Global Paraffin Wax Market Size to Forecasted to Surge $7.80 Billion Growth by 2028, Exhibit a CAGR of 5.82%
Increasing usage of products like candles, hotmelts, board sizing, rubber, and others in hotels, restaurants, commercial buildings, and spas, coupled with the rising popularity of aromatherapy is expected to aid in the paraffin wax market. The Asia Pacific region emerged as the largest market for the paraffin wax market, with a 34.6% share of the market revenue in 2020.
Newark, Sept. 20, 2023 (GLOBE NEWSWIRE) — The global paraffin wax market is anticipated to grow from USD 4.91 billion in 2020 to USD 7.80 billion by 2028, at a CAGR of 5.82% during the forecast period 2021-2028. Global paraffin wax market is growing at a steady growth rate, owing to increasing demand for paraffin wax in a variety of end-use applications such as candle manufacturing, rubber, and cosmetics. Furthermore, growing consumer awareness regarding home ambience, further increasing demand for candles, resulting in the growth of paraffin wax.
The Brainy Insights Launched a Study titled Paraffin wax Market by Type (Fully Refined, Semi Refined), Form (Solid, Liquid), Application, Regions, and Global Forecast 2021-2028.
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Report Coverage Details
|Market Size in 2021||USD 4.91 billion|
|Market Size in 2028||USD 7.80 billion|
|No. of Pages in Report||232|
|Segments Covered||source, process, grade, end-user and regions|
|Opportunities||Rising adoption rate of glycerin in food and beverage industry|
|Restraints||High costs associated with the refining process|
The fully refined wax held the major market share of 56.39% in 2020
The type segment is divided into fully refined paraffin wax and semi-refined paraffin wax. The fully refined wax held the major market share of 56.39% in 2020. Three significant industries that use refined paraffin wax are the medical, cosmetics, and food industries. Thus, increasing usage in the various sectors, boosting the growth of fully refined wax segment in the market.
The solid segment dominates in the market and valued at USD 3.46 billion in 2020
The form segment includes solid and liquid. The solid segment dominates in the market and valued at USD 3.46 billion in 2020. The wide use of solid paraffin wax for candle making and in the packaging industry as wax coatings for film, paper, and foil substrates including corrugated board, cups and container, boosting the growth of this segment.
The candle segment held the largest market share of 42.3% in 2020
The application segment includes candles, packaging, cosmetics, hotmelts, board sizing, rubber, and others. The candle is the leading segment in the global paraffin wax market and held the largest market share of 42.3% in 2020. Increasing usage of these products in hotels, commercial buildings, restaurants, and spas, coupled with the rising popularity of aromatherapy is expected to aid in the market expansion.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia Pacific region emerged as the largest market for the paraffin wax market, with a 34.6% share of the market revenue in 2020. This is because of the presence of emerging economies such as India and China in the Asia Pacific region. Consumption of paraffin wax in cosmetics and in candles is on the peak in these countries, which is boosting the market growth. On the other hand, The North America region is anticipated to grow at a considerable growth rate in the global paraffin wax market over the forecast period. This is mainly due to the high demand for paraffin wax in the cosmetics and food packaging industry.
Major players in the global paraffin wax market are ExxonMobil, PetroChina Company Limited, Sasol, The International Group, Inc., Honeywell, Petrobras, Nippon Seiro Co., Ltd., Petro-Canada, Repsol, H&R Group, CEPSA, Chennai Petroleum Corporation Limited (CPCL), and Indian Oil Corp Ltd (IOCL) among others.
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About the report:
The market is analyzed based on value (USD Billion) and volume (k units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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