In North America, the United States is projected to grow at a 3.2% CAGR by 2034. The country is seeing an increase in demand for sustainable alternatives, with customers turning to natural waxes such as soy wax and beeswax. Manufacturers in the United States are marketing environmentally friendly wax products to suit this need.
NEWARK, Del, July 25, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights (FMI), the worldwide paraffin wax market is expected to reach USD 10509.6 million in 2024 and USD 18253.6 million by 2034. The market is projected to rise at a CAGR of 5.7% by 2034.
The industry is experiencing dynamic changes due to increasing demand from various industries, such as packaging, healthcare, and cosmetics. Sustainability efforts and creative uses in the candle industry are pushing the business towards customized mixtures of wax and eco-friendly substitutes.
Crude oil is the main raw material for wax extraction, and the high demand for crude oil has led to an increase in its by-products, such as paraffin wax. The quality of paraffin wax varies based on the source of crude oil, refining degree, and wax composition.
Manufacturers are looking towards sustainable wax choices as consumer tastes change due to rising environmental concerns. Bio-based wax made from renewable resources like sugarcane or coconut oil is gaining traction among ecological-conscious consumers.
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Key Takeaways from the Paraffin Wax Market Report:
- The paraffin wax market is expected to reach a value of USD 18253.6 million by 2034.
- The market is projected to surge at a CAGR of 5.7% by 2034.
- China’s paraffin wax market is expected to grow at a CAGR of 6.4% by 2034.
- The United Kingdom is set to rise at 2.2% CAGR by 2034.
- Based on product type, the fully refined segment is expected to hold a market share of 62.9% in 2024.
“Growing industrialization and manufacturing activities to surge demand for high-purity waxes like nuclear paraffin wax, particularly in industries like cosmetics, pharmaceuticals, and candle manufacturing. Availability of raw materials and technological advancements further influence market dynamics, with regional trends often affecting overall supply and demand.” – Opines Nikhil Kaitwade Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The global paraffin wax market is fragmented and diversified, with numerous key participants. The market is evaluated based on product offerings, financial statements, key developments, strategic approach, market position, geographical penetration, and other key features. The report’s competitive landscape section details the leading companies, key developments, partnerships, mergers, acquisitions, new product launches, and regional and industry footprints.
Leading Paraffin Wax Brands:
- Sinopec
- ExxonMobil
- PetroChina Company Limited
- Sasol
- CEPSA
- Honeywell
- Petrobras
- Nippon Seiro Co., Ltd
- Petro-Canada
- Repsol
Industry Updates-
- In 2023, Saudi Aramco, Sinopec, and SABIC partnered to establish a refinery and petrochemical cracker complex in China and Saudi Arabia, aiming to enhance their collective capabilities.
- In 2023, Eneos Corporation partnered with Niigata Public Corporation of Agriculture and Forestry to achieve a decarbonized society through forest conservation, aiming to reduce Scope 1 and 22 CO2 emissions by 46% by 2030.
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Get More Valuable Insights:
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global paraffin wax market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the paraffin wax market based on product type (fully refined, semi-refined, and others), application (candles, packaging, cosmetics, hot melt, board sizing, and rubber), and region.
Key Segments of Market Report:
By Product Type:
The landscape is categorized into three leading product types: fully refined, semi-refined, and others.
By Application:
A few key applications include candles, packaging, cosmetics, hot melt, board sizing, and rubber.
By Region:
Information about key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa is given.
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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