Normal Paraffin Market Size, Share, Growth, and Industry Analysis, By Type (Below C10 n-Paraffin, C10-C13 n-Paraffin, C14+ n-Paraffin), By Application (Solvent, Degreasers, Chlorination Paraffin, Lubricants, Linear Alkyl Benzene (LAB), Consumer Products, Agriculture) and Regional Insights and Forecast to 2031

Updated On: 06 May 2024

NORMAL PARAFFIN MARKET REPORT OVERVIEW

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The global normal paraffin market size was USD 12550 million in 2021 and the market is projected to touch USD 2415.35 million by 2031, exhibiting a CAGR of 4.5% during the forecast period.

Since paraffin is the most common form of wax used in candle manufacture, this can be attributed to the growing applications in candles. One of the key components utilized in the creation of candles is normal paraffin wax. Additionally, the product's superior water barrier and protection qualities are driving up demand for it in the food business by increasing the amount of coated paper and cardboard that is consumed.

The mentioned wax is used in packaging that is flexible because it and paraffin blends offer gloss and freshness sealing, as well as grease and moisture barriers. The product's capacity to offer a gas and smell barrier (preventing damage or taste loss), increased process efficiency, and durability against water and water vapor are some of its main advantages and as a result the normal paraffin market growth is anticipated to boost in the coming years. In addition, a petroleum-based product is very affordable and has a low viscosity. Moreover, comparatively inexpensive machinery is required for high-speed usage.

COVID-19 Impact: Lockdowns Implemented by Large Nations to Degrade Market Share

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 outbreak has hindered the expansion of the worldwide paraffin business. The main causes of the fall include supply chain disruptions and delays in construction activities as a result of worker social separation policies, lockdowns implemented by large nations, and financial difficulties. The effect was exacerbated even further by the drop in gas and oil prices. Furthermore, there is a global downturn in the market due to a decline in the demand for consumer goods including candles, cosmetics, and other items that use wax.

LATEST TRENDS

"Utilization in Personal Care and Cosmetics to Stimulate Market Development"

Normalized wax is widely used in personal care and cosmetics items including lotions, creams, and balms because it has the ability to act as an emollient, soften, and moisturize the skin. It forms a barrier that prevents dehydration and retains moisture on the skin's surface. Because of this characteristic, it benefits those with dry or rough complexions by improving and nourishing the texture of the skin. The wax's lubricating properties also facilitate detangling and combing hair, improving manageability and the overall look of the hair.

Many cosmetic products, such as creams for lips, lipsticks, and mascaras, contain paraffin wax. Furthermore, the inclusion of the wax in lip balms helps to establish a barrier over the lips that retains moisture and keeps them hydrated. It also aids in the smooth application and texture of lipsticks. The wax gives mascaras structure and texture to help produce lashes that are voluminous and free of clumps.

NORMAL PARAFFIN MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into below C10 n-paraffin, C10-C13 n-paraffin, C14+ n-paraffin.

Kerosene is an outcome of the distillation of crude oil and is utilized extensively in the aviation and heating industries. Particularly, N-Paraffin C10-C13, a particular variety of normalized paraffin, is a colorless, odorless, and water-insoluble liquid that is environmentally beneficial. C14–C17 n-paraffin is a transparent, colorless, flammable, and odorless hydrocarbon liquid.

• By Application

Based on application the global market can be categorized into solvent, degreasers, chlorination paraffin, lubricants, linear alkyl benzene (LAB), consumer products, agriculture.

Continuous demand from end-use industries including packaging, cosmetics, lighting, and coatings, among others, fuels the market's expansion. The normal wax is mostly utilized in various industries due to its performance qualities, affordability, ease of manufacturing, flexibility for a range of uses in industry, and extensive availability. A few of the industries that use them as solvent, degreasers, chlorination paraffin, lubricants, linear alkyl benzene (LAB), consumer products, agriculture

DRIVING FACTORS

"Considerable Increase in the Use of Investment Casting to Support Market Expansion"

As the investment casting has so many benefits, its use in the manufacturing sector is growing. With great precision and dimensional accuracy, complicated and sophisticated metal parts can be produced using investment casting. It is used in many different industries, including as airplanes, cars, medical, and more, and requires intricately designed metal components. In investment casting, molds for the final metal components are created using wax patterns.

The mentioned wax is used extensively for these wax designs due of its exceptional moldable and burnout qualities. Because paraffin wax is so easily sculpted into complex patterns, it is feasible to create incredibly detailed designs that exactly match the required metal item.

"Water-Resistant Packing Materials to Foster Industry Progress"

Water-resistant packing materials are becoming more and more in demand, especially those with an interior coating of the wax. Normalized wax is a good choice for packaging that needs to withstand moisture because of its advantageous qualities. The main wax that has this property is simple wax, which acts as an insulation against moisture and keeps water from leaking into the packaged goods.

This feature is essential for safeguarding items including food, drinks, and some industrial materials that can deteriorate or be damaged when exposed to water. Furthermore, the wax offers superior sealing qualities. When applied as a protective film or layer to paper or carton packaging materials, it creates a strong seal that increases water resistance. This sealing ability contributes to the preservation of the products' integrity and quality, especially in moist or humid conditions.

RESTRAINING FACTOR

"Shifting Preference in Favor of Sustainable Options to Stop Market Evolution"

Normal paraffin comes from petroleum, an exhaustible resource. Air pollution, habitat destruction, green pollution, and greenhouse emissions are just a few of the negative environmental effects the extraction and processing of petroleum can have. Growing environmental consciousness and the aim to lessen dependency on materials sourced from fossil fuels are driving the transition towards sustainable and renewable alternatives to paraffin.

It is imperative to transition towards sustainable and renewable alternatives in order to combat climate change, save the environment, and preserve resources that are anticipated to constrain the market. Adopting sustainable and renewable alternatives is consistent with the long-term business sustainability idea. Businesses that put sustainability first and lessen their environmental impact will have a competitive advantage in the marketplace.

NORMAL PARAFFIN MARKET REGIONAL INSIGHTS

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"Asia Pacific Exhibit Superiority on the Market Due to Need for Packaging Solutions "

In 2022, Asia Pacific held the largest revenue of normal paraffin market share. This is explained by the growing use of packaging in the nation and the need for simple packaging solutions from the pharmaceutical and cosmetics industries, which are prevalent in most Asian nations.

A growing emphasis on food security and safety, together with sanitary and secure packaging techniques, is anticipated to drive the market throughout the projection period. Given the price sensitivity of nations include India, Indonesia, China, Thailand, and Japan, amongst others, packaging pricing is crucial for success in the Asia Pacific.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Sasol (South Africa)
• Shell (U.K.)
• Farabi Petrochem (Saudi Arabia)
• Savita (India)
• JXTG Nippon Oil & Energy Corporation (Japan)
• Cepsa Chemicals (U.K.)
• Sonneborn (U.S.)
• CNPC (China)
• Sinopec (China)

INDUSTRIAL DEVELOPMENT

January 2023: Investment casting was provided by Impro Precision Industries Ltd. for a range of equipment applications, such as industrial, automobiles and medical. In these procedures, accurate and complex designs are made using waxes and then turned into metal parts.

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.