Technavio analysts forecast the global paraffin wax marketto grow at a CAGR of almost 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global paraffin wax market from 2017-2021. (Photo: Business Wire)
The research study covers the present scenario and growth prospects of the global paraffin waxmarketfor 2017-2021. The market is segmented based onapplication (candle, packaging, board sizing, rubber, hot melts, and cosmetics) and geography (APAC, the Americas, Europe, and ROW).
The global paraffin wax market accounts for a major portion of the global wax market. It is a petroleum derivative and is used for candles, packaging, rubbers, and board sizing. The candle segment occupies 42% of the global paraffin wax market. The segment is growing rapidly due to the changing preferences of consumers and its widespread use. The growing packaging industry is also contributing to the growth of the market. The major drivers for the market are the demand for skin care and therapy and the increasing consumption of candles. The major players in the market are PetroChina International, China Petrochemical Corporation, SASOL, Shell International, and ExxonMobil. There are a considerable number of regional and international vendors as well.
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Technavio chemicals and materials research analysts highlight the following three factors that are contributing to the growth of the global paraffin wax market:
- Increasing market growth
- Rising demand from skincare and therapy segment
- Rising demand from automotive, packaging, and food industry
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Increasing market growth
Candle manufacturing is a multibillion-dollar market. During the holiday season, more than one-third of the candle sales take place. Candles come in all sorts of shapes, sizes, colors, and scents. They are primarily used as household items as well as gift items. They are available as pillar candles, floating candles, votive candles, and gel candles. Votive candles, which are generally used for prayers, have the largest market share.
Mohd Shakeel Iqbal, a lead specialty chemicals research analyst at Technavio, says, "The candle market is experiencing an increasing demand based on the popularity of aromatherapy and home fragrance products. Consumers are also using candles for fragrance and as fragrance diffusers. The US is the leading consumer of scented candles which are produced using paraffin wax wherein the major sales of these candles occur during the Christmas and holiday season. All these factors are expected to fuel the growth of the global candle market, which will drive the global paraffin wax market
Rising demand from skincare and therapy segment
Paraffin treatment is the process of using warm oil-based wax to obtain relief from pain in hands, feet, joints, and muscles. It soothes chronic joint pain and provides relaxation to stiff muscles and improves blood circulation. It helps individuals with arthritis, bursitis, and other chronic pain. It also helps in softening dry, chapped, and rough skin. It helps in curing eczema and other skin ailments.
"The increasing awareness and requirement for skincare and healthcare products are positive signs for the growing paraffin wax market. The Chinese population is mostly aging and is a potential market for various paraffin treatments. This is helping the paraffin wax market to grow in APAC as well as in the skincare and therapy segment," adds Shakeel.
Rising demand from automotive, packaging, and food industry
Car wax is used to enhance the finish of car paints to obtain a better shine. There are several kinds of wax used for cars, carnauba wax being the preferred one. Currently, the demand for car wax is increasing, and synthetic polymer is gaining popularity over carnauba since the former is cheaper, easily available, and long-lasting. The global car wax market is growing at a fast pace, due to the rising sales in developing countries.
Several companies are producing paraffin wax and wax blends from petroleum that are colorless, non-reactive, non-toxic, biodegradable, and compostable. They are mainly used for food packaging, plant packaging, and furniture packaging. It is observed that corrugated boxes coated with wax are three-times stronger than corrugated boxes not coated with wax.
Top vendors:
- ExxonMobil
- China Petrochemical Corporation
- PetroChina International
- SASOL
- Shell International
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