Paraffin Market is expected to reach US $7.88 billion by 2027, thanks to growth in the paraffin wax segment. The report analyzes market dynamics by region and end-user industries.
Paraffin Market Overview:The global paraffin market was valued at US $5.94 Bn. in 2020, and it is expected to reach US $7.88 Bn. by 2027 with a CAGR of 4.12% during the forecast period. Paraffin wax is a soft, colorless solid made from a mixture of hydrocarbon molecules comprising between twenty and forty carbon atoms. Paraffin is obtained from petroleum, coal, or oil shale. Paraffin is solid at ambient temperature and begins to melt at around 37°C, with a boiling point of over 370°C. Lubrication, electrical insulation, and candles are all common uses for paraffin wax colored paraffin wax can be used to make crayons. Paraffin candles that haven't been colored are odorless and bluish-white. Carl Reichenbach invented paraffin wax in Germany in 1830, and it was a big step forward in candle-making technology since it burned cleaner and more consistently than tallow candles and was less expensive to produce. To know about the Research Methodology :- Request Free Sample Report 2020 is considered a base year however 2020's numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Paraffin Market Dynamics:Surging Candle Production: Candles are traditionally used as a source of light, but they also play a significant role in festival festivities, home décor, and handicrafts. Many European and North American civilizations use candles daily and even at festivals because of their religious beliefs, lifestyles, and living patterns. The developments in candle products, such as product shape, design, color, and aroma, captivate customers. As a result of changing consumer behavior and the growing popularity of candles-based craft materials and related décor and interior design, the traditional candle industry has transformed into an innovative, inventive, and brand-conscious market. According to Eurostat, the EU-28 countries produced around 857 kilotons of candles in 2019, while candle imports climbed by 3.72%. In the top 10 importers, the United States and nine European countries accounted for 18.51% and 48.54% of total candle imports, respectively. China and Poland, on the other hand, accounted for 28.21% and 29.25% of total exports, respectively. Paraffin demand is expected to grow steadily throughout the forecast period as a result of the continual growth of the candle industry. Reduced Consumption of Paraffin in Packaging: Wax is in high demand for packaging in North America and Europe. On the other hand, demand for packaging is falling. The food packaging industry is becoming concerned about the health concerns of paraffin wax used in food packaging. As a result, natural wax is becoming more popular in the food packaging industry in North America and Europe. Also, regulatory authorities such as the Food and Drug Administration and the European Union have placed restrictions on the use of paraffin wax. The growing demand for natural wax could also be attributed to the growing meatpacking industry. The Demand for Bio-Based Products are Growing in the Cosmetics: As people's health and well-being concerns have developed, people in industrialized countries have shifted their preferences from synthetic to green or bio-based things. Several cosmetics and personal care product manufacturers have begun to develop bio-based products as a result of these advancements. As a result, bio-based waxes such as carnauba wax, beeswax paraffin, and candelilla wax, among others, are displacing synthetic and paraffin wax in the manufacture of cosmetic and personal care products, resulting in the hindrance of the market growth. The Reaction of the Market to the US-China Trade Conflict: To support the domestic paraffin and candle business, the US government imposed anti-dumping charges on Chinese candle products. The US government has levied a 108.32% anti-dumping penalty on all Chinese candle products, regardless of shape or size. This has a significant influence on the paraffin wax industry globally, posing a significant challenge to market expansion.
Paraffin Market Segment Analysis:Based on Type, the paraffin market is segmented as, paraffin wax, liquid paraffin, kerosene, and petroleum jelly. In 2020, the paraffin wax segment was dominant and held xx% of the overall market share in terms of revenue. The market's growth is supported by constant demand from end-use sectors like packaging, cosmetics, lighting and coatings, among others. Because of its widespread availability, low cost, ease of manufacture, adaptability for a variety of industrial applications, and performance attributes, paraffin wax is primarily used in these sectors. Rubber, wood coatings, textiles, industrial coatings, paper & printing, and structures are just a few of the industries where they're used. Based on Application, the paraffin market is segmented as follows, Candles, Packaging, Coatings, Polishing, Hot Melt Adhesive, Tire & Rubber, Cosmetics, Personal Care, Food, and Others. In 2020, the candles segment was dominant and held more than xx% of the overall market share in terms of revenue, and the segment is expected to remain dominant over the forecast period. The wax is the most crucial part of a candle. The leading manufacturers are working on the development of new items to attract customers as consumer living standards, choices, and habits change. According to the National Candle Association, the Christmas/Holiday season accounts for about 45.32% of total candle sales, while the rest of the year accounts for 55.21%. There are almost 10,000 different types of candles in the market including floating, tapers, pillars, jar candles, and birthday candles, among others.
