Paraffin Wax Market

Paraffin Wax Market Analysis

Paraffin wax is derived from coal, petroleum or oil shale and is colorless soft solid. Crude oil undergoes from dewaxing process and paraffin wax is derived from it. Paraffin wax is processed again for the usage of production. It consists of hydrocarbons molecules between twenty to forty carbons atoms. It is soluble in benzene, ethers and other ethers and is insoluble in water. Paraffin wax is used in many applications such as making candles, packaging, board sizing, rubber, hot melts, cosmetics and others. The demand for paraffin wax is increasing as the aromatherapy is increasing.

COVID-19 Impact analysis

• Due to COVID-19 outbreak the market of paraffin wax was negatively affected.
• The disruption in supply chains was faced by many producers in many countries. This affected the paraffin wax market.
• Cosmetic industries, fragrance industries and many other industries which has highest demand for paraffin wax were shut down due to the imposition of lockdown during COVID-19.

Top Impacting Factors

Paraffin wax is used in skin care products and plays an important role in beauty sector. This increases the demand for paraffin wax in the market. The awareness about the importance of home ambience is increasing the demand for aromatherapy. This will drive the paraffin wax market. However, paraffin wax emits toxic fumes when burned. It can cause lung cancer or asthma. This can restrain the growth of the paraffin wax market. The increasing and decreasing prices of crude oil and the availability of alternate eco-friendly products will restrain the growth of the paraffin wax market. Paraffin wax provides a good barrier against odor and gas transmission. This will drive the growth of the paraffin wax market.

Paraffin wax plays an important role in beauty sector is used in skin care products. This increases the demand for paraffin wax in the market. The rising awareness regarding the importance of ambience will increase the demand for aromatherapy and will drive the growth of paraffin wax market. However, toxic fumes are emitted by paraffin wax when it is burned. It can cause lung cancer or asthma. This can restrain the growth of paraffin wax market. The fluctuating prices of crude oil and the availability of alternate eco-friendly products can restrain the growth of the market. Paraffin wax provides a good barrier against odor and gas transmission. This will drive the growth of the paraffin wax market.

Market Trends

• The demand for packaging and hot melt adhesive is increasing in the countries like South Korea, China and India. The paraffin wax market will expand in the Asia-Pacific region.
• In North-America, the demand for packaging industry and fragrance candles are increasing, which will result in the expansion of paraffin wax market. 
• High demand for fragrance and cosmetic products in Middle East and Asia will boost the growth of paraffin wax market.
• The food and beverage sector are growing in developing countries like China, India, Japan, Brazil and others will increase the demand for packaging. This will increase the growth of paraffin wax market.
• The demand for ointment, creams, lipsticks and personal care products in the countries like Brazil, Russia, Saudi Arabia, Argentina, China, India, U.S, and France will create a growth opportunity for the paraffin wax market.
• The company named Sasol now provide eco-friendly, non-toxic paraffin wax. This will create an opportunity for the paraffin wax market.
• Semi-refined paraffin wax is provided by the company named ExxonMobil. Semi-refined paraffin wax is used in adhesives and packaging industries and follow the Food and Drug Administration (FDA) specifications.

Key Benefits of the Report

• This study presents the analytical depiction of the paraffin wax industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the paraffin wax market share.
• The current market is quantitatively analyzed to highlight the paraffin wax market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed paraffin wax market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the paraffin wax market Report

• Who are the leading market players active in paraffin wax market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?
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 Paraffin Wax Market Report Highlights