Paraffin Wax Market Size – USD 5.30 Billion in 2021, Market Growth – at a CAGR of 5.4%, Market Trends – High demand for fragrance candles, along with rapidly growing cosmetics, pharmaceuticals, and packaged food and beverage industries in the North America region
The global paraffin wax market size is expected to reach USD 8.58 Billion in 2030 and register a steady revenue CAGR of 5.4% over the forecast period, according to latest analysis by Emergen Research. A steady revenue growth of the paraffin wax market can be attributed to increase in demand from the beauty industry. Mineral oils such as paraffin, which come in a variety of forms, are frequently used in face creams and body lotions. Paraffin is utilized in beauty products as it is a less expensive technique to make skin feel hydrated. When heated and applied to the skin or joint area, paraffin wax has a long history of treating a wide range of physical ailments, including enhancing blood flow, lowering pain, and treating arthritis.
A recent trend in the paraffin wax market is the use of paraffin wax coated sand to replace plastic mulch in farmers’ fields. To help keep moisture in the soil, farmers frequently spread sheets of plastic along the rows of their crops. However, a recent study suggests that using paraffin wax-coated sand would be a more affordable and environmentally friendly option. As a result, a group at the King Abdullah University of Science and Technology (KAUST) in Saudi Arabia is looking into silica sand that has been covered in refined paraffin wax
Key Paraffin Wax Market participants include PetroChina Company Limited, Sinopec Group, Indian Oil Corporation Ltd., Sasol Limited, Exxon Mobil Corporation, The International Group, Inc., Petrobras, Petro-Canada Lubricants Inc., Nippon Seiro Co., Ltd., and Repsol S.A.
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The coronavirus outbreak has led to drastic changes in the current paraffin wax market business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Paraffin wax market growth assessed on both regional and global levels.
Emergen Research follows a cohesive methodology to reduce the residual errors to a minimum level by refining the scope, validating through primary insights, and nurturing the in-house database on a regular basis. A dynamic model is formulated to capture the regular fluctuations in the market and thereby, being updated with any shifts in the market dynamics. The parameters and variables involved in the research vary depending on individual markets and most importantly, both demand and supply side information is included in the model to identify the market gap.
Key inclusions of the Paraffin Wax Market report:
COVID-19 effects on growth figures.
Statistical analysis pertaining to market size, sales volume, and overall industry revenue.
Organized mentions of major market trends.
Figures showcasing market growth rate.
Advantages and disadvantages of direct and indirect sales channels.
Insights regarding traders, distributors, and dealers present in the industry.
Some Key Highlights from the Report :
On 28 July 2021, Max&Bien, which is a Netherlands-based cheesemaker, debuted the world’s first vegan cheese wheel coated in paraffin wax to emulate traditional-style Dutch cheeses. This vegan cheese comes in 1.2 kilograms wheels for cheese and delicatessen stores as well as 150 grams mini-wheels. The cheese itself is made from fermented wheat and comes in three flavors: cumin, truffle, and mustard.
The semi-refined wax segment is expected to register a rapid revenue growth rate over the forecast period. This is attributed to its increasing use in various applications owing to its benefits. Oil is present in semi-refined paraffin between 0.5% to 1.5%. Semi-refined paraffin wax is used in the production of PVC, laminate, candles, paint, pyrotechnics, and matches. Additionally, it is utilized in pencils, crayons, carbon paper, floor polishes, automobiles, cable filling chemicals, electrical industries, tires, torches, and other rubber products.
The candles segment is expected to account for large revenue share in the global market over the forecast period owing to the increasing usage of aromatherapy in spas, hotels, and other commercial buildings. Paraffin wax is commonly used in skin-softening salon and spa treatments on the hands, cuticles, and feet due to its absence of color, odor, and taste. Additionally, it can be used to ease sore muscles and joints. For cosmetic purposes, paraffin wax is routinely used on the hands and feet. The wax is a natural emollient that helps the skin be supple and velvety.
The Paraffin Wax Market research study of historical, current, and forecast estimations for each sector, segment, sub-segment, and regions. The new report is updated with the impact of the COVID-19 pandemic on the Paraffin Wax Market .
Emergen Research has segmented the global paraffin wax market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Fully Refined Wax
Application Outlook (Revenue, USD Billion; 2019-2030)
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Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
What market dynamics does this report cover?
- Current market size
- Market forecast
- Market opportunities
- Key drivers and restraints
- Regulatory scenario
- Industry trend
- New product approvals/launch
- Promotion and marketing initiatives
- Pricing analysis
- Competitive landscape
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Some of the key questions answered in this report:
What is the size of the overall Paraffin Wax Market and its segments?
What are the key segments and sub-segments in the market?
What are the key drivers, restraints, opportunities and challenges of the Paraffin Wax Market and how they are expected to impact the market?
What are the attractive investment opportunities within the Paraffin Wax Market ?
What is the Paraffin Wax Market size at the regional and country-level?
Who are the key market players and their key competitors?
What are the strategies for growth adopted by the key players in Paraffin Wax Market ?
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