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.
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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.
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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.
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