Global paraffin wax market is expected to witness significant growth on account of increasing application scope in electrical and lubricant blending industries. Paraffin wax finds increasing application in manufacturing electrical insulation. Growing need for electrical insulation in power industry owing to rising short circuit incidents is expected to impact the global paraffin wax market positively. Paraffin wax is also used as anti-ozonant agent in rubber compounds to prevent it from cracking. Increasing application scope of rubber in automotive industry for tires, belts, flooring, and hoses is expected to drive the global market over the next six years. Paraffin wax is also used as fiction reducer in many sports equipment such as snowboards, skis, surfboards, and skateboards. Growing demand of these products owing to rising disposable income in emerging nations is expected to have positive impact on paraffin wax market growth over the foreseeable future.
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Paraffin wax is also widely used to prevent oxidation of steel and iron in metal industry. Growing demand for steel and iron in construction, shipping, automotive, and rail transportation industries is expected to complement the global paraffin wax market growth over the forecast period. Paraffin wax finds important application in manufacturing candles. However, seasonal demand for candles is expected to have moderate effect on the market growth. Petroleum and coal are the important raw material sources of paraffin wax. Volatile crude oil price is expected to have negative impact on the global market over the next seven years. However, shale oil exploration in North America is expected to offset this problem as an alternate source to produce paraffin wax.
North America is the key regional market and is expected to experience significant growth over the forecast period on account of growing demand for paraffin wax in specialty packaging applications. Asia Pacific is the second major market and is expected to witness rapid growth on account of growing demand in electrical insulation, fertilizers, and metal casting. Growing electrical & electronics market in China is expected to drive paraffin wax market in the region. European market is expected to experience sluggish growth over the next six years owing to low cost Chinese paraffin wax demand in the region.
Key market participants operating in the global market include Exxon Mobil, Sasol Wax, Petróleos de Venezuela, China National Petroleum Corporation, Shell, and Lukoil.
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