Paraffin Wax Market to reach US$ 7,795 Million by 2030 with CAGR

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NEW YORK, June 09, 2022 (GLOBE NEWSWIRE) — The world paraffin wax market the market size is estimated to increase by approximately 4.8% over the forecast period and reach a market value of US$7,795 million by 2030.

Paraffin wax, also known as petroleum wax, was first made commercially in 1867. It is a solid or white, somewhat transparent, crystalline hard wax made from a mixture of simple solid hydrocarbons whose melting points generally range from 48° to 66° C. It is found in candles, varnishes, waxed paper, cosmetics and electrical insulators, among other things. It is also used to extract fragrance from flowers, as a base for medical ointments, and as a waterproofing coating for wood. The demand for paraffin wax to be used in the production of candles is increasing every day. Aromatherapy candles are very popular in spas and hotels. Additionally, consumers prefer paraffin wax because it acts as an excellent barrier against gas and odor transmission. Additionally, paraffin wax is used in other end-use industries such as hot melt, carton sizing, rubber, and packaging, which boosts the economy.

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Growth aspects of the global paraffin wax market

There is a high demand for paraffin wax for candle making due to the growing popularity of aromatherapy products and home fragrances. Additionally, growing consumer awareness of the importance of home ambience is driving the demand for candles, driving the expansion of the paraffin wax market. Even though the wax is needed for the beauty and personal care industries, the paraffin wax industry is growing due to the increased demand for skin care products. Oil type paraffin wax is used in skin care products. Due to its ease of application, it is widely used in the production of balms, creams and lotions. Paraffin waxes can also be used to make strong oily perfumes, which are used to scent the outer layer of the skin. Paraffin wax is currently used to treat pain and swelling, as well as to reduce inflammation and muscle spasms. In addition, at present, paraffin wax is commonly used in the manufacture of waterproof tarps. Water resistance, durability and low cost are all advantages of these tarps. Tarps are frequently used to protect or cover agricultural production and equipment. Nowadays it is widely used in spas as a hot wax shower therapy. Due to the increased use of paraffin wax for therapeutic treatment, vendors in the market are expected to enjoy increased growth opportunities.

Report cover

Market paraffin wax market
Market size 2021 US$5,123 million
Market Forecast 2030 US$7,795 million
CAGR 4.8% During 2022 – 2030
Analysis period 2018 – 2030
base year 2021
Forecast data 2022 – 2030
Segments Covered By type, by application and by geography
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Profiled Key Companies CNPC (Sinopec), Sasol Corp, Royal Dutch Shell Plc, National Oil Company of Venezuela, Exxonmobil, Petro Canada Lubricants, Petrobras, Marathon Oil Corporation, Big West Oil LLC, Cepsa Company, Naftowax and Nippon Siero Co.
Report cover Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis
Scope of customization 10 a.m. free customization and expert advice

Regional overview

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa are the regional classification of the global paraffin wax market. During the forecast period, North America is expected to be the largest paraffin wax market with the United States allocating major shares. Rising demand for paraffin wax from various applications such as candles, cosmetics, personal care, rubber and hot glue are some of the major growth drivers in the region. Strong demand for aromatherapy candles, along with rapidly growing pharmaceutical, cosmetics, and packaged food and beverage industries in the United States and Canada, are expected to drive significant growth in North America. Rigid work schedules and poor eating habits of consumers are expected to boost the demand for packaged food products, which will fuel the growth over the forecast period.

Additionally, mass production of cosmetics, perfumery, and packaging materials is expected to drive the market growth in the Middle East and Africa. Additionally, increasing oil and gas drilling in the region is expected to increase the availability of raw materials, which is expected to accelerate growth throughout the forecast period.

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Market segmentation

The global paraffin wax market has been segmented by Acumen Research and Consulting on the basis of type and application. Based on type, the global paraffin wax market is categorized into fully refined wax, semi-refined wax, and others. Based on application, segments include packaging, rubber, cosmetics, candles, hot melts, carton gluing, etc.

Main actors

Some key players covered globally in paraffin wax industry are CNPC (Sinopec), Sasol Corp, Royal Dutch Shell Plc, Venezuela National Oil Company, Exxonmobil, Petro Canada Lubricants, Petrobras, Marathon Oil Corporation, Big West Oil LLC, Cepsa Company, Naftowax, and Nippon Siero Co.

For example, in March 2022, Sasol sold its German holding company Sasol Wax GmbH to AWAX spa, an international organization highly specialized in the development, production and distribution of wax products. As of March 1, 2022, the company, which has two manufacturing plants in Hamburg, Germany, one in the UK and one in Austria, will be known as Hywax GmbH.

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