Paraffin Market Size Forecast to Reach $7.21 Billion by 2026

Paraffin Market
The Rising Demand for Necessary Polishes in Household Items and Automobiles, It Is Going to Drive the Paraffin Market.

Paraffin Market size is forecast to reach US$7.21 billion by 2026 and is growing at a CAGR of 3.7% during 2021-2026. Paraffin is a flammable hydrocarbon liquid that is used as a fuel. It is also known as liquid paraffin, paraffin oil, or kerosene. Paraffin can be made from coal, wood, and oil shale, although it is most commonly made via petroleum distillation. Paraffin, microcrystalline, and petrolatum are the three types of petroleum wax that can be obtained from lubricating oil refining. Slack wax is a petroleum product and the raw material of paraffin wax. White soft paraffin is also known as white petroleum jelly. Paraffin has a variety of uses in industries such as medicine, agriculture cosmetics, and others. Paraffin is widely used as fuel for jet engines and rockets and as a fuel component for diesel and tractor engines. Hence due to the vest usage of paraffin in many industries, the Paraffin Market is forecasted to grow in the forecast period.

COVID-19 Impact

Due to the COVID-19 pandemic, the Paraffin Market was highly impacted. Most of the manufacturing plants of paraffin wax, slack wax, and petroleum wax were shut down, which declined the production of Paraffin. Also, due to supply chain disruptions such as raw material delays or non-arrival, disrupted financial flows, and rising absenteeism among production line staff, OEMs have been forced to function at zero or partial capacity, resulting in lower demand and consumption for Paraffin. However, with gradual lockdown relaxations, manufacturers started operating with a minimum workforce abiding by necessary COVID-19 norms. The Paraffin Market is expected to overcome the economic disruption and further grow in the forecast period.

Paraffin MarketSegment Analysis – By Type

The paraffin wax segment held the largest share in the Paraffin Market in 2020 and is growing at a CAGR of 4.2% during 2021-2026. Paraffin wax is a soft, colorless substance made from a combination of hydrocarbon molecules comprising between 20 and 40 carbon atoms. It is obtained from petroleum, coal, or oil shale. The most common form of paraffin wax is a white, odorless, tasteless waxy solid with a melting point of 46 to 68 °C and a density of roughly 900 kg/m3. It is water-insoluble but soluble in ether, benzene, and some esters. Most typical chemical reagents do not affect paraffin, yet it burns easily. Modifying the crystal characteristics of paraffin wax, often by adding branching to the existing carbon backbone chain, is frequently helpful in industrial applications. Because of the branching qualities, the paraffin has a higher viscosity, a smaller crystalline structure, and different functional properties. Because pure paraffin wax is relatively brittle at ambient temperature and poses the risk of chipping and breaking when worked, it is rarely utilized for carving original models for casting and other materials in the wax process. Due to the vast use of paraffin wax in the Paraffin Market, the segment is contributing the growth in the forecast period.

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Paraffin Market Segment Analysis – By Application

The Paperboard and Packaging segment held the largest share in the Paraffin Market in 2020 and is growing at a CAGR of 5.2% during 2021-2026. One of the most prominent consumers of direct paraffin wax applications is the packaging sector. Paper, cardboard, and corrugated paperboard are all treated with paraffin waxes to improve their quality. Paraffin waxes, when combined with carefully chosen plastic additives, provide excellent adhesion, long-lasting gloss, and water resistance. Food and beverage goods are frequently packaged using paperboard. There are numerous grades of paperboard packaging. At least 80% of virgin bleached wood pulp is used in solid bleached sulphate (SBS) paperboard. SBS paperboard is used to make most gable top and aseptic drink packaging.CUK paperboard is commonly used in non-gable top beverage cartons and frozen food packaging. According to Reusable Packaging Association, In 2020, the global packaging market reached an estimated US$950 billion. Corrugated box packaging contributes US$6.7 billion. Hence the Packaging industry growth is going to contribute to the growth of the Paraffin Market in the forecast period.

Paraffin Market Segment Analysis – By End-Use Industry

The Food and Beverage segment held the largest share in the Paraffin Market in 2020 and is growing at a CAGR of 6.4% during 2021-2026. Fruits, vegetables, and confectionery are coated in paraffin wax, which is categorized as a chemical preservative. It also aids in the reduction of moisture loss and rotting. Paraffin wax is utilized in a wide range of products, from commercially produced goods to home-cooked meals. Hard cheese wrappers are one of the most typical uses for paraffin wax. It can also be found in jams and jellies that have been canned at home. When used with chocolate, paraffin wax serves both cosmetic and utilitarian reasons. When paraffin wax is added to melting chocolate, it hardens with a glossy sheen. It also aids in the chocolate’s solidification at room temperature. Some candy bars contain paraffin as an ingredient to keep them from melting in your palm. It’s also a key element in chocolate coatings like those on ice cream and chocolate-dipped cookies. According to the food and drink federation, Outside of the EU, the United States is the most important export destination for the food and beverage industry. The export trade in the first half of 2019 was US$1.24 billion (£1.1 billion), an increase of 11% year on year, and remains a major opportunity for UK manufacturers. Hence due to the global growth of the Food and Beverage Industry, the Paraffin Market is also going to grow in the forecast period.

