Paraffins Market | Present Scenario, Growth Prospects and Competition Analysis by 2032

 The global paraffin market is estimated to secure a market value of US$ 9.4 Billion by 2032 while expanding at a CAGR of 4.4%. The market was valued at US$ 5.9 Billion in 2021. The industry is anticipated to garner US$ 5.9 Billion in 2021.

The growth of the market can be attributed to the expansion of key end-use industries, such as the paperboard and packaging sector, and personal beauty care, among others. Demand from the food industry for surface protection is projected to be another factor driving the industry growth in the forecast period.

Furthermore, expanding candle industry is predicted to propel the market. Yankee Candle Company launched a Sunday Brunch Candle collection. The candle was launched in various fragrances such as; vanilla, honey lavender, and others.

Such initiatives are anticipated to boost the demand for Paraffin and propel industry growth in the forecast period. In addition, rising demand for personal care products, principally in developing countries, like India, South Korea, and others are predicted to drive the market in the forecast period. Rapid urbanization and the surging number of working women are other important factors contributing to the surged demand for paraffin in the forecast period.

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Competition Analysis

Key players in the global paraffin market include Exxon Mobil Corporation, Sasol, LANXESS, China Petroleum & Chemical Corporation, and ENEOS Corporation.

Key Segments Profiled in the Global Paraffins Market

Paraffins Market by Type:

  • Paraffin Wax
  • Liquid Paraffins
  • Kerosene Paraffins
  • Petroleum Jelly Paraffins

Paraffins Market by Application:

  • Paraffins in Cosmetics and Personal Care
  • Paraffin in Paperboard and Packaging
  • Paraffin in Fuel
  • Paraffin in Rubber
  • Paraffins in Lubricants
  • Paraffin in Other Applications

More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the global paraffin market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of type, application and across five major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)

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