Product Code: 978-1-68038-520-5
Paraffin Wax Market Growths & Trends:
The global paraffin wax market is expected to reach USD 11,980.01 million by 2030, registering a CAGR of 5.3% from 2023 to 2030, as per the new report by Grand View Research, Inc. The growth is majorly driven by its rising applications in the candles, packaging, and cosmetic industries. Growing demand for paraffin wax owing to its water-barrier properties is likely to stimulate its consumption for the coating in the cardboard and paper industry.
Increasing applications of paraffin wax in the manufacturing of hot-melt adhesives, industrial coatings, surface protection, rubber and pharmaceuticals, electrical insulation, plastic processing aids, and fabric proofing are expected to fuel its demand during the forecast period. The rising requirement for paraffin wax candles due to its low cost is likely to propel the market growth. Paraffin-based waxes are water-resistant, economical, and require the use of minimal machinery during their production, which in turn, is likely to stimulate the development of the industry and drive its demand throughout the forecast period.
Increasing investments by key manufacturers, including Sinopec, ExxonMobil, Sasol, International Group, Inc., and Petro China, are expected to drive the growth of the product industry. Rising production of shale oil in the U.S., China, Russia, Brazil, and Australia is expected to drive the demand. However, the market expansion is likely to be constrained by the erratic nature of petroleum prices as well as negative environmental effects like soot emissions and carcinogenic toxins. However, it is anticipated that new opportunities will arise in the coming years due to the introduction of wax deoiling technology which produces paraffin wax from slack wax.
The increasing production of candles in China and the U.S., coupled with the robust growth of the global packaging market, is expected to have a positive impact on the product market. Asia Pacific is projected to register the fastest growth rate during the forecast period owing to the increasing production and consumption of the product in China and India. Furthermore, Asia Pacific is expected to hold the highest revenue share in the global industry.
Paraffin Wax Market Report Highlights:
- In 2022, candles emerged as the dominating application segment by contributing more than 42.52% of the revenue share. This is attributed to its increasing use in home interiors
- The demand for soy and natural wax candles as alternatives is also consistently growing as they are biodegradable, chemical-free, burn cleaner, and last longer
- Asia Pacific emerged as the dominating application segment by contributing more than 65.9% of the revenue share, on account of the increased demand for convenient packaging options from cosmetics and pharmaceutical industries across the majority of the Asian economies
- Countries such as China, India, Indonesia, Thailand, and Japan, among others, are price sensitive, therefore, packaging pricing stands as a key point to achieve success in the Asia Pacific
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market Segmentation & Scope
- 1.2 Information Procurement
- 1.2.1 Information analysis
- 1.2.2 Market formulation & data visualization
- 1.2.3 Data validation & publishing
- 1.3 Research scope and assumptions
- 1.3.1 List of Data Sources
Chapter 2 Executive Summary
- 2.1 Market Outlook
- 2.2 Segment Outlook
- 2.3 Competitive Insight
Chapter 3 Paraffin Wax Market Outlook
- 3.1 Market Lineage Outlook
- 3.1.1 Global Slack Wax Market Outlook
- 3.2 Penetration and Growth Prospect Mapping, 2016 - 2027
- 3.3 Paraffin Wax Market: Value Chain Analysis
- 3.3.1 Raw Material Trends
- 3.3.2 Manufacturing Trends
- 3.3.3 Sales Channel Analysis
- 3.4 Price Trend Analysis
- 3.5 Regulatory Framework
- 3.5.1 Product Classification Codes
- 3.5.2 Standard and Compliances
- 3.6 Market Dynamics
- 3.6.1 Market Driver Analysis
- 3.6.1.1 Increase in Demand for Candles in Europe
- 3.6.1.2 Robust Growth of Flexible Packaging Market
- 3.6.2 Market Restraint
- 3.6.2.1 Volatility in Raw Material Prices
- 3.6.3 Industry Challenges
- 3.6.3.1 Threat of substitutes
- 3.7 Demand Supply Scenario
- 3.8 Trade Analysis
- 3.8.1 Net Importers, Key Country Analysis, 2018 - 2021, As per HS Code - 271220
- 3.8.2 Net Exporters, Key Country Analysis, 2018 - 2021, As per HS Code - 271220
- 3.9 Business Environment Analysis
- 3.9.1 Industry Analysis - Porter's
- 3.9.1.1 Supplier Power
- 3.9.1.2 Buyer Power
- 3.9.1.3 Substitution Threat
- 3.9.1.4 Threat from New Entrant
- 3.9.1.5 Competitive Rivalry
- 3.9.2 PESTEL Analysis
Chapter 4 Paraffin Wax Market: Application Estimates & Trend Analysis
- 4.1 Application Market Introduction
- 4.2 Paraffin wax market estimates & forecast, by application
- 4.2.1 Candles
- 4.2.2 Packaging
- 4.2.3 Cosmetics
- 4.2.4 Hotmelts
- 4.2.5 Board Sizing
- 4.2.6 Rubber
- 4.2.7 OTher
Chapter 5 Paraffin Wax Market: Regional Estimates & Trend Analysis
- 5.1 Regional Market Introduction
- 5.2 Paraffin wax market estimates & forecast, by region
- 5.2.1 North America
- 5.2.1.1 U.S.
