in the Paraffin Wax industry is the growing demand for consumer goods. The market for beautiful and flavored candles is anticipated to increase as modern customers' interest in aromatherapy grows. Moreover, colored candles and scents are becoming more important in the home decor industry to improve the atmosphere and furniture architecture. Furthermore, Paraffin Wax is utilized in many products because it provides a wide range of viscosity alternatives that enable viscosity adjustment of a formulation. Its protecting and lubricating characteristics prevent skin from becoming dry, and it is stable and well-accepted by dermatologists.
- Another trend that VMR predicts will continue in the Paraffin Wax industry is its increasing trend of using fully refined Paraffin Wax. The fully refined Paraffin Wax comprises less than 0.5 percent oil and is hydro-treated or clay-treated to remove contaminants and discoloration. It is commonly used for manufacturing in the ingredients market since it is an odorless and water-free food-grade material. It has a characteristic crystal structure and seems hard and brittle. It is incredibly hard and difficult to distort. Many products in cosmetics, pharmaceutical, and food manufacturers use fully refined Paraffin Wax. Paraffin Wax that has been fully refined is also utilized when making candles. The most expensive and premium candles are made of thoroughly refined Paraffin Wax for the atmosphere in a church or house.
Top Report Findings
- Based on the Application, most of the Paraffin Wax market's revenue is controlled by the candles category. Due to the growing usage of aromatherapy in spas, hotels, and other commercial facilities, this growth is anticipated to be significant. The increased demand for candles for home and office decorating and holidays like Deepawali, Thanksgiving, and Christmas is a significant element driving this market. Additionally, it is anticipated that the availability of a wide variety of fragrances and rising disposable incomes in India, Japan, and South Korea will promote the use of these products for maintaining home hygiene.
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Recent Developments in the Global Paraffin Wax Market
- In May 2021, leading hydrocarbon producer Cepsa began operating its Fuel 1 and Vaccum 2 units at the "La Rábida" Refinery.
- In July 2021, the 180,000 b/d petroleum refinery that also produces paraffin, Sapref, a joint venture between B.P. and Shell in South Africa, will start operating again.
Candles Category of the Application Segment of the Paraffin Wax Market to Expected to Generate a Considerable Revenue
For better understanding, based on the Application, the Paraffin Wax market is divided into Candles, Packaging, Cosmetics, Hot melts, Board Sizing, Rubber and Other Applications.
The Candle segment was the largest by Application, and it is anticipated to hold the top spot during the projected period. Candles are largely used for their visual appeal and perfume, typically to create a mellow or cozy atmosphere, as backup illumination during a power outage, and for religious purposes, among other things. The wax is a candle's most important component. As consumers living standards, preferences, and habits evolve, the top manufacturers are developing new products to entice people.
On the other hand, the Packaging category is anticipated to grow significantly. Smooth, expiration sealing, water and grease separators are all provided by Paraffin Waxes and mixtures of paraffin-based wax. Some advantages of employing this include better efﬁciency, gas and odor barrier (prevent flavor loss or contamination), and water and water vapor resistance. Due to the need for stability during storage and transportation and aesthetic considerations, a significant share of industrial items is offered in packaging. The demand for a wide range of goods—all of which require packaging—has expanded due to rising living standards and earnings, particularly in eastern European and North American nations.
Asia Pacific Region in Paraffin Wax Market Forecast to Generate Almost a Third of the Total Global Revenue
The Asia Pacific region is anticipated to do so in the coming years. This is due to the growing use of packaging in the nation and the rise in demand for practical packaging solutions from the medical and toiletries industries in most Asian economies. The industry is predicted to be supported by a rising emphasis on food safety and security and safe and hygienic packaging techniques. Premium nations like China, India, Indonesia, Thailand, and Japan, among others, make packaging pricing a crucial component of success in the Asia Pacific region. Furthermore, due to the region's strong industrial and infrastructure development brought on by increasing urbanization, the demand for goods like rubber, adhesives, and other items is anticipated to fuel the requirement for Paraffin Wax throughout the projection period.
The North America region is expected to grow the fastest in the Paraffin Wax market. The demand for hot melt adhesives in the region, particularly in industries like woodworking, drives the growth. Additionally, the market will grow due to customer preferences for candles with fragrance and the packaging industry. Rapidly growing disposable income is altering consumer lifestyles, which in turn is fueling demand for Paraffin Wax in the region throughout the projected period for goods such as cosmetics, transportation, rubber, and other Paraffin Wax-based products.
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on Paraffin Wax Market Forecast Report (2023-2030).
Global Paraffin Wax Market Segmentation
- Hot melts
- Board Sizing
- Other Applications
- North America
- United States
- Rest of Europe
- Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
|Market Size in 2022
|USD 7.2 Billion
|Revenue Forecast by 2030
|USD 10.1 Billion
|5.1% from 2023 to 2030
|2023 to 2030
|Petrochemical Corp., Sasol Ltd., The International Group Inc., Petro Bras, Nippon Seiro Co. Ltd., Repsol, Holly Frontier Corporation, H&R Group, Honeywell International Inc., Ergon Inc., Cepsa, Calumet Specialty Products Partners LLP, Eni SPA
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Key Questions Answered in the Paraffin Wax Market Report are:
- What is the current market size and growth rate of the paraffin wax industry?
- What are the key drivers and challenges affecting the paraffin wax market?
- What are the different types of paraffin wax available in the market and what are their respective applications?
- Who are the major players operating in the paraffin wax market and what are their market shares?
- What are the key trends and opportunities in the paraffin wax market?
- What are the regional and country-level market dynamics and trends for the paraffin wax industry?
- What are the regulatory frameworks governing the paraffin wax market?
- What are the future prospects and growth potential of the paraffin wax market?
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