Paraffin Market Regional Insights:In 2020, In terms of revenue, the Asia Pacific region was dominating, accounting for more than 35% of the whole market. It is expected to be the largest and fastest-growing regional market over the forecast period. This rise could be due to increased construction activity around the world, which is driving demand for adhesives, one of paraffin wax's most prevalent applications. Adhesive demand has also increased in the region as a result of technical improvements. During the forecast period, this is expected to have a positive impact on market growth. In recent years, Asia-Pacific demand has grown to new peaks, and the region has gain traction as a key export engine for personal care and cosmetics. India is a developing economy with a lot of possibilities for market growth in future. The country's consumption of personal care and cosmetic is rising as a result of increased attention on physical appearance, an aging population, and a higher standard of living. The wellness and beauty market in the Indian region has grown over the last decade, reached US $16 billion in 2020. The demand for cosmetics and personal care goods in Asia-Pacific has reached new heights, and the region has emerged as a vital export engine. India is a developing economy with a lot of room for market expansion in the future. As a result of increased attention to personal appearance, an aging population, and a higher quality of living, the country's use of cosmetics and personal care products is growing. The beauty and wellness industry in the country has developed significantly over the last decade and is expected to reach $16 billion in 2020. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
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Global Paraffin Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: US $ 5.94 Bn. Forecast Period 2021 to 2027 CAGR: 4.12% Market Size in 2027: US $ 7.88 Bn. Segments Covered: by Type • Paraffin Wax • Liquid Paraffin • Kerosene • Petroleum Jelly by Application • Candles • Packaging • Coatings • Polishing • Hot Melt Adhesive • Tire & Rubber • Cosmetics • Personal Care • Food • Others
Global Paraffin Market, by Region• North America • Europe • Asia Pacific • The Middle East and Africa • South America
Global Paraffin Market Key Players• Sinopec Corp. • China National Petroleum Corp. • HollyFrontier Corp. • BP PLC • Nippon Seiro Co., Ltd. • Baker Hughes • Exxon Mobil Corp. • Sasol Ltd. • International Group Inc. • Evonik Industries AG • BASF SE • Honeywell International Inc. • Royal Dutch Shell Plc • Mitsui Chemicals • Cepsa • Eni SPA • Others
Frequently Asked Questions:1. What is the forecast period considered for the Paraffin market report? Ans. The forecast period for the global paraffin market is 2021-2027. 2. Which key factors are hindering the growth of the Paraffin market? Ans. The reducing use of paraffin in various industries is the only key factor expected to hinder the growth of the market during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Paraffin market for the next 6 years? Ans. The global paraffin market is expected to grow at a CAGR of 4.12% during the forecast period (2021-2027). 4. What are the key factors driving the growth of the Paraffin market? Ans. The continuous growth in candle production and product advancement across the globe are the key factors expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered for the Global Paraffin market report? Ans. Sinopec Corp., China National Petroleum Corp., HollyFrontier Corp., BP PLC, Nippon Seiro Co., Ltd., Baker Hughes, Exxon Mobil Corp., Sasol Ltd., International Group Inc., Evonik Industries AG, BASF SE, Honeywell International Inc., Royal Dutch Shell Plc, Mitsui Chemicals, Cepsa, Eni SPA, and Others.
1. Global Paraffin Market: Research Methodology 2. Global Paraffin Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Paraffin Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Paraffin Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Paraffin Market Segmentation 4.1. Global Paraffin Market, by Type (2020-2027) • Paraffin Wax • Liquid Paraffin • Kerosene • Petroleum Jelly 4.2. Global Paraffin Market, by Application (2020-2027) • Candles • Packaging • Coatings • Polishing • Hot Melt Adhesive • Tire & Rubber • Cosmetics • Personal Care • Food • Others 5. North America Paraffin Market (2020-2027) 5.1. Global Paraffin Market, by Type (2020-2027) • Paraffin Wax • Liquid Paraffin • Kerosene • Petroleum Jelly 5.2. Global Paraffin Market, by Application (2020-2027) • Candles • Packaging • Coatings • Polishing • Hot Melt Adhesive • Tire & Rubber • Cosmetics • Personal Care • Food • Others 5.3. North America Paraffin Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Paraffin Market (2020-2027) 6.1. European Paraffin Market, by Type (2020-2027) 6.2. European Paraffin Market, by Application (2020-2027) 6.3. European Paraffin Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Paraffin Market (2020-2027) 7.1. Asia Pacific Paraffin Market, by Type (2020-2027) 7.2. Asia Pacific Paraffin Market, by Application (2020-2027) 7.3. Asia Pacific Paraffin Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Paraffin Market (2020-2027) 8.1. The Middle East and Africa Paraffin Market, by Type (2020-2027) 8.2. The Middle East and Africa Paraffin Market, by Application (2020-2027) 8.3. The Middle East and Africa Paraffin Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Paraffin Market (2020-2027) 9.1. Latin America Paraffin Market, by Type (2020-2027) 9.2. Latin America Paraffin Market, by Application (2020-2027) 9.3. Latin America Paraffin Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Sinopec Corp. 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. China National Petroleum Corp. 10.3. HollyFrontier Corp. 10.4. BP PLC 10.5. Nippon Seiro Co., Ltd. 10.6. Baker Hughes 10.7. Exxon Mobil Corp. 10.8. Sasol Ltd. 10.9. International Group Inc. 10.10. Evonik Industries AG 10.11. BASF SE 10.12. Honeywell International Inc. 10.13. Royal Dutch Shell Plc 10.14. Mitsui Chemicals 10.15. Cepsa 10.16. Eni SPA 10.17. Others