Paraffin Wax Market Global Trends and Forecasts to 2030
The global paraffin wax market size is expected to reach USD 8.58 Billion in 2030 and register a steady revenue CAGR of 5.4% over the forecast period, according to latest analysis by Emergen Research. A steady revenue growth of the paraffin wax market can be attributed to increase in demand from the beauty industry. Mineral oils such as paraffin, which come in a variety of forms, are frequently used in face creams and body lotions.
Paraffin is utilized in beauty products as it is a less expensive technique to make skin feel hydrated. When heated and applied to the skin or joint area, paraffin wax has a long history of treating a wide range of physical ailments, including enhancing blood flow, lowering pain, and treating arthritis. Additionally, an emollient, paraffin aids in softening the skin. By opening pores, the heated wax also aids in retaining moisture, leaving hands feeling softer, smoother, and better than before. Paraffin wax also becomes hard when it cools. Dead skin and grime are removed from the skin along with the wax, making the hands smoother.
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A recent trend in the market is the use of paraffin wax coated sand to replace plastic mulch in farmers’ fields. To help keep moisture in the soil, farmers frequently spread sheets of plastic along the rows of their crops. However, a recent study suggests that using paraffin wax-coated sand would be a more affordable and environmentally friendly option. As a result, a group at the King Abdullah University of Science and Technology (KAUST) in Saudi Arabia is looking into silica sand that has been covered in refined paraffin wax. Paraffin wax is not especially eco-friendly in its natural state, however, the "food-grade" wax the team uses has been refined and is biodegradable as well as non-toxic, so it should not affect the environment or build up there.
The objectives of this study are to define, segment, and project the size of the Paraffin Wax Market based on company, product type, application and key regions.
The report offers precise information about pricing, capacity, value, gross revenue, and profit of the market. The primary aim of the report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Paraffin Wax Market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.
Some major companies operating in the global market include:
PetroChina Company Limited,
Sinopec Group,
Indian Oil Corporation Ltd.,
Sasol Limited,
Exxon Mobil Corporation,
The International Group, Inc.,
Petrobras,
Petro-Canada Lubricants Inc.,
Nippon Seiro Co., Ltd., and
Repsol S.A.
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The Global Paraffin Wax Market is further analyzed across the key geographical locations where the market has expanded to a significant size. The key region analyzed are North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report offers a country-wise analysis to provide a comprehensive analysis of the Paraffin Wax market in terms of production and consumption patterns, supply and demand ratio, import/export, revenue contribution, trends, and presence of prominent players in each region.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Emergen Research has segmented the global paraffin wax market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Fully Refined Wax
Semi-refined Wax
Others
Application Outlook (Revenue, USD Billion; 2019-2030)
Candles
Packaging
Board Sizing
Rubber
Hot Melts
Cosmetics
Others
Key point summary of the report:
The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
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