The rapid growth of the personal and beauty care sector, owing to the increasing disposable income and swift development of the paper board and packaging industry is expected to play a significant role.
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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Key Takeaways from the Global Paraffin Market:
“Rapid growth of personal and beauty care sector, owing to the increasing disposable income and swift development of paper board and packaging industry is expected to play a significant role in driving the global market for paraffin in the forecast period.”
Competition Analysis
Key players in the global paraffin market include Exxon Mobil Corporation, Sasol, LANXESS, China Petroleum & Chemical Corporation, and ENEOS Corporation.
Recent key developments in the market are as follows:
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Key Segments Profiled in the Global Paraffins Market
Paraffins Market by Type:
Paraffins Market by Application:
Paraffins Market by Region:
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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)
Explore FMI’s Extensive ongoing Coverage in the Chemicals & Materials Domain
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jun 16, 2023