The Paraffin Market was valued at USD 6 Bn in 2021, at CAGR of 4.1% during the forecast period (2022-2030), and the Market is projected to be worth USD 8.61 Bn by 2030.
The wide range of applications in packaging, farming, lighting, medical, chemicals, and rubber industries have a positive impact on the paraffin market growth. Furthermore, the augmented demand for paraffin wax especially from the food industry for the promotion of freshness by surface protection of food products is one of the crucial driving factors of the market growth.
Paraffin wax is a colorless and soft solid made of a mixture of hydro-carbonated molecules which are integrated between twenty to forty carbon atoms. This wax is extracted from oil shale, petroleum, or coal which remains in the solid state at a certain temperature and starts melting at around 37°C. Thus, paraffin wax is used in electrical insulation, lubrication, and candles coupled with the large availability of colored paraffin wax for manufacturing crayons.
Paraffin Market Research Report” was just released by Market Research Community. It is divided into several categories, including By Application (Rubber, Paperboard and Packaging, Lubricants, Cosmetics and Personal Care, Fuel, Other Applications), By Types (Kerosene, Petroleum Jelly, Paraffin Wax, Liquid Paraffin), and companies (Clariant AG, ExxonMobil Corp., Lubrizol Corp., Marcus Oil & Chemical, Hexion Specialty Chemicals Inc., Blended Waxes Inc., Micro Powsers Inc., BASF SE, and Hooland BV.), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 4.1%, over the forecast period of 2022–2030
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||8.61 Billion|
|By Type||Kerosene, Petroleum Jelly, Paraffin Wax, Liquid Paraffin|
|By Application||Rubber, Paperboard and Packaging, Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||Clariant AG, ExxonMobil Corp., Lubrizol Corp., Marcus Oil & Chemical, Hexion Specialty Chemicals Inc., Blended Waxes Inc., Micro Powsers Inc., BASF SE, and Hooland BV.|
The COVID-19 pandemic has had a substantial negative influence on the Paraffin market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Clariant AG, ExxonMobil Corp., Lubrizol Corp., Marcus Oil & Chemical, Hexion Specialty Chemicals Inc., Blended Waxes Inc., Micro Powsers Inc., BASF SE, and Hooland BV.
Market Segment Analysis:
- Petroleum Jelly
- Paraffin Wax
- Liquid Paraffin
- Paperboard and Packaging
- Cosmetics and Personal Care
- Other Applications
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Paraffin industries in the region.
Key Paraffin Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Paraffin Market segments.
– Largest Market Share Held by Industry to Industry for Paraffin
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Paraffin Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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