Paraffin Market Segment Analysis – By Geography

Asia Pacific region held the largest share in the Paraffin Market in 2020 up to 44%, owing to the shift to food at home and stockpiling. According to the China Chain Store & Franchise Association, China’s food and beverage (F&B) sector reached approximately US$595 billion in 2019, a 7.8 % increase over 2018. The growth of the FMCG industry is also a major contributor to the growth of the Food and Beverage Industry. The FMCG industry, accounting for 2.2% of the country’s GDP and estimated size of US$29 billion. Export growth in 2020 came mostly from the U.S. and China. According to the US Department of Agriculture, in 2020, the foodservice and food retailing industries supplied about US$1.69 trillion worth of food. Total food and beverage imports grew by 4.6% in 2020 YoY as a diversified portfolio of countries according to Farm Credits Canada. Hence due to the growth of the global Food and Beverage industry the Paraffin Market is going to grow in the forecast period.

Paraffin Market Drivers

Increasing demand for Paraffin wax polishes in household items: 

In domestic chemicals, many grades of macro-and microcrystalline paraffin waxes are employed. Floor polishes, automobiles, furniture, and shoe polishes, candles, and other products are the principal consumers of paraffin waxes. The bulk of candles are made from stearic acid and macro crystalline paraffin waxes. Candles can be made with macrocrystalline paraffin waxes with a melting point of 48 to 54 degrees Celsius. Macro- and microcrystalline paraffin waxes are the most common ingredients in floor polish emulsions. The purpose of paraffin furniture polishes is to eliminate dust and other filth from the furniture’s surface while also increasing the gloss. In-vehicle polishes, paraffin waxes contain abrasive granules that remove dust particles that cling to the surface and cause roughness. The heat of the sun or the heat of the motor vehicle softens the paint and varnish, resulting in such strong adhesion. To maintain and shine the leather, shoe polishes are essential. Water, dust, and the effects of the weather are all resistant to paraffin wax, which forms flexible, glossy wax films. In polishes, paraffin waxes provide features including solvent uptake, solvent retention, consistency, film-forming capabilities, drying time, and others. Hence due to the rising demand for necessary polishes in household items and automobiles, it is going to drive the paraffin Market.

Increasing use of paraffin in cosmetics and personal care:

Paraffin wax is frequently used as a cosmetic on the hands and feet. The wax is a natural emollient that aids in the suppleness and softness of the skin. It adds moisture to the skin when applied and continues to improve the skin’s moisture levels after the treatment is finished. Liquid paraffin is a mineral oil that has been processed to a high degree. It’s a clear, odorless oil made from a mineral source, usually a petroleum distillate. Occlusive emollients, such as liquid paraffin, are a type of emollient. Occlusive substances work by producing a water-resistant layer on the skin. The coating also helps to keep the skin’s natural moisture from evaporating. This causes an accumulation of water in the uppermost layer of skin, which enhances skin hydration over time. Paraffin is found in face creams and body lotions. Paraffin is used in beauty products because it is a less expensive way to make skin feel moisturized. The global beauty market was estimated to be US$230 billion in 2020 by L’Oréal SA. Hence the growth of the global Beauty market is going to drive the market for Paraffin in the forecast period.

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Paraffin Market Challenges

Toxicity associated with Paraffin :

The World Health Organization and the Environmental Protection Agency have designated 1,4-dioxane as a possible carcinogen, and liquid paraffin’s link with petroleum believes that liquid paraffin is contaminated with it throughout the purification process. However, before being used in the composition of cosmetics and skincare products, liquid paraffin must pass a series of tests mandated by the US Food and Drug Administration and the International Pharmacopeia. It must be 99% pure and entirely free from chemical contaminants, bacteria, and traces of heavy metals. Eating a lot of paraffin can lead to intestinal obstruction, which can cause abdominal pain, nausea, vomiting, and possible constipation. If the paraffin contains a dye, a person who has an allergy to that dye may develop tongue and throat swelling, wheezing, and trouble breathing.

Paraffin Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Paraffin Market. Paraffin  Market top companies include

Sinopec Beijing Yanshan Company
Koster Keunen Hooland BV
Hexion Specialty Chemicals Inc.
Marcus Oil & Chemical
Blended Waxes Inc.
Sasol
Shell
Exxon Mobil
Farabi Petrochem
Savitaoil Technologies Ltd

Acquisitions/Technology Launches

On 29th April 2019, Numaligarh Refinery Limited (NRL), Assam, has released Pristene, a premium quality Food Grade Wax. Food Grade Wax, also known as Type-I Wax by the Bureau of Indian Standards (BIS), is the purest kind of paraffin wax available, having passed severe quality testing to ensure its safety for use in food packaging, pharmaceuticals, and cosmetics.

Key Takeaways

Asia Pacific dominates the Paraffin Market, owing to the increasing use of paraffin as heating oil and cooking fuel in developed countries such as the United Kingdom.

Kerosene, commonly known as paraffin, is a clear liquid fossil fuel produced by the refinement of crude oil. Kerosene is still commonly used for fuel in developing countries, as well as for cooking and heating to a lesser level.

Because of the volatility in crude oil prices, the wax market has become extremely price volatile in recent years. Completely refined waxes are widely used in the packaging sector for candle production and as wax coatings for film, paper, and foil substrates.

The paraffin wax industry is expected to grow as synthetic wax becomes more popular, as well as new applications for wax such as candles, coatings and polishes, tire and rubber, and cosmetics.

Related Report:

Slack Wax Market 

https://www.industryarc.com/Research/Slack-Wax-Market-Research-501577

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