Paraffin wax is a soft colorless solid derived from petroleum, coal, or oil shale. It is a byproduct of the oil purification process. Paraffin wax is derived from the dewaxing process that crude oil undergoes. It is then processed further for usage in products. Paraffin wax consists of the mixture of hydrocarbon molecules that contains 20 to 40 carbon atoms. Undyed and unscented paraffin candles are odorless and bluish-white in color. Paraffin wax is insoluble in water, but soluble in ether, benzene, and certain ethers. Slack wax, which is the mixture of oil and wax, is the feedstock for paraffin wax.

The global paraffin wax market is driven by the increase in demand for aromatherapy and rise in consciousness about home ambiances. The paraffin wax market is also expanding due to the increase in demand for skin care products, as the wax plays a major role in the beauty industry. However, paraffin wax carries certain adverse health effects; it emits toxic fumes when burned. It also can lead to asthma and lung cancer. This is negatively affecting the global paraffin wax market. Fluctuation in prices of crude oil is also hampering the paraffin wax market.

Based on application, the paraffin wax market can be segregated into candles, packaging, board sizing, rubber, hot melts, cosmetics, and others. Paraffin wax is primarily used in candles and cosmetics. Candles are mostly used in aromatherapy in hotels, spa, and other commercial businesses. In cosmetics, paraffin wax is used for skin softening in salon and spa treatment on the hands and cuticles and feet. The packaging application segment is expected to expand at a rapid pace due to the increase in demand for packaged food. Paraffin wax provides excellent barrier against odor and gas transmission.

Based on type, the paraffin wax market can be segmented into fully refined wax, semi-refined wax, and others. Fully refined paraffin wax contains less than 0.5% of oil. The highest grade of refinement is fully refined wax. It is hydro-treated or clay treated to remove impurities and discoloration. Thus, waxes are water clear and odor free. Semi-refined paraffin wax contains 0.5% to 1.5% of oil. Other paraffin waxes consist of food grade wax and ceresin wax.

In terms of region, the global paraffin wax market can be divided into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. The paraffin wax market is primarily concentrated in Asia Pacific. The market in the region is estimated to expand at a rapid pace in the near future due to the presence of emerging countries such as China, India, and South Korea. Increase in demand for hot melt adhesives and packaging is anticipated to augment the market. The paraffin wax market in North America is anticipated to expand owing to the high demand for fragrance candles and rapid growth in the packaging industry. High demand for cosmetics and fragrance products, and expansion in the food packaging industry are projected to boost the paraffin wax market in Middle East & Africa. Due to the rise in oil and gas exploration in this region, it is likely to have abundance of availability of the raw material which ultimately increases the paraffin wax market.

Key players operating in paraffin wax market include Sinopec, ExxonMobil, Sasol, PetroChina Company Limited, The International Group, Inc., Honeywell, Petrobras, Nippon Seiro Co., Ltd., Petro-Canada, Numaligarh Refinery Limited, Repsol, H&R Group, Chennai Petroleum Corporation Limited (CPCL), and Indian Oil Corp Ltd (IOCL).

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Paraffin Wax Market

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