Paraffins Market is Anticipated to Grow at a Gradual Rate and Reach $9.4 Billion by end of Forecast Period to 2032, Estimated CAGR of 4.4%

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.

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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. 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."

Competition Analysis

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.

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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.

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)

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

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What are the Factors Hindering the Global Paraffins Market?

Concerns about the environment are expected to hamper the market growth during the forecast period. Toxic gases and fumes produced by paraffins wax have a negative impact on human health and on the environment, which is anticipated to hinder the market growth in the forecast period. In order to tackle such issues, eco-friendly products, free of paraffins are launched. This can limit the market growth in the forecast period.

Moreover, fluctuating costs of crude oil and the availability of eco-friendly products are other causes that can hinder market growth in the coming time. However, with various end-user sectors, generating significant demand for paraffins can counter the hampering factors, and assist in the market growth in the forthcoming period.

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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.

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