Paraffin Wax Emulsion Market Forecasts to 2028 – Global Analysis By Product (Semi-Refined Paraffin Wax, Fully-Refined Paraffin Wax), Type (Seaways, Roadways, Airways, Railways), Component, Downstream Field, and By Geography

Paraffin Wax Emulsion Market Forecasts to 2028 – Global Analysis By Product (Semi-Refined Paraffin Wax, Fully-Refined Paraffin Wax), Type (Seaways, Roadways, Airways, Railways), Component, Downstream Field, and By GeographyAccording to Stratistics MRC, the Global Paraffin Wax Emulsion Market is accounted for $1.95 billion in 2022 and is expected to reach $2.92 billion by 2028 growing at a CAGR of 6.9% during the forecast period. Paraffin wax recognized as petroleum wax, is a crystalline solid or white, fairly transparent, hard wax prepared up of a combination of solid plain hydrocarbons with melting points usually range from 48° to 66° C. It is used to dig out perfume from flowers, as a foundation for medical ointments, and as a wood waterproofing coating. They require for paraffin wax to be used in the production of candles is rising on a daily basis.

In 2021, the market of industrial wax was valued at approximately 7.5 billion U.S. dollars worldwide. By the year 2029, the global market value of this chemical is forecast to grow to around 10.2 billion U.S dollars. Meanwhile, in 2021, the market volume of industrial wax stood at some 5.12 million metric tons.

Market Dynamics:

Driver:

High demand

There is very high demand for paraffin wax for candle making owing to on the increase attractiveness of aromatherapy and family unit delicate scent products. Additionally, getting bigger consumer consciousness of the significance of home ambiance drives demand for candles, consequential in the development of the paraffin wax market. Although wax is indispensable for the beauty along with personal care industries, the paraffin wax industry is increasing due to enlarged demand for skincare products. The oil type paraffin wax is mostly used in skincare products. Because of its easy applicability, it is principally used in the production of balms, creams, and lotions. Paraffin waxes can as well be used to create fatty tough fragrances, which are used to perfume the external layer of skin. Paraffin wax is at present being used to treat pain and swelling, as well as to reduce inflammation and muscle spasms. Additionally, at the moment, paraffin wax is regularly used in the manufacture of waterproof tarpaulin. Consequently of the enlarged use of paraffin wax for therapy treatment, market vendors are estimated to advantage from increased growth opportunities.

Restraint:

Fluctuation in crude oil prices

Increasing crude oil prices is projected to be a most important aspect that hampers the growth of the global paraffin wax emulsion market. Additionally, a regulation on use of wax emulsion in coating, packaging, and food applications is anticipated to be a different factor obstructing growth of the objective market.

Opportunity:

Increasing adoption of wax

Rising adoption and improvement of innovative and cost effectual products and on the increase command from a variety of end use industries in developing countries are in the middle of a number of previous features predictable to generate opportunities for the manufacturers and are estimated to expand growth of the market.

Threat:

Environmentally friendly substitutes

From the time when paraffin waxes are made from petroleum, the industry's development over the predictable period is probable to be controlled by together variable petroleum costs and hazardous emissions. Furthermore, the increase use of environmentally friendly substitutes including beeswax, soy, and polyethylene wax is imagined to in attendance challenges in the paraffin wax market development. Additionally, toxic fumes are created for the period of the burning of paraffin wax. It may cause asthma or lung cancer. This may slow the paraffin wax market extension. The paraffin wax market statistics may be predisposed by the fluctuating price of crude oil as well as the accessibility of substitute eco-friendly goods.

Covid-19 Impact

The outbreak of COVID-19 led to narrow-minded or complete put away of production facilities that do not approach under essential goods, due to long-standing lockdown in most important countries. It leads to whichever closure or suspension of their production activities in generally of the industrial units across the globe. COVID-19 epidemic stagnated production activities in a mixture of areas such as packaging, cosmetics, chemicals, plus candle making. Additionally, the reject in demand for cosmetics, candles, plus consumer goods reduced the demand for waxes across the globe.

