The paraffin wax market is pegged at a steady CAGR of approximately 4.8% through the forecast period (2019-2029). The market is projected to receive impetus from aromatherapy and packaging applications through 2029. Growing sentience among consumers for home ambience is expanding the paraffin wax market. Moreover, role of paraffin wax in cosmetic industry is contributing to steady demand.
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Key Takeaways of Paraffin Wax Market Study
- Aromatherapy will generate profuse demand for candles manufactured from paraffin wax through the forecast period.
- Hotels, commercial businesses and spas continue to account for substantial consumption of paraffin wax.
- Packaging applications of paraffin wax in food & beverages, personal care, and pharmaceutical industry account for significant demand.
- Use of paraffin wax for treating rheumatoid arthritis and osteoarthritis is gaining traction in physiotherapy.
- Gains in global paraffin wax market to remain concentrated in Asia Pacific.
- Demand for paraffin wax will be stagnated by the development of natural alternatives such as beeswax.
- Stringent government regulations against particulate emissions is projected to be a major roadblock for the growth of paraffin wax market.
Premier companies must form joint ventures with other industry leaders to expand their wax production capacity in high-growth regions for solidifying their place in global paraffin wax market.
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Asia Pacific Constitutes 39.5% Share in Paraffin Wax Market
China and India are leading growth contributors in Asia Pacific paraffin wax market in terms of production and consumption. Escalating demand for cosmetic products in the region is bolstering the paraffin wax market. On that premise, Asia Pacific accounts for approximately 39.5% revenue share in paraffin wax market. The trend is projected to continue over the forecast period.
Thriving pharmaceutical, cosmetic, packaged food & beverages industries are creating stream of opportunities for paraffin wax manufacturers in developed countries. North America, particularly United States will contribute substantially to regional market growth. Moreover, the market is receiving tailwinds from heightened demand for fragrance products.
Joint Ventures to Remain Key Agenda of Market Players through 2029
Major players profiled in this study include, but are not limited to, Venezuela National Oil Company, Royal Dutch Shell Plc, Sasol Wax, CNPC (Sinopec), Petrobras, Marathon Oil Corporation, Naftowax, Big West Oil LLC, Petro Canada Lubricants, Nippon Siero Co, and Cepsa Company. Key stakeholders continue to opt for joint ventures to bolster their credibility in paraffin wax market.
For instance, SINOPEC created a joint venture with NOVATEK and Gazprombank (2019) to market natural gas and Liquid Natural Gas (LNG) in China. Besides, capacity expansion activities by key players is underpinning the growth of paraffin wax market. However, stringent environmental regulations will present significant hurdles for prominent manufacturers.
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More about the Report
FMI’s study offers an in-depth market forecast and analysis on the global paraffin wax market. The major categories encompassed by the report include type (fully-refined wax and semi-refined wax), application (rubber, board sizing, hot melts, cosmetics, packaging, and candles) across five regions (North America, Latin America, Europe, Asia Pacific, Middle East & Africa).
For additional insights on how the market growth will unfold through 2029, write to press@futuremarketinsights.com