The global paraffin wax market size was valued at USD 7,513.3 Million in 2018, driven by the rising usage of candles globally, as well as rapidly growing demand for cosmetics products.
Paraffin wax is solid, soft, colorless, and odorless in nature. It is obtained from saturated hydrocarbon. It is widely used in spa treatment. Along with this paraffin wax has therapeutic effects, it works as pain relieve in various physiotherapy treatments. Paraffin wax is widely used in cosmetic industry, it works as moisturizer and helps to make skin soft and supple. It is used in various industries such as agriculture, rubber, food, paper, electric appliances, cosmetics and pharmaceuticals.
The market for paraffin wax was valued at US$ 5.1 billion in 2021 and is projected to grow at a significant compound annual growth rate (CAGR) of 4.8% from 2022 to 2030, to reach US$ 7.7 billion.
.jpg "The Global Paraffin Wax Market 2020-2030 (USD Billion)")
In pharmaceutical industry, paraffin wax is applied in coating of tablets. Various grades of paraffin wax are used as household chemicals. It work as additives in various polishing such as floor, furniture and automobile, to increase the gloss of surface or restore the initial gloss. In agriculture industry paraffin wax is used for cheese coating, fruit preservation, among others. Paper doesn’t have good insulation properties, but it is used to insulate many kind of food, thus it is coated with paraffin wax to protect food from moisture and micro-organism.
Global paraffin wax market is dominated by the candle manufacturers worldwide. Candles are available in various shapes such as container candles (jars, and cups), pillars and, round shaped candles, among others. Shapes of candles depend upon the melting point of paraffin wax.
Asia-Pacific is the largest market for the global paraffin wax market owing to emerging economies such as China and India. Consumption of paraffin wax as candles as well as in cosmetic industry is on peak in emerging economies. It is anticipated to grow in a similar way over the forecast period.
Paraffin Wax Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | US$ 7.7 billion |
| Growth Rate | CAGR of 4.8 % during 2020-2030 |
| Segment Covered | By Product Type, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Sinopec, ExxonMobil, PetroChina Company Limited, Sasol, International Group, Inc., IOCL, Honeywell, Petrobras, Nippon Seiro Co., Ltd, Petro-Canada, Repsol, H&R Group, CEPSA. |
Key segments of the global paraffin wax market
Application Overview
- Candles
- Packaging
- Cosmetics
- Hotmelts
- Board sizing
- Rubber
- Others
Regional Overview
- North America
- U.S.
- Europe
- Germany
- Asia-Pacific
- China
- India
- Middle East & Africa
- Latin America
- Brazil
Reasons for the study
- The study assesses the dynamics and movement of the global paraffin wax market across various geographies
- While studying the global paraffin wax market, we observed that the demand for petrochemical waxes in cosmetics & personal care industry is expected to be tremendous in developing countries
- Well-established paraffin wax producers are operating across the globe. The companies, as a strategy are planning to enter untapped market in the coming years
What does the report include?
- The study on the global paraffin wax market includes qualitative factors such as drivers, and restraints
- The study covers qualitative and quantitative analysis of the market segmented on the basis of application. Moreover, the study provides similar information for the key geographies
- Actual market sizes and forecasts have been provided for all the above-mentioned segment
- The study includes the profiles of key players in the market with a significant global and/or regional presence
Why should you buy this report?
- The global paraffin wax market study meets the needs for various parties including government and non-government associations, consultants , analysts, researchers and academicians
- The report is also suitable for companies that are currently operating in the market as well as those looking to integrate their operations from either raw material manufacturing or downstream products.
- Moreover, the study can also help new entrants take informed decisions about venturing into new market.
Frequently Asked Questions (FAQ) :
The market value of paraffin wax market in 2030 was US$ 7.7 billion.
The paraffin wax market is growing at a CAGR of 4.% over the forecast period.
The application of the paraffin wax market Candles, Packaging, Board Sizing, Rubber, Hot-melts, Cosmetics and other.
Asia Pacific dominated the market for paraffin wax market and accounted for the largest revenue share.
The top companies that hold the market share in paraffin wax market are Sinopec, ExxonMobil, PetroChina Company Limited, Sasol, International Group, Inc., IOCL, Honeywell, Petrobras, Nippon Seiro Co., Ltd, Petro-Canada, Repsol, H&R Group, CEPSA.
Paraffin wax is widely used in physiotherapy treatments for pain relief in sore joints and muscle. According to Department of Physical Medicine and Rehabilitation, Dokuz Eylul University, Turkey, paraffin wax is used in various treatment such as osteoarthritis, rheumatoid arthritis, and fibromyalgia. Paraffin bath therapy was effective both in tenderness and reducing pain as well as maintaining strength in hand osteoarthritis.
