Paraffin is a colorless, soft solid substance derived from petroleum that consists of various hydrocarbons. It is manufactured by the process of refining crude oil to gasoline. Paraffin is available in three forms which include scale, semi-refined and fully refined. The applications of paraffin include packaging, candles, cosmetics, building materials, inks, PVC, polishes, rubber and tires.
Growing demand for building materials is expected to drive the paraffin market. Building and construction industry is growing at a faster rate owing to increasing construction activities in developing countries. Changing lifestyle and rise in disposable income of consumers present in developing economies are expected to fuel paraffin consumption in cosmetic applications. However, crude oil price volatility and development of bio-based products are expected to hinder the market growth. Applications in food and rubber industry are expected to open new opportunities for the growth of the market in the near future.
North America was the largest market for paraffin followed by Europe, owing to high demand from building & construction and cosmetics. North America was the largest importer of paraffin due to unavailability of raw material in this region. Demand in Europe is expected to be submissive owing to environment regulations as candles made from paraffin releases toxic substances and soot in the air. Asia Pacific region is expected to grow at higher growth rate owing to demand from building and cosmetics industry. Increasing population in developing countries is expected to contribute highest for demand in building and cosmetics industry. China is the largest producer paraffin due to availability of Group I based oils in this region however, quality issues are hampering the market growth.
Some of the key players in this market include BASF SE, Blended Waxes Inc., CITGO Petroleum Corp., Marcus Oil & Chemical, PetroFerm Inc., Clariant AG, Chemtura Corp., ExxonMobil Corp., Sinopec Beijing Yanshan Company, Lubrizol Corp., Micro Powsers Inc, Koster Keunen Hooland BV and Hexion Specialty Chemicals Inc. among others.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Reasons for Buying this Report
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward looking perspective on different factors driving or restraining market growth
- It provides a technological growth map over time to understand the industry growth rate
- It provides a seven-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- It provides distinctive graphics and exemplified SWOT analysis of major market segments
Note : All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Transparency Market Research.