The market for paraffin wax is estimated at a steady CAGR of around 4.8% throughout the assessment period (2019-2029). Increasing sentience amid customers for home ambiance is boosting the paraffin wax market. Additionally, the position of paraffin wax in the cosmetic sector is adding to a steady requirement. The position of paraffin wax in producing flexible packaging for personal care, pharmaceutical, and food & beverage sectors is driving implementation. The developed nation’s particularly Russia, UK, and Germany make the profuse need for packaged food.
Foremost worldwide producers favor paraffin wax for packaging because of its thermal insulation and aesthetic appeal material properties. Other foremost attributes comprise odor and grease barrier, gloss, as well as water vapor resistance. Conversely, natural waxes are gaining traction in the packaging sector as well. Natural wax extenuates the danger of packaging wax transferring into the food.
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Key Takeaways of Market Research
- Aromatherapy would create a profuse requirement for candles produced from paraffin wax by the assessment period.
- Spas, commercial businesses, and hotels keep on accounting for substantial paraffin wax consumption.
- Packaging applications in pharmaceutical, personal care, and food & beverages sector holds significant need.
- Usage of paraffin wax for addressing osteoarthritis and rheumatoid arthritis is attaining traction in physiotherapy.
- Gains in the worldwide market for paraffin wax to stay centered in the Asia Pacific.
- The need for paraffin wax would be stagnated by the growth of natural alternatives, for instance, beeswax.
- Strict government regulations against particulate emissions are anticipated to be the main roadblock for the expansion of the paraffin wax market.
Leading companies should form joint ventures with different industry leaders to develop their wax manufacturing capacity in high-development regions for fortifying their position in the worldwide paraffin wax market.
Asia Pacific comprises a 39.5% share in the worldwide market
India and China are leading expansion contributors in the APAC paraffin wax market based on consumption and production. Escalating the need for cosmetic products in the region is supporting the paraffin wax market. Accordingly, APAC holds around 39.5% revenue share in the market. The trend is estimated to keep on throughout the assessment period.
Expanding cosmetic, pharmaceutical, packaged food & beverage sectors are producing a stream of prospects for paraffin wax makers in emerged nations. North America, especially the US will add considerably to provincial market development. Furthermore, the market is experiencing tailwinds from the heightened need for fragrance products.
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Joint ventures to stay top agenda of market participants by 2029
Topmost players functioning in the worldwide market include Royal Dutch Shell Plc, Venezuela National Oil Company, Sasol Wax, Petrobras, CNPC (Sinopec), Marathon Oil Corporation, Big West Oil LLC, Naftowax, Petro Canada Lubricants, Cepsa Company, and Nippon Siero Co. Topmost stakeholders extend to choose joint ventures to augment their credibility in the market.
For example, SINOPEC formed a joint venture with Gazprombank and NOVATEK (2019) to market Liquid Natural Gas (LNG) and natural gas in China. Besides, capacity growth activities by topmost players are underpinning the development of the paraffin wax market. Additionally, strict environmental regulations would put forward significant hurdles for prominent makers
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