ParaffinWax: Introduction
· Paraffin wax is a soft colorless solid derived from petroleum,coal, or oil shale. It is a byproduct of the oil purification process. Paraffinwax is derived from the dewaxing process that crude oil undergoes. It is thenprocessed further for usage in products. Paraffin wax consists of the mixtureof hydrocarbon molecules that contains 20 carbon atoms 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 certainethers. Slack wax, which is the mixture of oil and wax, is the feedstock forparaffin wax.
Key Drivers and Restraints of Paraffin Wax Market
· The globalparaffin wax market is driven by the increase in demand foraromatherapy and rise in awareness about the importance of home ambiances
· The paraffin wax market is also expanding due to the increase indemand for skin care products, as the wax plays a major role in the beautyindustry. However, paraffin wax carries certain adverse health effects; itemits toxic fumes when burned. It also can lead to asthma and lung cancer. Thisis negatively affecting the global paraffin wax market. Fluctuation in pricesof crude oil is also hampering the paraffin wax market.
Paraffin Wax Market: Segments
· The global paraffin wax market can be segmented based on type,application, and region
· In terms of type, the global paraffin wax market can be dividedinto fully refined wax, semi-refined wax, and others. Fully refined paraffinwax contains less than 0.5% of oil. The highest grade of refinement is fullyrefined wax. It is hydro-treated or clay treated to remove impurities anddiscoloration. Thus, wax is water clear and odor free. Semi-refined paraffinwax contains 0.5% to 1.5% of oil. Other paraffin waxes consist of food gradewax and ceresin wax.
· Based on application, the paraffin wax market can be classifiedinto candles, packaging, board sizing, rubber, hot melts, cosmetics, andothers. Paraffin wax is primarily used in candles and cosmetics. Candles arelargely used in aromatherapy in hotels, spas, and other commercial businesses.In cosmetics, paraffin wax is used for skin softening in salon and spatreatment on the hands and cuticles and feet. The packaging application segmentis expected to expand at a rapid pace in the near future due to the increase indemand for packaged food. Paraffin wax provides excellent barrier against odorand gas transmission.
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COVID-19 Impact on Paraffin Wax Market
· Emergence of the new COVID strain in many developed anddeveloping countries has adversely affected the health care infrastructure.Hospital staff, medicines, oxygen beds, and ventilators are in short supply.Supply chains are facing disruptions, leading to disturbances in productionactivities in many countries. This is adversely affecting the global paraffinwax market.
· On January 30, 2020, the International Health RegulationsEmergency Committee of the World Health Organization (WHO) declaredthe Coronavirus disease (COVID-19) outbreak a public health emergencyof international concern. Originating in China, the virus has spread to at least213 countries and territories around the world.
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Asia Pacific to Dominate Paraffin Wax Market
· In terms of geography, the global paraffin wax market can besegmented into North America, Latin America, Asia Pacific, Europe, and MiddleEast & Africa
· The paraffin wax market is primarily concentrated in AsiaPacific. The market in the region is estimated to expand at a rapid pace in thenear future due to the presence of emerging countries such as China, India, andSouth Korea. Increase in demand for hot melt adhesives and packaging isanticipated to augment the market in the region.
· The paraffin wax market in North America is anticipated toexpand owing to the high demand for fragrance candles and rapid growth of thepackaging industry in the region
· High demand for cosmetics and fragrance products, and expansionof the food packaging industry are projected to boost the paraffin wax marketin Middle East & Africa. The region is likely to possess abundantavailability of raw materials owing to the rise in oil and gas explorationactivities in the region. This is anticipated to boost the paraffin wax marketin Middle East & Africa.
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Key Manufacturers Operating in Global Paraffin Wax
· The global paraffin wax market was consolidated in 2020. Majorplayers have prominent presence in developed and developing countries. Keymanufacturers operating in the global paraffin wax market include:
o Sinopec
o ExxonMobil
o Sasol
o PetroChina CompanyLimited
o The InternationalGroup, Inc.
o Honeywell
o Petrobras
o Nippon Seiro Co.,Ltd.
o Petro-Canada
o Numaligarh RefineryLimited
o Repsol
o H&R Group
o Chennai PetroleumCorporation Limited (CPCL)
o Indian Oil Corp Ltd(IOCL)
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