The global paraffin wax market is expected to reach USD 7.27 billion by 2025, according to a new report published by Grand View Research, Inc. Increasing demand for paraffin waxes in flexible packaging, candle manufacturing, rubber, and cosmetics is expected to aid in market expansion over the next nine years. Rising consumption of these products as a rheology modifier, electrical insulator, friction reducer, plasticizer, and flame retardant is expected to increase market size over the forecast period.
Paraffin waxes are used in flexible packaging as they provide an excellent barrier against odor and gas transmission. The growing food & beverage sector in developing countries including China, Japan, India, South Korea, South Africa, and Brazil is expected to stimulate packaging growth, which in turn will drive product demand over the upcoming years.
Full research report on Paraffin Wax Market Analysis: http://www.grandviewresearch.com/industry-analysis/paraffin-wax-market
Further key findings from the report suggest:
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The global industry demand was 3,461.8 kilo tons in 2015 and is expected to grow substantially on account of increasing demand for home fragrance products in countries including China, the UK, India, and the U.S.
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Cosmetic application segment is projected to show volume grow at a CAGR of 4.2% from 2016 to 2025. Increasing usage of these products as body moisturizers in dermatology is likely to fuel growth.
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Rising demand for creams, lipsticks, ointments, and personal care products is expected to drive industry growth. Developing personal care industry in countries including the U.S., India, France, China, Brazil, Argentina, Russia, Indonesia, South Africa, Thailand, Saudi Arabia, and UAE is further expected to create growth opportunities for the product over the upcoming years.
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Asia Pacific was the leading market in 2015 and is projected to foresee rapid revenue growth at a CAGR of 4.4% from 2016 to 2025. The increase is attributed to the rapid development of packaging, personal care, and adhesives industries in the region. Growing utilization of these waxes in hot melt adhesives mainly in China, South Korea, Australia, India, and Taiwan will spur industry expansion over the next nine years.
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The industry is highly competitive with a large number of participants in China, the U.S., India, and South Africa. Key players include ExxonMobil, PetroChina Company Limited, Sinopec, International Group Inc., Repsol, IOCL, and Sasol.
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ExxonMobil provides semi refined paraffin wax which finds applications in packaging and adhesives and complies with Food and Drug Administration (FDA) specifications
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Companies such as Sasol provide non-toxic paraffin wax which is produced by environment-friendly technology, i.e., high-pressure hydrogenation. This innovation, in turn, will create new opportunities for growth over the next nine years.
View more reports of this category by Grand View Research at: http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Global paraffin wax market revenue share, by application, 2015 (%)
Grand View Research has segmented the global paraffin wax market on the basis of application and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014-2025)
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Candles
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Packaging
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Cosmetics
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Hotmelts
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Board Sizing
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Rubber
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Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014-2025)
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North America
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U.S.
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Europe
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Germany
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Asia Pacific
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China
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India
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Central & South America
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Brazil
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MEA
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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