The global paraffin wax market is expected to reach USD 7.27
billion by 2025, according to a new report published by Grand View Research,
Inc. Increasing demand for paraffin waxes in flexible packaging, candle
manufacturing, rubber, and cosmetics is expected to aid in market expansion
over the next nine years. Rising consumption of these products as a rheology
modifier, electrical insulator, friction reducer, plasticizer, and flame
retardant is expected to increase market size over the forecast period.
Paraffin waxes are used in
flexible packaging as they provide an excellent barrier against odor and gas
transmission. The growing food & beverage sector in developing countries
including China, Japan, India, South Korea, South Africa, and Brazil is
expected to stimulate packaging growth, which in turn will drive product demand
over the upcoming years.
Browse full research report on Paraffin Wax Market: http://www.grandviewresearch.com/industry-analysis/paraffin-wax-market
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.
Grand View Research has segmented the global paraffin wax
market on the basis of application and region:
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014-2025)
- Candles
- Packaging
- Cosmetics
- Hotmelts
- Board
Sizing
- Rubber
- Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD
Million; 2014-2025)
- North
America
- U.S.
- Europe
- Germany
- Asia
Pacific
- China
- India
- Central
& South America
- Brazil
- MEA
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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