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Global paraffin wax market is estimated to reach USD 7.80 billion by 2028, at a CAGR of 5.82% from 2021 to 2028. Global paraffin wax market is growing at a steady growth rate, owing to increasing demand for paraffin wax in a variety of end-use applications such as candle manufacturing, rubber, and cosmetics etc.
Paraffin wax is a colourless, white soft wax, generally comes in solid or liquid form. It obtains from the petroleum coal, and oil shale, which consist of a mixture of solid straight-chain hydrocarbons. These hydrocarbons generally have a melting point from about 48° to 66° C (120° to 150° F). Dewaxing refined lubricating oil stocks used to obtain paraffin wax. Various technical progress has been served from the years, to make the filtration separations more efficient and economical. Purification methods consist of decolonization by adsorbents, chemical treatment, and fractionation of the separated waxes into grades by distillation, recrystallization, or both. Crude oils differ widely in wax content.
Paraffin waxes are used in paper, candles, cosmetics, polishes, and electrical insulators. It also assists in extracting perfumes from flowers, supplies a waterproof coating for wood, and forms a base for medical ointments. In paper and wood matches, it helps to ignite the matchstick by supplying an easily vaporized hydrocarbon fuel. It is often used in spa treatments and skin-softening salon on the cuticles, hands, and feet because it's colourless, tasteless, and odourless. These waxes can also be used to provide relief from pain to muscles and sore joints. Furthermore, High melting point paraffin wax can be used as an external lubricant for PVC. High melting points helps in the dispersing smoothness and improves the production speed and fluidity of the product. Currently, paraffin wax is commonly used to manufacture waterproof tarpaulin, owing to its advantages such as durability, waterproofing, and cost-effectiveness, and widely used for either protecting or covering crops and vehicles.
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The demand for paraffin wax for candle making is very high, owing to the increasing popularity of aromatherapy and home fragrance products. In addition to this, growing consumer awareness regarding home ambience, further increasing the demand for candles, resulting in the growth of paraffin wax market. U.S. is the leading consumer of candles, which are made up of the paraffin wax, and the sale is high during the holiday seasons such as the charismas. Thus, increasing demand for paraffin wax for the manufacturing of candles, driving the growth of the market.
The paraffin wax market is expanding due to the increasing demand for skincare products, as the wax plays a vital role in the personal care and cosmetics industry. In skincare products, the oil form of paraffin wax is used. Due to its spreadable consistency, it is widely used in the production of creams, balms, and lotions. Paraffin waxes are also used in the manufacture of fatty solid perfumes, which are used to scent the surface of the skin. Developing personal care industry in countries including India, France, China, Brazil, and Argentina, is anticipated to offer future growth opportunities for the paraffin wax.
Paraffin waxes are petroleum-sourced products, and therefore variation in raw material prices is likely to hamper the market growth over the forecast period. The paraffin wax market highly prices volatile from the last few years due to the crude oil price fluctuations. In addition to this, since it is produced using crude oil, which is considered as highly unsustainable as this is a non-renewable resource, hampering the growth of the market in the upcoming years.
Paraffin wax therapy can be particularly useful for those suffering from rheumatoid arthritis and osteoarthritis. Regular paraffin hand treatments can help relieve pain and relax joints in hands before exercise and physical therapy. Paraffin wax can also minimize inflammation and muscle spasms as well as treat sprains. It is now widely being used in the spas as a wax bath therapy. Thus, increasing the application of paraffin wax for therapy treatment is expected to offer new growth opportunities for the vendors in the market.
High usage of environment-friendly alternatives, such as soy, beeswax, and polyethylene wax is anticipated to hamper the growth of paraffin wax market over the forecast period. Many brands of candles and cosmetics industry are increasingly using more sustainable options in replacement of paraffin wax. Wax derived from the soy, palm and tallow was already extending the supply of wax in some industries, with soy-based wax being favoured in the US and palm-based wax used more widely in Asia and Europe.
The global paraffin wax market has been segmented based on type, form, application, and regions.
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The Asia Pacific region emerged as the largest market for the paraffin wax market, with a 34.6% share of the market revenue in 2020.
Asia Pacific Paraffin Wax Market Share in 2020- 34.6%
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The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global paraffin industry.
In February 2018, Sasol announced the successful commission of its Fischer-Tropsch Wax Expansion Plant (FTWEP) at its Sasolburg operation, with the aim to expand Sasol's Southern African operations. This expansion is a part of the company's regional strategy and the company's commitment to industrial investment in South Africa.
In October 2019, Cepsa announced that it had renewed its agreement with ExxonMobil for the manufacture, distribution and supply of Mobil-brand marine lubricants in more than 130 ports in Spain, Portugal and Gibraltar.
As per the Brainy Insights, the size of the paraffin wax market was valued at USD 4.91 billion in 2020 and is anticipated to reach USD 7.80 billion by 2028.
Global paraffin wax market is growing at a CAGR of 5.82% during the forecast period 2021-2028.
The global paraffin wax market has been segmented based on type, form, application, and regions. The fully refined wax is the leading segment in paraffin wax market.
The Asia Pacific region emerged as the largest market for the paraffin wax market.
Increasing demand for paraffin wax for candle making is the key driving factor for the paraffin wax market.
Price fluctuation and environmental concern may hamper the market growth.
Growing usage of paraffin wax in the therapy will provide huge opportunities to the market.
