The global paraffin market is estimated to secure a market value of US$ 9.4 Billion by 2032 while expanding at a CAGR of 4.4%. The market valued US$ 5.9 Billion in 2021. The industry is anticipated to garner US$ 5.9 Billion in 2021.
The growth of the market can be attributed to the expansion of key end use industries, such as the paperboard and packaging sector, and personal beauty care, among others. Demand from the food industry for surface protection is projected to be another factor driving the industry growth in the forecast period.
Furthermore, expanding candle industry is predicted to propel the market. Yankee Candle Company launched a Sunday Brunch Candle collection. The candle was launched in various fragrances such as; vanilla, honey lavender, and others.
Such initiatives are anticipated to boost the demand for Paraffin and propel the industry growth in the forecast period. In addition, rising demand for personal care products, principally in developing countries, like India, South Korea, and others are predicted to drive the market in the forecast period.
Get a Sample Copy of the Report @
Rapid urbanization and the surging number of working women are other important factors contributing to the surged demand for paraffin in the forecast period.
Key Takeaways from the Global Paraffin Market:
- The paraffin wax segment to expand at a growth rate of 4.1% during the forecast period
- Paper board and packaging to record a CAGR of 4.1% in the assessment period
- Market in the U.S to hold a value of US$ 3.2 Billion by 2032
- Chinese market to record a CAGR of 4% by 2032
- Market in Japan to secure a market value of US$ 600 Million
- Market in South Korea to hold a revenue of US$ 300 Million by 2032
"Rapid growth of personal and beauty care sector, owing to the increasing disposable income and swift development of paper board and packaging industry is expected to play a significant role in driving the global market for paraffin in the forecast period."
Key players in the global paraffin market include Exxon Mobil Corporation, Sasol, LANXESS, China Petroleum & Chemical Corporation, and ENEOS Corporation.
Recent key developments in the market are as follows:
- In March 2022, Sasol, the South African Energy, and Chemical Company sold its German subsidiary Sasol Wax to AWAX s.p.a. The firm is an international group specializing in providing wax products. The enterprise with two manufacturing units in the U.K and Austria will function under the name Hywax GmbH from w.e.f March 1, 2022.
- In August 2021, LANXESS acquired Emerald Kalama Chemical for US$ 1.04 Billion. The specialty chemicals enterprise, LANXESS accomplished the second-largest history with the takeover of Emerald Kalama Chemical.
Key Segments Profiled in the Global Paraffins Market
Paraffins Market by Type:
- Paraffin Wax
- Liquid Paraffins
- Kerosene Paraffins
- Petroleum Jelly Paraffins
Paraffins Market by Application:
- Paraffins in Cosmetics and Personal Care
- Paraffins in Paperboard and Packaging
- Paraffins in Fuel
- Paraffins in Rubber
- Paraffins in Lubricants
- Paraffins in Other Applications
Paraffins Market by Region:
- North America Paraffins Market
- Europe Paraffins Market
- Asia Pacific Paraffins Market
- Middle East and Africa Paraffins Market
- Latin America Paraffins Market
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global paraffin market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
Request for Customization @
The study reveals essential insights on the basis of type (paraffin wax, liquid paraffin, kerosene, petroleum jelly) and application (cosmetics and personal care, paperboard and packaging, fuel, rubber, lubricants, other applications), across five major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)
Explore FMI's Extensive ongoing Coverage on Chemicals & Materials Domain
Hot Melt Adhesives Market: Global demand for hot melt adhesives is expected to register a CAGR of 5.3% by accumulating a market value of US$ 12,675.5 Million. As of 2022, the market is expected to be valued at US$ 7,562.9 Million.
Iron Oxide Market: The global iron oxide market size is estimated to be valued at around US$ 2,525.85 Mn in 2022. Sales of iron oxide are projected to increase at a healthy CAGR of 4.1% from 2022 to 2032.
Pearlescent Pigment Market: The global pearlescent pigment market to reach a valuation of US$ 3,601.70 Mn by the end of 2022. Sales prospects in the pearlescent pigment is anticipated to witness a steady growth at 4.0% CAGR, surpassing US$ 5,331.4 Mn by 2032.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Unit No: 1602-006
Jumeirah Bay 2
Plot No: JLT-PH2-X2A
Jumeirah Lakes Towers
United Arab Emirates
For Sales Enquiries: email@example.com
Browse latest Market Reports: https://www.futuremarketinsights.com/reports
This content is published on behalf of the above source. Please contact them directly for any concern related to the above.
This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.