Paraffin Oil Market is Expected to Achieve a CAGR of 4.4% by 2031

The global paraffin oil market was estimated at $2.2 billion in 2021 and is expected to hit $3.3 billion by 2031, registering a CAGR of 4.4% from 2022 to 2031.

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According to the report published by Allied Market Research, The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.

The key market players analyzed in the global paraffin oil market report include BAKER HUGHES, BP plc, Cepsa, evonik industries ag, Eni S.P.A, Exxon Mobil Corporation, Mitsui Chemicals, BASF SE, gulf oil international group, Honeywell International Inc., HollyFrontier Refining and Marketing LLC, Linde plc, China National Petroleum Corporation, Sasol Limited, and Royal Dutch Shell Plc.

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These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.

Key findings of the study:

By grade, the pharmaceutical segment was the highest revenue contributor to the market in 2021.
By application, the pharmaceuticals segment is the fastest growing segment.
By region, Asia-Pacific was the highest revenue contributor to the market in 2021, growing with a CAGR of 4.7%.
China was the highest revenue contributor to the market in 2021, growing with a CAGR of 4.8%.
South Korea and Japan are expected to witness considerable CAGRs of 4.0% and 4.5%, respectively, during the forecast period.

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The global paraffin oil market is analyzed across grade, application, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

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Based on grade, the pharmaceutical segment garnered nearly half of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also project the fastest CAGR of 4.7% throughout the forecast period.

Based on application, the pharmaceuticals segment held more than half of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also cite the fastest CAGR of 4.7% throughout the forecast period.

Based on region, the global paraffin oil industry across Asia-Pacific generated nearly three-fifths of the total market revenue in 2021, and is anticipated to retain the lion's share by 2031. The same region would also showcase the fastest CAGR of 4.7% throughout the forecast period. The other provinces analyzed through the report include North America, Europe, and LAMEA.

For More Details: https://www.globenewswire.com/en/news-release/2022/10/17/2535741/0/en/Paraffin-Oil-Market-Size-Worth-3-3-Billion-by-2031-CAGR-4-4-AMR.html

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