The global paraffin industry is poised for significant growth, with projections indicating it will reach a substantial value of US$ 9.4 billion by 2032, boasting a Compound Annual Growth Rate (CAGR) of 4.4% from 2022 to 2032. This expansion is primarily driven by the robust growth of key industrial sectors, including the paperboard and packaging industry and the personal beauty care sector, highlighting the pivotal role paraffin plays in these end-use industries’ development.
Demand from the food industry for surface protection is projected to be another factor driving the industry growth in the forecast period. Furthermore, expanding candle industry is predicted to propel the market. Yankee Candle Company launched a Sunday Brunch Candle collection. The candle was launched in various fragrances such as; vanilla, honey lavender, and others. Such initiatives are anticipated to boost the demand for Paraffin and propel the industry growth in the forecast period.
In addition, rising demand for personal care products, principally in developing countries, like India, South Korea, and others are predicted to drive the market in the forecast period. Rapid urbanization and the surging number of working women are other important factors contributing to the surged demand for paraffin in the forecast period.
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Key Takeaways from the Global Paraffin Market:
- The paraffin wax segment to expand at a growth rate of 4.1% during the forecast period
- Paper board and packaging to record a CAGR of 4.1% in the assessment period
- Market in the U.S to hold a value of US$ 3.2 Billion by 2032
- Chinese market to record a CAGR of 4% by 2032
- Market in Japan to secure a market value of US$ 600 Million
- Market in South Korea to hold a revenue of US$ 300 Million by 2032
“Rapid growth of personal and beauty care sector, owing to the increasing disposable income and swift development of paper board and packaging industry is expected to play a significant role in driving the global market for paraffin in the forecast period.”
Competition Analysis
Key players in the global paraffin market include Exxon Mobil 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 Chemical Company sold its German subsidiary Sasol Wax to AWAX s.p.a. The firm is an international group specializing in providing wax products. The enterprise with two manufacturing units in the U.K and Austria will function under the name Hywax GmbH from w.e.f March 1, 2022.
- In August 2021, LANXESS acquired Emerald Kalama Chemical for US$ 1.04 Billion. The specialty chemicals enterprise, LANXESS accomplished the second-largest history with the takeover of Emerald Kalama Chemical.
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Leading Companies Profiled in Paraffins Market
- Exxon Mobil Corporation,
- Sasol,
- LANXESS,
- China Petroleum & Chemical Corporation, and
- ENEOS Corporation.
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