Paraffin Market

Paraffin Market

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Paraffin Market Outlook 2031 

The Paraffin Market was USD 6.24 Billion in 2022 and is likely to reach USD 8.88 Billion by 2031, expanding at a CAGR of 4% during 2023 – 2031. The growth of the market is attributed to the rapidly growing cosmetics and personal care industry and rising disposable income across the globe.

Paraffin is referred to as a colorless and soft solid material, which is derived from coal, distillates of wood, petroleum, and oil shale that consist of a complex mixture of hydrocarbons. Paraffin is usually solid at room temperature; however, it begins to melt at around 37 °C (99 °F). The boiling point of paraffin is around 370 °C (698 °F).

Global Paraffin Market Outlook

It is usually available in liquid, wax, petroleum jelly, and kerosene forms. Paraffin was first acquired by a Germany-based chemist, Karl Von Reichenbach. It was discovered when Reichenbach tried to develop techniques to separate and refine wax substances that naturally occur in petroleum. The discovery boosted the candle-making industry, as paraffin is reliable, burns cleanly, and is inexpensive in comparison with other materials used in making candles. Since the discovery of paraffin, it is used in several industries such as paperboard and packaging, beauty, rubber, lubrication, and others for several applications.

The applications of paraffin include wax-carving, candle-making, coating, investment casting, crayons, ink, food-grade paraffin wax, bicycle chain lubrication, solid propellent, surfboards, ski, & skateboard wax, forensic investigations, mechanical thermostats, thickening agent, moisturizers, wood finishing, wax baths for physical therapies, cosmetic treatments, aroma therapy, treatments, and others.


Paraffin is considered to have therapeutic and cosmetic benefits. It is used to relieve pain in people suffering from rheumatoid arthritis, osteoarthritis, fibromyalgia, and other joint issues. Paraffin is used in heat therapy to increase blood flow, decrease joint stiffness, and relax muscles. It helps in minimizing muscle spasms and inflammations. Paraffin is used in treating eczema and constipation as well. It is used cosmetically, as a natural moisturizer to make skin soft. It is used to open pores and remove dead skin as well. Paraffin has a variety of other practical uses in agriculture, medicine, and other industries. It is used as fuel for rockets, jet engines, or tractor engines. It is used as a lubricant in machinery to reduce binding, friction, and wear of machinery and equipment. It is used as a coolant in electrical systems. Paraffin is used as a water-harvesting soil treatment solution.

COVID-19 Impact

The global paraffin market was negatively impacted, due to the COVID-19 pandemic situation. The lockdown, travel restrictions, and social distancing during the pandemic minimized the usage of personal vehicles across the globe. This created a negative impact on the demand for car lubricants; thus, decreasing the demand for paraffin. Conversely, the demand for packed food & beverages and takeaway containers increased during the pandemic. The demand for paperboard and packaging increased, as a rising number of consumers ordered many products online during the pandemic. This increase in demand for packaged products affected positively the global paraffin market.

Paraffin Market Dynamics

The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global paraffin market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

Major Trends:

Scented candles are one of the key market trends

Scented or fragrant candles are increasingly becoming popular among consumers to use as home décor. Restaurants, hotels, beauty parlors, and spas have started using these candles to create a therapeutic environment around the space to make customers relaxed. Several paraffin wax candle manufacturers are coming up with candles in various shapes, sizes, colors, and fragrances to cater to the growing demand for fragrant candles. The trend of increasing usage of candles among consumers is expected to drive the market.

Key Drivers:

Surge in the food packaging industry boosts market
The demand for packaged food and beverages is growing across the globe. Demand for packaged food and takeaways is growing, due to rapid urbanization, increasing disposable income, and consumers preferring to spend less time on food preparations. This factor is estimated to fuel the market during the forecast period.

Rising usage of paraffin for various applications in different industries spurs the market
The demand for paraffin from several industries such as packaging, coating, rubber, personal care, and others has witnessed growth in recent years. Paraffin is used for various applications in these industries such as hot melt adhesives, body care products, rubber processing aids, industrial coatings, metal castings, electrical insulations, and others. This boosts the demand for paraffin, which drives the market.

Existing Challenges:

Toxic gasses and fumes emitting from paraffin wax hinder the market growth
Negative impacts of toxic gasses and fumes emitted from the burning of paraffin wax on the environment and human health are estimated to restrain the paraffin market growth in the coming years. Increasing demand for eco-friendly products that are paraffin-free hinders market growth.

Emerging Opportunities:

Surging demand for beauty and personal care product offer growth opportunities
South Korea-based beauty products are becoming increasingly popular among consumers across the globe. Many consumers across the globe are investing in beauty and personal care products, due to an increase in disposable income, and the easy availability of these products through various distribution channels. The increasing demand for such beauty and personal care products offers growth opportunities to market players. 

