Paraffin Wax Market with Current Trends Analysis By 2025

The global paraffin wax market size was valued at USD 4.87 billion in 2015. Growing application of the product for manufacturing candles along with its rising requirement in packaging and hotmelts is expected to stimulate the paraffin wax demand over the forecast period. Moreover, these products provide excellent water resistance to packaging materials and are anticipated to witness significant rise over the forecast period.
Paraffin waxes are used for manufacturing fragrance candles as they are economical and require lesser machinery costs. Growing demand for aromatherapy and consumer awareness regarding home ambiance is expected to drive the requirement of fragrance waxes, which in turn is likely to aid in market expansion over the upcoming years.
U.S. paraffin wax market revenue, by application, 2014 - 2025 (USD Million)
U.S. paraffin wax market
Increasing usage in the production of industrial coatings, hot melt adhesives, plastic & rubber processing aids, body care products, metal casting, pharmaceuticals, and electrical insulations is expected to drive demand in the near future. In addition, rising consumption of chlorinated paraffin as a flame retardant and plasticizer in flexible PVC is likely to drive market growth over the next nine years.
Companies including ExxonMobil, Sinopec, and PetroChina are continuously working on the expansion of its base oil plants, which in turn is expected to stimulate growth. Moreover, rising shale oil exploration and production in the U.S., Russia, China, and Brazil will aid in industry augmentation. In addition, the implementation of deoiling technology for wax production is anticipated to create new avenues over the forecast period.
Paraffin waxes are petroleum-sourced products, and therefore volatile petroleum prices along with harmful emissions are likely to restrain industry growth over the forecast period. Furthermore, the increasing usage of environment-friendly alternatives, such as beeswax, soy, and polyethylene wax, are expected to pose challenges for the product growth.
Further key findings from the report suggest:
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • ExxonMobil provides semi refined paraffin wax which finds applications in packaging and adhesives and complies with Food and Drug Administration (FDA) specifications
  • 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.
About Grand View Research
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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