Synthetic Paraffin Wax Market Size, Share, Growth, and Industry Analysis, By Type (Fully Refined Wax, Semi Refined Wax, Others), By Application (Candles, Food, Pyrotechnics, Fiberboard, Other Industries (rubber, hammock cloth etc.)) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

SYNTHETIC PARAFFIN WAX MARKET REPORT OVERVIEW

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The global Synthetic Paraffin Wax market size was USD 6394.1 million in 2019 and the market is projected to touch USD 8555.6 million by 2026, exhibiting a CAGR of 4.2% during the forecast period.

Synthetic paraffin wax is a versatile and highly demanded product in various industries due to its exceptional properties and many applications. As a consultant or industry expert, it is very important to stay abreast of the growth trends in the Synthetic Paraffin Wax market to provide valuable information and guidance to clients. Paraffin wax, or petroleum wax, is a white and translucent hard wax consisting of a mixture of solid straight-chain hydrocarbons with a melting point of about 48-66 °C. Waxes are members of organic compounds that are hydrophobic and modified solids in the environment. temperatures It contains higher alkanes and lipids. These alkanes are insoluble in water but soluble in non-polar organic solvents.   This is due to the increasing use of candles, as paraffin is the most commonly used type of wax in candle making.

Refined paraffin is one of the most important ingredients used to make candles. In addition, its excellent waterproof properties and protection drive the growing demand in the product market, which increases consumption in the coating of paper and board used in the food industry.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

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 outbreak of COVID-19 has led to the partial or complete shutdown of non-essential production facilities due to prolonged shutdowns in major countries such as the United States, China, Japan, India and Germany. This led to cessation or suspension of production activities in most of the industrial units around the world. The COVID-19 pandemic has halted production in various sectors such as packaging, cosmetics, chemicals and candle manufacturing. Disruptions in the supply chain disrupted the supply of raw materials to these industries. As a result, the demand for wax in those industries dependent on wax for production decreased. Additionally, declining demand for cosmetics, candles and consumer goods has reduced the demand for waxes worldwide.

LATEST TRENDS

"Growing Demand For Bio-Based Products In The Cosmetics Industry Will Drive Market Growth"

Due to the growing concern for health and well-being, people in developed countries have switched from synthetic products to green or bio-based products. Thanks to them, several manufacturers of cosmetics and hygiene products have started to develop bio-based products. Thus, among other things, the demand for bio-based waxes such as carnauba wax, beeswax and candelilla wax in the manufacture of cosmetic and personal care products and replacement of synthetic and paraffin wax is increasing.

SYNTHETIC PARAFFIN WAX MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Fully Refined Wax, Semi Refined Wax, Others.

Fully refined waxes are obtained from petroleum through a carefully controlled refining process and consist primarily of straight chain normal paraffinic hydrocarbons that provide excellent gloss and water repellency.  

Multi-purpose wax, semi-refined paraffin wax is a product of the refining process, which retains a small amount of oil in the wax composition.

• By Application

Based on application the global market can be categorized into Candles, Food, Pyrotechnics, Fiberboard, Other Industries (rubber, hammock cloth etc.).

The segment with the highest revenue share was dominated by the distribution of paraffin wax candles. A large proportion is due to its increasing use in home decoration. Major market players worldwide are White Barn Candles, Colonial Candle, Yankee Candles and Wood Wick Candles.  

The product is widely used in the food packaging industry due to its moisture and odor absorbing properties.

Pyrotechnics is generally considered to be the technique of making and using fireworks.  

Fiberboard as a natural fiber composite is made from wood or some other material than wood fibers.

DRIVING FACTORS

"Growth Of Demand In The Pharmaceutical Industry to Fuel The Market Growth"

People in developing and industrialized countries have shifted their preferences from synthetic products to bio-based or green products due to their health and wellness concerns. That is why many manufacturers of cosmetics and hygiene products have started to produce bio-based products. Bio-based waxes such as beeswax, carnauba wax and candelilla wax are replacing paraffin and synthetic wax in the cosmetics and hygiene industry, which is expected to boost Synthetic Paraffin Wax market growth.

"Increasing Demand For Candles to Augment The Market Growth"

The use of wax candles has become an essential household necessity. Candles come in a variety of shapes, sizes and product ranges, such as utility, birthday, cone, teal and novelty candles. They are used for many purposes, such as aromatherapy for stress reduction and relaxation, as well as home decoration. The large market share of the wax market is mainly due to the growing demand for aromatherapy in scented candles. According to a report by the National Candle Association, about 7 out of 10 households use scented candles as home fragrance products and candles for stress-related therapies. The market is characterized by the easy purchase and availability of various candles through many distribution channels. Growing demand for candles for various purposes, mainly aromatherapy, will create many opportunities for Synthetic Paraffin Wax market growth.

RESTRAINING FACTORS

"Reducing The Use Of Paraffin Wax In Packaging to Impede Market Growth"

The demand for industrial wax in packaging is important in North America and Europe. However, the trend is towards a decrease in packaging demand. Today, the food packaging industry is more concerned about the health risks associated with the use of paraffin wax. The use of natural waxes is thus increasing in the North American and European food packaging industry. In addition, government agencies such as the FDA and the European Union have established regulations for the use of industrial waxes. The growing demand for natural waxes is also due to the growing meatpacking industry.

SYNTHETIC PARAFFIN WAX MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market due to Increasing Technological Advancements"

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America and Middle East and Africa.

Asia Pacific dominates the Synthetic Paraffin Wax market share in terms of revenue. This is due to the high demand for wax due to increasing technological advancements that have increased the demand for adhesives in the region. Growth is ensured by rapid industrialization, increased demand for various applications and increased public sector spending. Various industries are focusing on these emerging markets and increasing their footprint by setting up manufacturing facilities, distribution centers and research and development centers. The APAC industrial wax market is expected to grow from candle manufacturers, coatings, tires, cosmetics and packaging industries.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The Synthetic Paraffin Wax market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• CNPC (China)
• Exxon Mobile (U.S.)
• Sinopec (China)
• Shell (U.K.)
• Sasol (South Africa)
• LUKOIL (Russia)
• PDVSA (U.S.)
• Petrobras (Brazil)
• Cepsa (Spain)
• Nippon Seiro (Japan)
• Calumet (U.S.)
• HollyFrontier (U.S.)
• Hansen & Rosenthal (Germany)

INDUSTRIAL DEVELOPMENT

August 2021: Sasol Oy signed an agreement with DKSH Management Ltd (Switzerland) for the marketing, distribution and logistics of chemicals and wax products in the European market,

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.