Paraffin Wax Market Size, Share Analysis Report By Type (Fully-refined Wax, Semi-refined Wax, and Others), By Application (Candles, Packaging, Cosmetics, Hot Melts, Board Sizing, Rubber, and Others) And Region, Forecast, 2022 - 2030

The Global Paraffin Wax Market accounted for US$ 5,123 Mn in 2021 and is expected to reach US$ 7,795 Mn by 2030 with a considerable CAGR of 4.8% during the forecast timeframe of 2022 to 2030.

Paraffin wax, a type of wax derived from petroleum, coal, or oil shale, is a white or colorless soft, solid wax that is currently produced from saturated hydrocarbons. It is water-insoluble but soluble in ethers, benzene, and other ethers. Paraffin wax is used in a wide range of applications, including candle making, board sizing, rubber, packaging, cosmetics, hot melts, and many more. As it can hold a lot of fragrance and color, paraffin wax is the most commonly used wax in candle products. It is also available in a variety of melting points, making it ideal for creating a wide range of candles, from canisters to pillars. It is also widely used in skin-softening beauty treatment methods on the cuticles, hands, and feet because it is tasteless, colorless, and odorless. It could also be used to treat muscle and joint pain. Furthermore, in the packaging industry, paraffin wax is used to add luster and shine to fruits and vegetables,making them more appealing. Besides that, as aromatherapy becomes more popular, so does the use of paraffin wax.

·         Increasing demand for paraffin wax in the production of candles

·         Rising demand for paraffin wax from the cosmetics industry

·         Expanding market for paraffin waxes in flexible packaging

Restraints

·         Raw material price fluctuations

·         Availability of alternative waxes in the market

Opportunity

·         Growing usage of paraffin wax in the therapy

·         Increasing awareness of aromatherapy

Paraffin Wax Market Dynamics

The use of paraffin wax in the production of perfume candles is expected to propel the paraffin wax industry forward. Over the forecast period, the worldwide paraffin wax market is expected to witnessa consistent demand from packaging and processing industries. The use of paraffin wax in the production of flexible packaging products for the pharmaceutical, personal care, as well as food and beverage, industries are driving adoption. Moreover, a lack of automation in packaging, which forces packaging manufacturers to use paraffin wax, is expected to drive growth in the paraffin wax market over the forecast period. Increases in aromatherapy demand, as well as increased awareness about home ambiance, are also propelling the market growth. Additionally, this wax's combined effect is so fine and composed that it offers a huge opportunity to the oil and petroleum industries. Besides that, peaks and troughs in global oil prices limit the growth of the paraffin wax market.

Market Segmentation

Market by Type

·         Fully refined Wax

·         Semi-refined Wax

·         Others

In terms of type, fully refined wax accounted for more than half of the market in 2021. Fully refined paraffin wax is hydro-treated or clay-treated to remove impurities and discoloration and contains less than 0.5 percent oil. It is a food-grade material that is free of water and odor, and as a result, it is widely used for packaging in the food and beverage industries. It appears hard and brittle and has a distinct crystal structure. It is extremely stable and cannot be deformed easily. Fully refined paraffin wax is used widely in the cosmetics, healthcare, and food industries. Fully refined paraffin wax is also used in the candle-making process. The most expensive and high-quality candles for church or home ambiance are made from fully refined paraffin wax. In addition, it is also used in a variety of products, including cream, lipstick, oily paper, and sweets. It could also be found in lubricants and electrical insulation.

Market by Application

·         Candles

·         Packaging

·         Cosmetics

·         Hot Melts

·         Board Sizing

·         Rubber

·         Others

Based on application, the candle segment will account for a significant market share in 2021. This growth is expected to be significant due to the increasing use of aromatherapy in spas, hotels, and other commercial properties. Another important factor driving this segment is the growing demand for candles for the home and office decorations, as well as for festivals like Deepawali, Thanksgiving, and Christmas. In addition, the availability of a diverse range of fragrances, as well as rising disposable incomes in India, Japan, and South Korea, are expected to drive the use of these products in home hygiene maintenance.

Furthermore, as demand for wax paper in food and beverage packaging grows, the packaging segment will expand in the market in the coming years. Furthermore, the high demand for waxed paper packaging products in confectioneries, dairy products, and baked packaged foods will drive segment growth in the paraffin wax market. Packaging wax is used to make folding cartons, bottles, corrugated containers, cans, tubes, jars, drums, pouches, wrappers, labels, and bags. It improves the rigidity, stacking, and dry strength of the material while also preventing ply separation. This factor is anticipated to increase product demand in the coming years.

Paraffin Wax Market Regional Overview

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         France

·         Germany

·         Spain

·         Rest of Europe

Latin America

·         Mexico

·         Brazil

·         Rest of Latin America

Asia-Pacific

·         India

·         China

·         Japan

·         Australia

·         South Korea

·         Rest of Asia-Pacific 

Middle East & Africa

·         South Africa

·         GCC

·         Rest of Middle East & Africa