The Fully-Refined Paraffin Wax segment is expected to be the largest during the forecast period

Based on product, the paraffin wax market has been segmented into semi-refined wax and fully refined wax. The fully refined wax segment is estimated to list a stable revenue growth rate during the forecast period. Fully refined paraffin waxes are hydro treated or clay treated to get rid of impurities and staining and take account of less than 0.5% oil. The resultant waxes are frequently food-grade, odourless, and water transparent. The most excellent and most high-priced grade of paraffin wax is fully refined paraffin wax through less than 0.5% oil content; it is used in cosmetics, medicine, and oily papers and is tremendously hard-wearing and complicated to break.

The packaging segment is expected to have the highest CAGR during the forecast period

Based on application the market is segmented into Board Sizing, Cosmetics, Rubber, Candle, Hot melts and Packaging. The packaging application segment projected the market with highest CAGR during the forecast period. This is accredited to the expansion of e-commerce and high command from up-and-coming economies of the Asia Pacific region. The product is extensively used in the packaging industry on explanation of its humidity and odour absorbing features. It is a saturated hydrocarbon combination, which is repeatedly additional with PE molecules to get better their melting point. Consumers have become price responsive and hygiene conscious over a few months, thus leading to a boost in the demand for packaged food items.

Region with highest share:

The Asia Pacific paraffin wax emulsion market is captured to account for highest revenue share and is anticipated to control in the global market during the forecast period. Rapid urbanization and industrialization, together with growing automotive and construction sectors in countries are some of the most important factors estimated to carry revenue growth of the market in the region. In addition, increasing demand for wax emulsion in textile industry is projected to boost revenue growth of the Asia Pacific market. An increase in the quantity of households will almost certainly result in superior demand for the industry's commodities as candles are repeatedly used to decorate dwellings.

Region with highest CAGR:

The wax emulsion market in Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Easy availability and cost-effective labour are motivating the demand for paraffin wax emulsions. This is traced to increasing construction actions, essentially in economies. Furthermore, technological developments spurred the expansion of adhesives. It is largely endorsed to the region's increasing personal care, packaging, rubber, and pharmaceuticals industries.

Key players in the market

Some of the key players profiled in the Paraffin Wax Emulsion Market include Honeywell, Petro China Company Limited, Sasol Limited, Nippon Seiro Co., Ltd., BASF SE, ExxonMobil, Altana AG, Max&Bien, Lubrizol Corporation, Repsol, Michelman Inc, Danquinsa GmbH, The International Group, Inc., Petro bras, Sinopec Group, Indian Oil Corporation Ltd.

Key Developments:

In July 2017, Honeywell announced that Farabi Petrochemicals Co. would utilize Honeywell UOP technologies for a new complex in Yanbu to increase its manufacturing of biodegradable detergents. The construction of the new complex is likely to be finished in 2020. On completion, the Yanbu complex will manufacture over 120,000 metric tons per year of LAB and 246,000 m.t./year of normal paraffin, along with asphalt, de-aromatized specialty oils, mining chemicals, sulfonates, process oils and lubes.

In July 2021, Max&Bien debuted the world’s first vegan cheese wheel coated in paraffin wax to emulate traditional-style Dutch cheeses. This vegan cheese comes in 1.2 kilograms wheels for cheese and delicatessen stores as well as 150 grams mini-wheels. The cheese itself is made from fermented wheat and comes in three flavours: cumin, truffle, and mustard.

Product Covered:
• Semi-Refined Paraffin Wax
• Fully-Refined Paraffin Wax

Types Covered:
• Seaways
• Roadways
• Airways
• Railways

Components Covered:
• Synthesis
• Natural

Downstream Fields Covered:
• Agriculture
• Leather Industry
• Paper Industry
• Construction Industry

Availabilities Covered:
• Solid Paraffin Wax
• Liquid Paraffin Wax

Applications Covered:
• Board Sizing
• Cosmetics
• Rubber
• Candle
• Hot Melts
• Packaging

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
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Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
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