Increase in demand from the beauty industry is a significant factor driving the global paraffin wax market revenue growth
The global paraffin wax market size is expected to reach USD 8.58 Billion in 2030 and register a steady revenue CAGR of 5.4% over the forecast period, according to latest analysis by Emergen Research. In the beauty industry, paraffin wax is utilised in many skin care products. This raises the market’s need for paraffin wax. The demand for aromatherapy is rising as people become more conscious of the value of home atmosphere. This will fuel the market for paraffin wax. However, burning paraffin wax releases poisonous vapours. Asthma or lung cancer may result from it. This might slow the market’s expansion for paraffin wax. The availability of substitute eco-friendly goods and fluctuating crude oil prices may limit the market growth for paraffin wax. A strong barrier against the transport of gas and odour is provided by paraffin wax. This will fuel the demand for paraffin wax to increase.
The usage of paraffin wax in skin care products contributes significantly to the beauty industry. This raises the market’s need for paraffin wax. The demand for aromatherapy will rise along with the market for paraffin wax as people become more conscious of the value of atmosphere. However, when paraffin wax burns, poisonous gases are released. Asthma or lung cancer may result from it. This might slow the market’s expansion for paraffin wax. The market’s expansion may be constrained by the fluctuating price of crude oil and the availability of substitute eco-friendly goods. A strong barrier against the transport of gas and odour is provided by paraffin wax. This will fuel the demand for paraffin wax to increase.
COVID-19 Impact analysis
The market for paraffin wax was negatively impacted by the COVID-19 epidemic. Various producers in many nations had to deal with the supply chain interruption. The market for paraffin wax was impacted.
The implementation of lockdown during COVID-19 resulted in the closure of several companies, including those with the largest demand for paraffin wax, such as the cosmetic and fragrance industries.
Key Highlights From the Report
The world’s first vegan paraffin wax-coated cheese wheel was unveiled on July 28, 2021, by the Dutch cheese manufacturer Max&Bien to imitate traditional Dutch cheeses. For cheese and delicatessen shops, this vegan cheese is available in 1.2 kilogramme wheels and 150 gramme mini-wheels. There are three flavours of cheese available: cumin, truffle, and mustard. The cheese is created from fermented wheat.
Over the course of the projected period, the semi-refined wax segment is anticipated to have substantial revenue growth. This is explained by the fact that it is being used in more applications, thanks to its advantages. Between 0.5% and 1.5% of semi-refined paraffin contains oil. Paraffin wax that has undergone some refinement is used to make PVC, laminate, candles, paint, pyrotechnics, and matches.
Due to the rising use of aromatherapy in spas, hotels, and other commercial structures, the candles sector is anticipated to hold a significant revenue share in the global market throughout the forecast period. Due to its lack of colour, odour, and taste, paraffin wax is frequently used in skin-softening salon and spa treatments on the hands, cuticles, and feet. It can also be used to soothe painful joints and muscles. On the hands and feet, paraffin wax is frequently applied for aesthetic reasons. Natural emollients like wax help the skin be smooth and supple.
During the projection period, the Asia Pacific market is anticipated to have the greatest revenue share, which can largely be due to the region’s expanding pharmaceutical, rubber, packaging, and personal care sectors. For instance, in 2022, it is predicted that China’s beauty and personal care industry will generate USD 60.68 billion. The market is anticipated to expand by 8.61% annually. In 2022, the skin care sector is projected to generate 16.68 billion USD in revenue. The market is anticipated to expand by 8.73 percent yearly.
Key players in the market include PetroChina Company Limited, Sinopec Group, Indian Oil Corporation Ltd., Sasol Limited, Exxon Mobil Corporation, The International Group, Inc., Petrobras, Petro-Canada Lubricants Inc., Nippon Seiro Co., Ltd., and Repsol S.A.
Emergen Research has segmented the global paraffin wax market on the basis of type, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Fully Refined Wax
- Semi-refined Wax
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Board Sizing
- Hot Melts
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