The global paraffin wax market is expected to reach USD 8.02 billion by
2022, according to a new report by Grand View Research, Inc. Growing demand for
paraffin wax in manufacturing candles, cosmetics, and packaging is expected to
increase market size over the next seven years.
Increasing use of paraffin wax in flexible
packaging as a good barrier against odor and gas transmission is likely to
drive growth. Expansion of the food & beverage sector in various countries
including China, India and Brazil is expected to drive industry growth over the
upcoming period.
Asia Pacific will witness swift volume growth at
a CAGR of 4.2% from 2015 to 2022, as a result of booming food & beverage
sector. Increasing investment by companies for candle manufacturing along with
expansion of wax production facilities by Sinopec and PetroChina in China is
expected to increase paraffin wax production.
Rising consumption of paraffin wax owing to its
electrical insulation, rheology modifier, friction reducer, flame retardant and
plasticizer properties will augment growth. However, fluctuating crude oil
prices coupled with increasing demand for vegetable and synthetic wax is
expected to restrict market growth over the next seven years.
Candles were the largest segment in 2014
accounting for over 40% of global revenue and are likely to gain share in light
of their increasing consumption as decorative items. Increasing disposable
income along with introduction of a variety of scented and colored candles is
likely to be a major driver for the candle industry.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/paraffin-wax-market
Further key findings from the study
suggest:
- Global paraffin wax demand was 3,334.1 kilo tons in 2014 and is expected to grow at a CAGR of 3.9% from 2015 to 2022.
- Cosmetics are expected to witness moderate volume growth at a CAGR of 4.2% from 2015 to 2022, owing to its increasing use as a moisturizer mainly in dermatological applications. Growing demand for lipsticks, creams, ointments, and hair & skin care products will fuel industry growth.
- Increasing personal care sector in various countries including the U.S., France, Brazil, Russia, India, China, Argentina, Indonesia, Thailand and Saudi Arabia is further expected to boost demand for paraffin wax in cosmetic industry.
- MEA is likely to become a huge market pertaining to high demand for cosmetics and flexible packaging industry. In addition, sales of beauty products in Saudi Arabia, Iran, and UAE are expected to augment demand for paraffin wax over the next seven years. Paraffin wax demand in the region is expected to exceed 375.0 kilo tons by 2022.
- High oil & gas activities in the region are likely to increase availability of raw material which in turn will propel market growth. Growing investment by various foreign players in packaging is likely to contribute towards industry expansion.
- ExxonMobil, Sinopec, PetroChina Company Limited, International Group Inc. and Sasol dominated the global market in 2015. ExxonMobil offers semi-refined paraffin wax which caters to various industrial wax applications and meets applicable “Food and Drug Administration (FDA)” requirements for use in adhesives and packaging.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
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, 2012 -
2022)- Candles
- Packaging
- Cosmetics
- Hotmelts
- Board Sizing
- Rubber
- Others
- North America
- U.S.
- Europe
- Germany
- Asia Pacific
- China
- India
- Latin 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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
States
Phone: 1-415-349-0058
Toll
Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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