Scope of Paraffin Market Report

The report on the global paraffin market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Paraffin Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Types (Liquid Paraffin, Paraffin Wax, Petroleum Jelly, and Kerosene) and Applications (Fuel, Paperboard & Packaging, Coating & Polishing, Candles, Lubricants, Hot Melt Adhesive, Cosmetics & Personal Care, Tire & Rubber, and Others)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Nippon Seiro Co., Ltd.; Exxon Mobil Corporation; PetroChina Company Limited; Indian Oil Corporation Limited; ENEOS Corporation; LANXESS; Sasol; China Petroleum & Chemical Corporation; Paralogics LLC; AWAX; Calumet Specialty Products Partners, L.P.; BP p.l.c.; Mitsui Chemicals, Inc.; BASF SE; Emerald Kalama Chemical; NIPPON SEIRO CO., LTD.; Evonik Industries AG; Petróleo Brasileiro S.A.; Cepsa; H&R GROUP; Honeywell International Inc.; Suncor Energy Inc.; Repsol S.A.; Chennai Petroleum Corporation Limited; and Others

Paraffin Market Segment Insights

Paraffin wax segment holds a key market share

On the basis of types, the global paraffin market is divided into liquid paraffin, paraffin wax, petroleum jelly, and kerosene. The paraffin wax segment is projected to register significant growth during the forecast period, owing to the significant demand for paraffin wax from various industries such as paperboard and packaging, cosmetics, and others. Low cost, wide availability, adaptability in various applications, and high-performance quality of paraffin in wax format boost the paraffin wax segment growth.

Global Paraffin Market Types

Paperboard & packaging segment expands rapidly

In terms of applications, the global paraffin market is segregated into fuel, paperboard & packaging, coating & polishing, candles, lubricants, hot melt adhesive, cosmetics & personal care, tire & rubber, and others. The paperboard & packaging segment is expected to witness significant revenue growth during the forecast period, owing to rising demand for packaged food in countries such as Germany, India, China, the US, the UK, and others. Increasing usage of flexible paperboard and packaging in pharmaceuticals, food & beverage, and personal care industries across the globe spur the paperboard & packaging segment growth.

The candles segment is projected to expand significantly in the coming years, due to the growing demand for scented candles across the globe. The usage of such candles is increased for aromatherapy in hotels, spas, and other commercial buildings. A wide range of fragrant candles available in the market boosts the candles segment growth.

Global Paraffin Market Applications

Asia Pacific to dominate the market

Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The paraffin market in Asia Pacific is expected to register a high CAGR during the forecast period, due to surging demand for packaging, candles, paperboards, and cosmetics in the region. Increasing quality of living and growing disposable income among consumers in Asia Pacific is driving the personal care industry in the region. China is one of the key exporters of paraffin wax, due to the presence of large-scale companies such as PetroChina Company Limited and China Petroleum & Chemical Corporation in the country.

A growing number of India-based refineries are expanding their wax production, which is estimated to boost the paraffin market in Asia Pacific in the coming years. A rising number of South Korea-based beauty and self-care brands such as The Face Shop, Laneige, Sulwhasoo, Innisfree, and others are rapidly gaining popularity across the globe. The increasing number of beauty brands across the region drives the paraffin market in Asia Pacific.


The paraffin market in North America is anticipated to observe significant growth in the forecast period, owing to surging in the pharmaceutical industry, cosmetics industry, beauty industry, and paperboard and packaging industry in the region. Increasing demand for fragrant candles across North America is projected to spur the paraffin market in the region.

Global Paraffin Market Regions

Segments

The global paraffin market has been segmented on the basis of

Types

  • Liquid Paraffin
  • Paraffin Wax
  • Petroleum Jelly
  • Kerosene

Applications

  • Fuel
  • Paperboard & Packaging
  • Coating & Polishing
  • Candles
  • Lubricants
  • Hot Melt Adhesive
  • Cosmetics & Personal Care
  • Tire & Rubber
  • Others

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Nippon Seiro Co., Ltd.
  • Exxon Mobil Corporation
  • PetroChina Company Limited
  • Indian Oil Corporation Limited
  • ENEOS Corporation
  • LANXESS
  • Sasol
  • China Petroleum & Chemical Corporation
  • Paralogics LLC
  • AWAX
  • Calumet Specialty Products Partners, L.P.
  • BP p.l.c.
  • Mitsui Chemicals, Inc.
  • BASF SE
  • Emerald Kalama Chemical
  • NIPPON SEIRO CO., LTD.
  • Evonik Industries AG
  • Petróleo Brasileiro S.A.
  • Cepsa
  • H&R GROUP
  • Honeywell International Inc.
  • Suncor Energy Inc.
  • Repsol S.A.
  • Chennai Petroleum Corporation Limited
  • Others

Competitive Landscape

The global paraffin market is highly fragmented with the presence of key players such as Nippon Seiro Co., Ltd.; Exxon Mobil Corporation; PetroChina Company Limited; Indian Oil Corporation Limited; ENEOS Corporation; LANXESS; Sasol; China Petroleum & Chemical Corporation; Paralogics LLC; AWAX; Calumet Specialty Products Partners, L.P.; BP p.l.c.; Mitsui Chemicals, Inc.; BASF SE; Emerald Kalama Chemical; NIPPON SEIRO CO., LTD.; Evonik Industries AG; Petróleo Brasileiro S.A.; Cepsa; H&R GROUP; Honeywell International Inc.; Suncor Energy Inc.; Repsol S.A.; Chennai Petroleum Corporation Limited; and others. Some of these major market players have adopted a series of business development strategies including mergers and acquisitions, entering into partnerships and collaboration, product launches, and production capacity expansion to expand their consumer base and enhance their market share.