Key players are ExxonMobil, PetroChina Company Limited, Sasol, The International Group, Inc., and Honeywell, Petrobras, Nippon Seiro Co., Ltd.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Type
4.3.2. Market Attractiveness Analysis By Form
4.3.3. Market Attractiveness Analysis By Application
4.3.4. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Increasing demand for paraffin wax for candle making
5.2.2. Rising demand from cosmetics industry
5.3. Restrains
5.3.1. Price fluctuation and environmental concern
5.4. Opportunities
5.4.1. Growing usage of paraffin wax in the therapy
5.5. Challenges
5.5.1. Availability of alternative waxes in the market
6. Global Paraffin Wax Market Analysis and Forecast, By Type
6.1. Segment Overview
6.2. Fully-Refined Paraffin Wax
6.3. Semi-Refined Paraffin Wax
7. Global Paraffin Wax Market Analysis and Forecast, By Form
7.1. Segment Overview
7.2. Liquid Paraffin Wax
7.3. Solid Paraffin Wax
8. Global Paraffin Wax Market Analysis and Forecast, By Application
8.1. Segment Overview
8.2. Candles
8.3. Packaging
8.4. Cosmetics
8.5. Hotmelts
8.6. Board Sizing
8.7. Rubber
8.8. Others
9. Global Paraffin Wax Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Paraffin Wax Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Paraffin Wax Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. ExxonMobil
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. PetroChina Company Limited
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Sasol
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. The International Group, Inc.
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Honeywell
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Petrobras
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Nippon Seiro Co., Ltd.
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Petro-Canada
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Repsol
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. H&R Group
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
11.11. CEPSA
11.11.1. Business Overview
11.11.2. Company Snapshot
11.11.3. Company Market Share Analysis
11.11.4. Company Product Portfolio
11.11.5. Recent Developments
11.11.6. SWOT Analysis
11.12. Chennai Petroleum Corporation Limited (CPCL)
11.12.1. Business Overview
11.12.2. Company Snapshot
11.12.3. Company Market Share Analysis
11.12.4. Company Product Portfolio
11.12.5. Recent Developments
11.12.6. SWOT Analysis
11.13. Indian Oil Corp Ltd (IOCL)
11.13.1. Business Overview
11.13.2. Company Snapshot
11.13.3. Company Market Share Analysis
11.13.4. Company Product Portfolio
11.13.5. Recent Developments
11.13.6. SWOT Analysis
List of Table
1. Global Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
2. Global Fully-Refined Paraffin Wax Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
3. Global Semi-Refined Paraffin Wax Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
4. Global Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
5. Global Liquid Paraffin Wax, Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
6. Global Solid Paraffin Wax, Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
7. Global Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
8. Global Candles Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
9. Global Packaging Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
10. Global Cosmetics Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
11. Global Hotmelts Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
12. Global Board Sizing Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
13. Global Rubber Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
14. Global Others Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
15. Global Paraffin Wax Market, By Region, 2018–2028 (USD Billion)(Kilotons)
16. Global Paraffin Wax Market, By North America, 2018–2028 (USD Billion)(Kilotons)
17. North America Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
18. North America Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
19. North America Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
20. U.S. Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
21. U.S. Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
22. U.S. Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
23. Canada Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
24. Canada Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
25. Canada Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
26. Mexico Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
27. Mexico Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
28. Mexico Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
29. Europe Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
30. Europe Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
31. Europe Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
32. Germany Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
33. Germany Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
34. Germany Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
35. France Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
36. France Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
37. France Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
38. U.K. Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
39. U.K. Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
40. U.K. Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
41. Italy Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
42. Italy Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
43. Italy Paraffin Wax Market, By Application, 2016–2026(USD Million)(Kilotons)
44. Spain Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
45. Spain Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
46. Spain Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
47. Asia Pacific Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
48. Asia Pacific Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
49. Asia Pacific Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
50. Japan Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
51. Japan Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
52. Japan Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
53. China Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
54. China Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
55. China Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
56. India Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
57. India Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
58. India Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
59. South America Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
60. South America Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
61. South America Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
62. Brazil Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
63. Brazil Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
64. Brazil Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
65. Middle East and Africa Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
66. Middle East and Africa Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
67. Middle East and Africa Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
68. UAE Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
69. UAE Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
70. UAE Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
71. South Africa Paraffin Wax Market, By Type, 2018–2028 (USD Billion)(Kilotons)
72. South Africa Paraffin Wax Market, By Form, 2018–2028 (USD Billion)(Kilotons)
73. South Africa Paraffin Wax Market, By Application, 2018–2028 (USD Billion)(Kilotons)
List of Figures
1. Global Paraffin Wax Market Segmentation
2. Paraffin Wax Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Paraffin Wax Market Attractiveness Analysis By Type
9. Global Paraffin Wax Market Attractiveness Analysis By Form
10. Global Paraffin Wax Market Attractiveness Analysis By Application
11. Global Paraffin Wax Market Attractiveness Analysis By Region
12. Global Paraffin Wax Market: Dynamics
13. Global Paraffin Wax Market Share By Type(2021 & 2028)
14. Global Paraffin Wax Market Share By Form(2021 & 2028)
15. Global Paraffin Wax Market Share by Application(2021 & 2028)
16. Global Paraffin Wax Market Share by Regions (2021 & 2028)
17. Global Paraffin Wax Market Share by Company (2020)
This study forecasts revenue at global, regional, and country levels from 2018 to 2028. The Brainy Insights has segmented the global paraffin wax market on the basis of below mentioned segments:
Global Paraffin Wax Market by Type:
Global Paraffin Wax Market by Form:
Global Paraffin Wax Market by Application:
Global Paraffin Wax Market by Region:
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