Global Paraffin Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global paraffin market is expected to record a CAGR of over 3% during the forecast period. The major factors driving the market studied are increasing demand from candles and packaging, growing personal care industry in the Asia-Pacific region.
-The development of bio-based products is expected to hinder the growth of the paraffin market in the forecast period.
-Increasing use of investment casting is likely to act as an opportunity over the forecast period.
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Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-
Aromachimie Ltd, Calumet Specialty Products Partners LP, Cepsa, Exxon Mobil Corporation., H&R GROUP, HollyFrontier Refining & Marketing LLC, Indian Oil Corporation Ltd, JXTG Nippon Oil & Energy Corporation, LANXESS, NIPPON SEIRO CO. LTD, PersiaParaffin, Petrobras, Repsol, Sasol, China Petroleum & Chemical Corporation. (Sinopec Corp), The International Group Inc.
Market segment by Regions/Countries, this report covers
North America (U.S., Canada, Mexico)
Global (Germany, UK, France, Rest of Global)
Asia Pacific (China, India, Japan, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East & Africa
Paperboard and Packaging to Drive the Market
– One of the major applications for paraffin in the global scenario is the paperboard and packaging segment. Asia-Pacific is the largest market for packaging in the world, followed by Europe.
– Paraffin waxes and paraffin-based wax blends are used in packaging to provide gloss, freshness seals, moisture, and grease barriers. Some of the benefits of using this are water and water vapor resistance, gas, and odor barrier (prevent loss of flavor or contamination), and improved process efficiency.
– A high proportion of all industrial products are sold in packaging, either due to stability requirements for storage and transport, or for aesthetic reasons.
– The improvement in living standards and higher purchasing incomes, especially in eastern European and North American countries, have increased the demand for a broad range of products, all of which require packaging. Therefore, the demand for packaging is increasing, resulting in the increased consumption of paraffin.
– Another factor contributing to the potential demand for paraffin within packaging is the traditionally low levels of automation, which causes many packaging producers to use paraffin wax blends.
– Most of the demand from the packaging segment is from the food and beverage industry. On the other hand, healthcare products are the largest users of folding cartons. The aforementioned end-user segments are likely to boost the demand for paraffin, during the forecast period.
Asia-Pacific to Dominate the Market
– Asia-Pacific region dominated the global paraffin market. With the growing population and increasing per capita income, the number of houses is increasing in countries such as China and India, resulting in the increased average number of candles used by the individuals. With an increasing focus toward personal appearance, aging population, and quality of living, the use of cosmetic and personal care products is increasing in the region. The market for cosmetics in India has increased significantly since the past decade.
– With an increasing focus toward personal appearance, aging population, and quality of living, the use of cosmetic and personal care products is increasing in the country.
– India is expected to strengthen its position among the leading consumers of paraffin, globally, during the forecast period.
– The economy of India is the sixth-largest in the world, measured by nominal GDP, and the third-largest by Purchasing Power Parity (PPP). The country is classified as a newly industrialized country, and one of the G-20 major economies.
– With a growing population and increasing per capita income, the number of houses is increasing in the country, resulting in the increased average number of candles used by the individuals.
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Major points covered in this research are:-
─Paraffin Market Overview, Segment by Type (Product Category), by Application, by Region (2020-2025), Competition by Manufacturers
─Global Market Size (Value) of Paraffin (2020-2025)
─Global Paraffin Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2020-2015)
─Global Paraffin Production, Revenue (Value), Price Trend by Type
─Global Paraffin Market Analysis by Application
─Global Paraffin Manufacturers Profiles/Analysis
─Paraffin Manufacturing Cost Analysis
─Industrial Chain, Sourcing Strategy and Downstream Buyers
─Marketing Strategy Analysis, Distributors/Traders
─Market Effect Factors Analysis
─Global Paraffin Market Forecast (2020-2025)
─Research Findings and Conclusion
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Finally, this Paraffin report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Paraffin product development and gives an outline of the potential Global market.
Irfan Tamboli (Sales)
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