The global paraffin wax market size is estimated to be worth USD 9,820.5 Million by 2025. Increasing consumption of paraffin wax as a raw material in various industries such as food, electrical appliances, fabric, paper and agriculture is expected to propel its market expansion over the forecast period. Rising demand of tires is also boosting the paraffin wax market, worldwide. As it protects the tires from chipping and cracking.
Growing demand of paraffin wax in food industry, as food grade wax is anticipated to grow the paraffin wax market over the forecast period. Paraffin wax has excellent water barrier property which makes it more suitable for cardboard coating.
Paraffin wax is widely used in making of candles, across the world. Paraffin wax as candle wax was dominating the application segment in 2018. It is expected to show similar growth over the expansion period. Paraffin wax is also used full in polishing of furniture, floor and automobile to make it glossy.
Paraffin bath as a physiotherapy treatment is given to the patient having disease such as osteoarthritis, and rheumatoid arthritis. According to various case studies paraffin bath gives relief to the severe joint pain.
Cosmetic industry is provide huge opportunity for the global paraffin wax market. Various lotions, lipsticks, lip balm, and creams require the paraffin wax in the preparation formula as it has spreadable consistency. However, replacement of paraffin wax can be done by the bees wax, thus it can be hampering factor for the growth of paraffin wax market.
Asia Pacific nearly covered 30% of the global paraffin wax market share in 2018. Raising demand of skin care products in China and India, are the key drivers for the global paraffin wax market. It will show similar trends in upcoming years. In addition, emerging economies of India and China contributes to the global paraffin wax market owing to high production and consumption of paraffin wax, throughout the region. However, environmental regulation for the petrochemicals, by the government can be the biggest hurdle faced by the global paraffin wax market.
Key players for the global paraffin wax market are 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.
In June, 2019 SINOPEC (China Petroleum & Chemical Corporation) signed an agreement with Novatek and Gazprombankl. Under the agreement, the joint venture purchased Liquefied Natural Gas from Novatek and sold it to end customer in the Chinese market.
Key segments of the global paraffin wax market
Application Overview, 2015-2025 (Kilo tons) (USD million)
- Candles
- Packaging
- Cosmetics
- Hot melts
- Board Sizing
- Rubber
- Others
Regional Overview, 2015-2025 (Kilo Tons) (USD Million)
- North America
- U.S.
- Europe
- Germany
- Asia-Pacific
- China
- India
- Middle East & Africa
- Latin America
- Brazil