Paraffin Wax: Introduction

· Paraffin wax is a soft colorless solid derived from petroleum, coal, or oil shale. It is a byproduct of the oil purification process. Paraffin wax is derived from the dewaxing process that crude oil undergoes. It is then processed further for usage in products. Paraffin wax consists of the mixture of hydrocarbon molecules that contains 20 carbon atoms to 40 carbon atoms. Undyed and unscented paraffin candles are odorless and bluish-white in color. Paraffin wax is insoluble in water, but soluble in ether, benzene, and certain ethers. Slack wax, which is the mixture of oil and wax, is the feedstock for paraffin wax.

Key Drivers and Restraints of Paraffin Wax Market

· The global paraffin wax market is driven by the increase in demand for aromatherapy and rise in awareness about the importance of home ambiances

· The paraffin wax market is also expanding due to the increase in demand for skin care products, as the wax plays a major role in the beauty industry. However, paraffin wax carries certain adverse health effects; it emits toxic fumes when burned. It also can lead to asthma and lung cancer. This is negatively affecting the global paraffin wax market. Fluctuation in prices of crude oil is also hampering the paraffin wax market.

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Paraffin Wax Market: Segments

· The global paraffin wax market can be segmented based on type, application, and region

· In terms of type, the global paraffin wax market can be divided into fully refined wax, semi-refined wax, and others. Fully refined paraffin wax contains less than 0.5% of oil. The highest grade of refinement is fully refined wax. It is hydro-treated or clay treated to remove impurities and discoloration. Thus, wax is water clear and odor free. Semi-refined paraffin wax contains 0.5% to 1.5% of oil. Other paraffin waxes consist of food grade wax and ceresin wax.

· Based on application, the paraffin wax market can be classified into candles, packaging, board sizing, rubber, hot melts, cosmetics, and others. Paraffin wax is primarily used in candles and cosmetics. Candles are largely used in aromatherapy in hotels, spas, and other commercial businesses. In cosmetics, paraffin wax is used for skin softening in salon and spa treatment on the hands and cuticles and feet. The packaging application segment is expected to expand at a rapid pace in the near future due to the increase in demand for packaged food. Paraffin wax provides excellent barrier against odor and gas transmission.

COVID-19 Impact on Paraffin Wax Market

· Emergence of the new COVID strain in many developed and developing countries has adversely affected the health care infrastructure. Hospital staff, medicines, oxygen beds, and ventilators are in short supply. Supply chains are facing disruptions, leading to disturbances in production activities in many countries. This is adversely affecting the global paraffin wax market.

· On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.

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Asia Pacific to Dominate Paraffin Wax Market

· In terms of geography, the global paraffin wax market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa

· The paraffin wax market is primarily concentrated in Asia Pacific. The market in the region is estimated to expand at a rapid pace in the near future due to the presence of emerging countries such as China, India, and South Korea. Increase in demand for hot melt adhesives and packaging is anticipated to augment the market in the region.

· The paraffin wax market in North America is anticipated to expand owing to the high demand for fragrance candles and rapid growth of the packaging industry in the region

· High demand for cosmetics and fragrance products, and expansion of the food packaging industry are projected to boost the paraffin wax market in Middle East & Africa. The region is likely to possess abundant availability of raw materials owing to the rise in oil and gas exploration activities in the region. This is anticipated to boost the paraffin wax market in Middle East & Africa.

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Key Manufacturers Operating in Global Paraffin Wax

· The global paraffin wax market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global paraffin wax market include:

o Sinopec

o ExxonMobil

o Sasol

o PetroChina Company Limited

o The International Group, Inc.

o Honeywell

o Petrobras

o Nippon Seiro Co., Ltd.

o Petro-Canada

o Numaligarh Refinery Limited

o Repsol

o H&R Group

o Chennai Petroleum Corporation Limited (CPCL)

o Indian Oil Corp Ltd (IOCL)

Global Paraffin Wax Market: Research Scope

Global Paraffin Wax Market, by Type

· Fully Refined Wax

· Semi-refined Wax

· Others

Global Paraffin Wax Market, by Application

· Candles

· Packaging

· Board Sizing

· Rubber

· Hot Melts

· Cosmetics

· Others

Global Paraffin Wax Market, by Region

· North America

o U.S.

o Canada

· Europe

o Germany

o U.K.

o France

o Italy

o Spain

o Russia & CIS

o Rest of Europe

· Asia Pacific

o China

o India

o Japan

o ASEAN

o Rest of Asia Pacific

· Latin America

o Brazil

o Mexico

o Rest of Latin America

· Middle East & Africa

o GCC

o South Africa

o Rest of Middle East & Africa

The Paraffin Wax market has been undergoing some remarkable growth dynamics, shaped increasingly by digital technologies and environmental sustainability concerns of product development. Over the decades, the feedstock variability and the onslaught of cheaper substitutes have squeezed in profit margins of the chemical and materials sector. On the other hand, the value chain of several businesses in the Paraffin Wax market has undergone overhaul, increasingly rendering some aspiring players with greater control over the forces and demand. The penetration of Industry 4.0 in in the market has stirred game-changing trends for range of stakeholders in the overall chemicals and materials sector. Manufacturing and production environments of businesses in the Paraffin Wax market are keen on formulating and implementing strategic frameworks that will turn them into digital enterprises.

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