Paraffin Wax Market Expected to reach a CAGR of 5.82% from 2021 to 2028

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The global paraffin wax market is expected to reach USD 7.80 billion by 2028, with a CAGR of 5.82% from 2021 to 2028.

NEWARK, USA, NEW JERSEY, October 28, 2021 /EINPresswire.com/ – According to the report published by The Brainy Insights, the global paraffin wax market is expected to grow from $ 4.91 billion in 2020 to $ 7.80 billion USD by 2028, at a CAGR of 5.82% during the forecast period 2021-2028. The Asia-Pacific region has emerged as the largest market for the paraffin wax market and was valued at USD 1.69 billion in 2020. This is due to the presence of emerging economies such as India and China in the Asia-Pacific region. Consumption of paraffin wax in cosmetics and candles is at its highest in these countries, boosting the growth of the market. On the other hand, the Middle East and Africa region is expected to grow at a healthy growth rate in the global paraffin wax market, owing to the increase in oil and gas exploration activities, which is expected to result in wide availability of raw material resources for paraffin wax in the region.

Some of the leading companies in the global paraffin wax market are ExxonMobil, PetroChina Company Limited, Sasol, The International Group, Inc., Honeywell, Petrobras, Nippon Seiro Co., Ltd., Petro-Canada, Repsol, H&R Group, CEPSA , Chennai Petroleum Corporation Limited (CPCL) and Indian Oil Corp Ltd (IOCL), among others. For example, in February 2018, Sasol announced the successful commissioning of its Fischer-Tropsch Wax Expansion Plant (FTWEP) at its Sasolburg site, with the aim of expanding Sasol’s operations in southern Africa. This expansion is part of Sasol’s regional strategy and the company’s commitment to invest in the industry in South Africa.

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The typical segment is divided into fully refined paraffin wax and semi-refined paraffin wax. Fully Refined Wax held the main market share of 56.39% in 2020. Fully Refined Paraffin Wax is the highest purity wax and generally used in applications such as medical, food and cosmetic industry. The shape segment includes the solid and the liquid. The solid segment dominates the market and was valued at $ 3.46 billion in 2020. Paraffin wax in solid form is widely used in candle making and in the packaging industry as wax coatings for candles. film, paper and sheet substrates, including corrugated cardboard, cups and containers.

Application segment includes candles, packaging, cosmetics, hotmelts, carton sizing, rubber and others. The cosmetic applications segment is expected to grow at the highest CAGR of 6.1% during the forecast period. The growing demand for cosmetic products in developing countries such as India, China, Brazil and Southeast Asian countries, further drives the growth of the market.

The global paraffin wax market is growing steadily, owing to the increasing demand for a variety of end applications such as candle making, rubber, and cosmetics. In addition to this, the increasing use of paraffin wax in the packaging and automotive industry, further drives the growth of the market. Furthermore, the increasing application of paraffin wax for therapeutic treatment is expected to provide new growth opportunities for the market vendors. However, the increasing use of environmentally friendly alternatives such as beeswax, soybeans, and polyethylene wax are expected to hamper the growth of the paraffin wax market during the forecast period.

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