In skincare products, oil form of paraffin wax is used, obtained from the petroleum. It has easily spreadable consistency, thus it is widely used in production of creams and lotions. Paraffin wax is mostly popular as candle wax owing to cost effective material in the preparation for candle in compare to other waxes. Hence, paraffin wax as candle wax is contributes to the global paraffin wax market.
Paraffin wax has water resistance property. Hence, it has been applied on various products such as matches, bottles and wood as a waterproofing agent. Furthermore, it is used in preparation of crayons, to give them waxy texture. It also works as friction reducer owing to lubricating property. Skateboarders, snowboarders, and surfers uses paraffin wax to the bottom of their boars, to reduce the friction.
Asia Pacific is the largest consumer of paraffin wax and it is anticipated to show similar trend over the forecast period. Emerging economies of China and India, contributes to the global paraffin wax market. Raising demand of cosmetic products and creative candles, boosting the global paraffin wax market. Along with this North America is the fastest growing region for global paraffin wax market.
In 2019, Numaligarh Refinery Limited, India, largest producer of purest paraffin wax, launched ‘Pristine’ Food grade wax brand, made up of paraffin wax. Food grade paraffin wax is consists of palm oil derivatives, vegetable oils and synthetic resins. This product is useful in various cosmetics, FMCG, and pharmaceutical industries.
The global paraffin wax market is segmented by the application. These segments includes candles, packaging, cosmetics, and hot melts, among others.
In fertilizers industry paraffin wax work as an anti-caking additives, to maintain their transportation and dosing. In food industry paraffin wax is used in production of gum base for the preparation of chewing gum. To protect the tires from cracking and chipping, paraffin wax is used. Furthermore, it helps tire to insulate from ozone. Hence, in rubber industry, paraffin wax also contributes to the global paraffin wax market.
Paraffin wax insulates the electric nodes and appliances wirings. In cosmetic industry paraffin wax is an important ingredient in the preparation of creams, lipstick, and lotions. Furthermore, it is used in preparation of solid perfumes, beauty masks, among others. Hence, paraffin wax has high demand in cosmetic industry, and it will show similar trend over the forecast period in global paraffin wax market. However, paraffin wax can be replaced by bees wax in creams and lip balm preparation. It is the biggest hurdle faced by the global paraffin wax market.
In food packaging industry, paraffin wax act as adhesive in various laminated films and foils. It is also used as direct coating of food, such as cheese and fruit coatings. It protect the cheese surface and helps to protect the flavor of cheese. Fruits such as apples, beet, tomatoes, orange, lemon and fodder being waxed by paraffin, peel of these fruits are not to be consumed. It protect the fruits while transporting for a long distance.
Paraffin wax is used in other industries such as matchbox, precision casting of metals, and manufacture of refractory ceramic. The matchbox industry is oldest consumer of paraffin wax. It improves adhesion of the matched to the matchwood and resistance to moisture. It also contributes to the global paraffin wax market.
.png "Global Paraffin Market Share by Application 2018 (Kilo Tons)")
The market is segmented into North America, Asia-Pacific, Europe, Middle East and Africa, and Latin America. North America is the fastest growing region for global paraffin wax market followed by Europe, owing to developed economy. Raising demand for paraffin wax is high due to increased purchasing power of consumers. Cosmetic industry is giving significant growth to the global paraffin wax market.
Asia Pacific is the largest market for global paraffin wax market owing to more consumption of paraffin by India and China. China produced more paraffin wax as compare to other countries in Asia Pacific region. Emerging economies and rising population, are increasing the demand for cosmetic products, which is boosting the global paraffin wax market.
China is the key producer of paraffin wax. PetroChina Company Limited (“PetroChina”) is China’s largest oil and gas producer and distributor, playing a dominant role in the oil and gas industry in China. In July, 2019 PetroChina and Sinopec entered into Joint Research.
Paraffin wax is widely used in the preparation of candle, worldwide. Candle manufacture covered nearly 40 % market share in global paraffin wax market.
Growing demand of rubber worldwide is also boosting the global paraffin wax market. Increased construction of building is boosting the growth of paraffin wax market worldwide owing to paraffin wax emulsion helps sealant to maintain wood integrity.
The competitive landscape of the global paraffin wax market is fragmented with a large number of players with global and regional presence. The key players covered in the global paraffin wax market analysis includes Exxon Mobil Corporation, Sinopec Corp., PetroChina International Co., Ltd, Sasol, The International Group, Inc., Indian Oil Corporation Ltd, Petrobras, Nippon Seiro Co., Ltd., Repsol, Cepsa.