About Paraffin Wax
Wax is an organic compound with water resistance and malleability. It is soft under normal temperature and turns into a liquid with low viscosity when heated. The chemical nature of the compound is complex. It is used in various industries such as candles, packaging, rubber, cosmetics, and adhesives. Paraffin wax is a petroleum derivative and contains a mixture of different hydrocarbons, especially solid alkanes. Liquid paraffin is used in cosmetics and medicines. It is unreactive like all other alkanes.
Technavio’s analysts forecast the global paraffin wax market to grow at a CAGR of 3.93% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global paraffin wax market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Paraffin Wax Market 2017-2021
Technavio recognizes the following companies as the key players in the global paraffin wax market: ExxonMobil, China Petrochemical Corporation, PetroChina International, SASOL, and Shell International.
Other Prominent Vendors in the market are: AromaChimie, Blended Waxes, Calumet Specialty Products Partners, CEPSA, CHEMACT(LIAONING) PETROCHEMICALS, Ergon, Fushun NingYuan Peterochemicals, H&R Group, Indian Oil Corporation, International Group, JSC MINERAL WAX PLANT, arcus Oil & Chemical, Nippon Seiro, PersiaParaffin, and Petrobras.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is use of paraffin wax in tarpaulin. Currently, paraffin wax is popularly used to manufacture waterproof tarpaulin. These tarpaulins have the advantages of waterproofing, durability, and cost-effectiveness. Tarpaulins are widely used for either protecting or covering agricultural crops and vehicles.”
According to the report, one driver in the market is increasing market growth. Candle manufacturing is a multibillion-dollar market. During the holiday season, more than one-third of the candle sales take place. Candles come in all sorts of shapes, sizes, colors, and scents. They are primarily used as household items as well as gift items. They are available as pillar candles, floating candles, votive candles, and gel candles. Votive candles, which are generally used for prayers, have the largest market share. The candle market is experiencing an increasing demand based on the popularity of aromatherapy and home fragrance products. Consumers are also using candles for fragrance and as fragrance diffusers.
Further, the report states that one challenge in the market is shifting demand for natural wax. Renewable alternatives to paraffin wax are trending in the market. The high prices of paraffin wax, growing consumer preference for greener products, and the supply decline for petroleum wax are some of the factors that are driving end users toward natural wax. Candle manufacturing companies, which occupy the largest share in the wax market, are also shifting from petroleum-based wax to vegetable feedstock such as soybean oil and palm oil.
ExxonMobil, China Petrochemical Corporation, PetroChina International, SASOL, Shell International, AromaChimie, Blended Waxes, Calumet Specialty Products Partners, CEPSA, CHEMACT(LIAONING) PETROCHEMICALS, Ergon, Fushun NingYuan Peterochemicals, H&R Group, Indian Oil Corporation, International Group, JSC MINERAL WAX PLANT, arcus Oil & Chemical, Nippon Seiro, PersiaParaffin, and Petrobras.
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