The global paraffin market is estimated to secure a market value of US$9.4 billion by 2032 while growing at a CAGR of 4.4%. The market value was $5.9 billion in 2021.
The Industry is Forecast to Reach US$5.9 Billion in 2021>The food industry’s demand for surface protection is expected to be another factor driving the growth of the industry during the forecast period. In addition, the expansion of the candle industry is expected to propel the market.
The Yankee Candle Company has launched a collection of Sunday brunch candles. The candle has been launched in various scents such as vanilla, honey lavender, and others. Such initiatives are expected to boost paraffin demand and drive industry growth over the forecast period.
Moreover, growing demand for personal care products is expected, mainly in developing countries like India, South Korea, and others. to enhance the market during the assessment period. Rapid urbanization and an increasing number of working women are other important factors contributing to growth in paraffin demand over the forecast period.
“The rapid growth of the personal care and cosmetics sector as disposable incomes rise, as well as the rapid development of the cardboard and packaging business, is projected to play a role in driving the global paraffin market during the forecast period.”
Key players operating in the global paraffin market include ExxonMobil Corporation, Sasol, LANXESS, China Petroleum & Chemical Corporation, and ENEOS Corporation.
Recent key developments in the market are as follows:
- In March 2022, Sasol, the South African energy and chemicals company, sold its German subsidiary Sasol Wax to AWAX s.p.a. The company is an international group specializing in the supply of wax products. The company, which has two production sites in Great Britain and Austria, will operate under the name Hywax GmbH from March 1, 2022.
- In August 2021, LANXESS acquired Emerald Kalama Chemical for USD 1.04 billion. LANXESS, the specialty chemicals company, has achieved the second biggest story with the acquisition of Emerald Kalama
Other valuable information
Future Market Insights, in its new offering, presents an unbiased analysis of the global paraffin market, presents historical analysis from 2015-2021, and forecast statistics for the period from 2022-2032.
The study reveals essential information on the basis of type (paraffin wax, liquid paraffin, kerosene, petrolatum) and application (cosmetics and personal care, carton, and packaging, fuel, rubber, lubricants, other applications) in five main regions (North America, Latin America, Europe, East Asia, South Asia, and Oceania)., and the Middle East and Africa)