  • In March 2020, Calumet Specialty Products Partners, L.P., a US-based manufacturer of oils, waxes, solvents, and others, acquired Paralogics LLC, a US-based candle and industrial wax blend producer, to improve its portfolio.
  • In August 2021, LANXESS, a Germany-based specialty chemicals company, acquired Emerald Kalama Chemical, a Netherlands-based chemical company, marking its second large takeover to broaden the product portfolio and global scope.
  • In March 2022, Sasol, a South Africa-based integrated energy and chemical company, sold its Germany-based subsidiary, Sasol Wax, to AWAX, an international group specializing in wax products, as a strategic step to focus on its core assets.

Global Paraffin Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Paraffin Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Paraffin Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Paraffin Market - Supply Chain
  4.5. Global Paraffin Market Forecast
     4.5.1. Paraffin Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Paraffin Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Paraffin Market Absolute $ Opportunity
5. Global Paraffin Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Paraffin Market Size and Volume Forecast by Types
     5.3.1. Liquid Paraffin
     5.3.2. Paraffin Wax
     5.3.3. Petroleum Jelly
     5.3.4. Kerosene
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Paraffin Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Paraffin Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Paraffin Demand Share Forecast, 2019-2026
7. North America Paraffin Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Paraffin Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Paraffin Market Size and Volume Forecast by Types
     7.4.1. Liquid Paraffin
     7.4.2. Paraffin Wax
     7.4.3. Petroleum Jelly
     7.4.4. Kerosene
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Paraffin Demand Share Forecast, 2019-2026
8. Latin America Paraffin Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Paraffin Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Paraffin Market Size and Volume Forecast by Types
     8.4.1. Liquid Paraffin
     8.4.2. Paraffin Wax
     8.4.3. Petroleum Jelly
     8.4.4. Kerosene
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Paraffin Demand Share Forecast, 2019-2026
9. Europe Paraffin Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Paraffin Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Paraffin Market Size and Volume Forecast by Types
     9.4.1. Liquid Paraffin
     9.4.2. Paraffin Wax
     9.4.3. Petroleum Jelly
     9.4.4. Kerosene
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Paraffin Demand Share Forecast, 2019-2026
10. Asia Pacific Paraffin Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Paraffin Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Paraffin Market Size and Volume Forecast by Types
     10.4.1. Liquid Paraffin
     10.4.2. Paraffin Wax
     10.4.3. Petroleum Jelly
     10.4.4. Kerosene
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Paraffin Demand Share Forecast, 2019-2026
11. Middle East & Africa Paraffin Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Paraffin Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Paraffin Market Size and Volume Forecast by Types
     11.4.1. Liquid Paraffin
     11.4.2. Paraffin Wax
     11.4.3. Petroleum Jelly
     11.4.4. Kerosene
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Paraffin Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Paraffin Market: Market Share Analysis
  12.2. Paraffin Distributors and Customers
  12.3. Paraffin Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Nippon Seiro Co., Ltd.
     12.4.2. Exxon Mobil Corporation
     12.4.3. PetroChina Company Limited
     12.4.4. Indian Oil Corporation Limited
     12.4.5. ENEOS Corporation
     12.4.6. LANXESS
     12.4.7. Sasol

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FAQ Section

Some frequently asked questions about this report!

Nippon Seiro Co., Ltd.; Exxon Mobil Corporation; PetroChina Company Limited; Indian Oil Corporation Limited; ENEOS Corporation; LANXESS; Sasol; China Petroleum & Chemical Corporation; Paralogics LLC; AWAX; Calumet Specialty Products Partners, L.P.; BP p.l.c.; Mitsui Chemicals, Inc.; BASF SE; Emerald Kalama Chemical; NIPPON SEIRO CO., LTD.; Evonik Industries AG; Petróleo Brasileiro S.A.; Cepsa; H&R GROUP; Honeywell International Inc.; Suncor Energy Inc.; Repsol S.A.; and others are some of the key players in the global market.

The paraffin wax segment in types of paraffin is projected to grow in the coming years.

Paperboard & packaging and candles segments of paraffin applications is projected to grow in the coming years.

Asia Pacific dominates the global market.

Paraffin is referred to as a colorless and soft solid material, which is derived from coal, distillates of wood, petroleum, and oil shale that consist of a complex mixture of hydrocarbons.

Liquid paraffin, paraffin wax, petroleum jelly, and kerosene are the type of paraffin.

Fuel, paperboard & packaging, coating & polishing, candles, lubricants, hot melt adhesive, cosmetics & personal care, tire & rubber, and others are the applications of paraffin.

The paraffin market size was valued at around USD 6.24 Billion in 2022 and is anticipated to reach around USD 8.88 Billion by 2031

The growth in the paraffin market is estimated to register a CAGR of around 4% during the forecast period.