By 2025, the global paraffin wax market revenue is estimated to reach USD 9.82 billion. Growing consumption of paraffin wax as a raw material in agriculture, food, rubber, electrical appliances, matches, fabric, and paper is expected to increase its market expansion over the projected period.A research report on the “Global Paraffin Wax Market Size 2017 By Application (Packaging, Candles, Hotmelts, Cosmetics, Rubber, Board Sizing, and Others), By Region and Forecast 2018 to 2025” has recently been published by Adroit Market Research.
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The study covers the global paraffin wax market trends and estimations in value (USD Million) and volume (Kilo Tons) for a period ranging from 2015 to 2025. The global paraffin wax market report also includes qualitative insights into the market such as drivers, restraints, and value chain. It also contains the global paraffin wax market share for its various applications. Additionally, we have provided a glimpse of the global petrochemical wax industry.
Growing application of paraffin wax in the food packaging industry to offer good insulation properties is expected to increase its market reach. Paraffin wax offers water barrier properties and excellent protection making it best suitable for cardboard coating and food industry. Ability to blend with different wax products, it emerged as an important raw material in candle manufacturing, and personal care & cosmetics. Global food packaging industry was accounted for more than USD 250 billion in 2017. Increased consumer preferences for packaged foods and rising concerns over health awareness is expected to provide a lucrative opportunity for paraffin wax manufacturers over the coming years.
By 2018, global demand for light commercial vehicles and passenger cars is expected to be more than 1.5 billion units. Growing consumption of paraffin for the production of tires by virtue of protection from cracking and chipping is expected to increase market concentration over the projected period.
Paraffin waxes are produced from petroleum products. Therefore, volatile raw material prices may affect the global paraffin wax market growth. In addition, environmental regulations for the production of petrochemicals is expected to be the key restraint for paraffin wax industry. Moreover, the adoption of environmentally friendly alternatives such as polyethylene wax, soy, and beeswax is expected to be the key challenge for global paraffin wax industry.
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Asia Pacific accounted for more than 30% of the global paraffin wax market share in 2017. Growing personal care & cosmetics industry in India, Japan, Indonesia, and South Korea is expected to increase paraffin wax market concentration over the coming years. Expansion of well-established cosmetics manufacturers in India and China is expected to drive the market over the projected period. In addition, growing economies in this region are increasing their production facilities in order to reduce import from other countries. For instance, in India, in March 2015, Numaligarh Refinery Ltd (NRL) has commissioned 50 kilo tons capacity wax plant. This plant is designed to manufacture superior quality semi-microcrystalline wax and paraffin wax.
Exxon Mobil Corporation, Sinopec Corp., PetroChina International Co., Ltd, Sasol, The International Group, Indian Oil Corporation Ltd, Petrobras, Nippon Seiro Co., Ltd., Repsol, and Cepsa are the leading players present within the global paraffin wax market. Manufacturers operating in this industry are adopting plant expansion strategy in order to cater untapped market and strengthen their distribution network. For instance, in February 2018, Sasol’s phase 2 Fischer-Tropsch Wax Expansion Plant started its Sasolburg operation. This expansion strategy is expected to expand Sasol’s chemical business in the South African market.
Key segments of the global paraffin wax market
Application Overview, 2015-2025 (Kilo Tons) (USD Million)
- Board Sizing
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- Middle East & Africa
- Latin America
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