Growing demand for cosmetic products is one of the significant factors influencing market growth.
Fully Refined Paraffin Wax Market Size – USD 5,913.3 Million in 2020, Growth - CAGR of 3.9%, Trends – Increasing demand for Fully Refined Paraffin Wax in making candles
The global Fully Refined Paraffin Wax Market is expected to reach USD 7,978.8 Million by 2028, according to a new report by Reports and Data. Fully Refined Paraffin Wax has widespread application in the making of functional candle, owing to its several benefits such as ease of dyeing with all types of candle dyes, and compatibility with all types of fragrance oils and additives used in making of candles. Also, it is very economical in comparison to other kinds of waxes to manufacture candles.
Fully Refined Paraffin Wax finds application in the cosmetic industry for application on the hands and feet. It is a natural emollient effect that aids in making skin soft and supple. On application to the skin, it imparts moisture and carries on to improve the moisture levels of the skin post completion of the treatment. Moreover, it helps to exfoliate skin and open pores, thereby giving a smoother and fresher appearance to the skin.
Combinations of paraffin and micro waxes find usage in the rubber industry to avert cracking of the rubber; the blend of wax moves to the surface of the rubber product and forms a protective layer. Also, this layer acts as a release agent, assisting the product separate from its mold.
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Top Companies: ExxonMobil, Sinopec, PetroChina Company Limited, Sasol, The International Group, Honeywell, Nippon Seiro Company Limited, Petrobras, Repsol, and Indian Oil Corporation Ltd., among others.
Further Key Finding from the Report Suggestion:
- By product type, fully-refined Fully Refined Paraffin Wax is likely to grow at a significant rate in the forecast period, as it contains below 0.5% of oil and has the highest grade of refinement. It is clay treated or hydro-treated to take out impurities and discoloration.
- By availability, solid Fully Refined Paraffin Wax dominated the market in 2018 and is expected to experience a growth rate of 3.7% in the period 2019-2027.
- By applications, candles contributed to the largest market share in 2018 and is projected to grow at the fastest rate of 3.6% in the forecast period. Candles are used primarily for their aesthetic value and aroma, mostly to set a soft or warm ambiance, emergency lighting in case of electrical power failures, and for religious purposes, among others.
- The market in the Asia Pacific region held the largest market share in 2018 and is likely to grow at a rate of 4.8% in the forecast period. The market dominance of the APAC region is attributed to the increasing demand for candles, packaging, and hot melt adhesives in developing economies, including India, China, and South Korea.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Fully Refined Paraffin Wax market is segmented into:
Product Type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Fully-Refined Fully Refined Paraffin Wax
- Semi-Refined Fully Refined Paraffin Wax
- Others
Availability Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Liquid Fully Refined Paraffin Wax
- Solid Fully Refined Paraffin Wax
Applications Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Candle
- Packaging
- Board Sizing
- Rubber
- Hot Melts
- Cosmetics
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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