- 5.2.1.2 Canada
- 5.2.1.3 Mexico
- 5.2.2 Europe
- 5.2.2.1 Germany
- 5.2.2.2 U.K.
- 5.2.2.3 France
- 5.2.3 Asia Pacific
- 5.2.3.1 China
- 5.2.3.2 India
- 5.2.3.3 Japan
- 5.2.3.4 South Korea
- 5.2.4 Central & South America
- 5.2.5 Middle East & Africa
Chapter 6 Competitive Landscape
- 6.1 Key Global Players & Recent Developments & Their Impact on the Industry
- 6.2 Key Company/Competition Categorization
- 6.3 Vendor landscape
- 6.3.1 List of key distributors and channel partners
- 6.3.2 Key customers
- 6.3.3 Key company market share analysis
- 6.4 Company Market Position Analysis (Public & Private Companies)
- 6.5 Production capacity by major participants
- 6.6 Public companies
- 6.6.1 competitive dashboard analysis
- 6.6.1.1 Market differentiators
- 6.6.1.2 Synergy analysis
- 6.7 Private companies
- 6.7.1 Geographical presence
- 6.7.2 Supplier ranking
Chapter 7 Company Profiles
- 7.1 PetroChina Company Limited
- 7.1.1 company introduction
- 7.1.2 General Information
- 7.1.3 Key Financial data
- 7.1.4 Product portfolio
- 7.1.5 Key developments
- 7.2 China Petrochemical Corporation (Sinopec)
- 7.2.1 company introduction
- 7.2.2 general information
- 7.2.3 Key Financial data
- 7.2.4 Product portfolio
- 7.2.5 Key developments
- 7.3 Indian Oil Corporation Ltd. (IOCL)
- 7.3.1 company introduction
- 7.3.2 General Information
- 7.3.3 Key Financial data
- 7.3.4 Product portfolio
- 7.3.5 Key developments
- 7.4 Sasol Limited
- 7.4.1 company introduction
- 7.4.2 general information
- 7.4.3 Key Financial data
- 7.4.4 Product portfolio
- 7.4.5 Key developments
- 7.5 Exxon Mobil Corporation
- 7.5.1 company introduction
- 7.5.2 General Information
- 7.5.3 Key Financial data
- 7.5.4 Product portfolio
- 7.5.5 Key developments
- 7.6 The International Group, Inc.
- 7.6.1 company introduction
- 7.6.2 General Information
- 7.6.3 Key Financial data
- 7.6.4 Product portfolio
- 7.7 Petrobras
- 7.7.1 company introduction
- 7.7.2 General Information
- 7.7.3 Key Financial data
- 7.7.4 Product portfolio
- 7.7.5 Key developments
- 7.8 NIPPON SEIRO CO., LTD.
- 7.8.1 company introduction
- 7.8.2 General Information
- 7.8.3 Key Financial data
- 7.8.4 Product Portfolio
- 7.9 Repsol
- 7.9.1 company introduction
- 7.9.2 general information
- 7.9.3 Key Financial data
- 7.9.4 Product portfolio
- 7.9.5 Key developments
- 7.10 HollyFrontier Corporation
- 7.10.1 company introduction
- 7.10.2 general information
- 7.10.3 Key Financial data
- 7.10.4 Product portfolio
- 7.10.5 Key developments
- 7.11 H&R GROUP
- 7.11.1 company introduction
- 7.11.2 general information
- 7.11.3 Key Financial data
- 7.11.4 Product portfolio
- 7.12 Honeywell International Inc.
- 7.12.1 company introduction
- 7.12.2 general information
- 7.12.3 Key Financial data
- 7.12.4 Product portfolio
- 7.12.5 Key developments
- 7.13 Cepsa
- 7.13.1 company introduction
- 7.13.2 general information
- 7.13.3 Key Financial data
- 7.13.4 Product portfolio
- 7.13.5 Key developments
- 7.14 Calumet Specialty Products Partners, L.P.
- 7.14.1 company introduction
- 7.14.2 general information
- 7.14.3 Key Financial data
- 7.14.4 Product Portfolio
- 7.14.5 Key developments
- 7.15 Ergon, Inc.
- 7.15.1 company introduction
- 7.15.2 general information
- 7.15.3 Key Financial data
- 7.15.4 Product portfolio
- 7.15.5 Key developments
- 7.16 Eni SpA
- 7.16.1 company introduction
- 7.16.2 general information
- 7.16.3 Key Financial data
- 7.16.4 Product portfolio
- 7.16.5 Key developments