The escalating use of paraffin across the construction industry as a sizing agent around the world may invite great growth opportunities for the paraffin market during the assessment period of 2020-2030. Paraffin is a colorless substance obtained from petroleum. It consists of hydrocarbons and is manufactured through the process of refining crude oil to gasoline.
Paraffin is also used across various applications such as cosmetics, building materials, PVC, rubber and tires, polishes, candles, and packaging. This factor may serve as an extensive growth aspect. The rapidly changing lifestyle and rise in the disposable income of consumers may bring tremendous growth opportunities for the paraffin market.
This report will offer perfect insights into the global paraffin market. The report covers diverse growth parameters such as competitive scenario, geographical perspective, and the recent trends across the paraffin market. The report also provides a bird’s eye view on the COVID-19 impact and its effect on the paraffin market.
Research and development activities by the manufacturers in the paraffin market are being focused upon to enhance the quality of the paraffin and also make them cost-effective. Such developments invite immense growth prospects for the paraffin market. Attractive advertising strategies are being implemented by the players in the paraffin market to increase their revenue. This factor eventually benefits the paraffin market greatly.
Activities like mergers and acquisitions are also bringing considerable growth opportunities for the paraffin market. Key players involved in the paraffin market are ExxonMobil Corp., Marcus Oil & Chemical, Blended Waxes Inc., Clariant AG, Holland BV, and Blended Waxes Inc.
The paraffin market is can be geographically segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific may harness exponential growth for the paraffin market during the assessment period of 2020-2030. The growing demand for cosmetics and personal care may serve as a prominent growth factor for the paraffin market.
A surge in the usage of paper packaging based on paraffin in the food and e-commerce industries is expected to drive the sales growth in the paraffin market during the forecast period, note analysts at Transparency Market Research (TMR). Liquid paraffin, paraffin wax, petroleum jelly, and kerosene are some of the product types available in the paraffin market.
The use of paraffin waxes and combinations of paraffin-based wax is being increasing in the packaging industry in order to offer freshness seals, gloss, grease barriers, and moisture to the packaging. Hence, rising product demand from the packaging industry is fueling the growth in the global paraffin market.
Paraffin is being utilized in a wide range of end-uses including personal care, cosmetics, paperboard and packaging, rubber, lubricants, and fuel. This wide application of the product denotes that the global paraffin market is expected to gain notable business opportunities in the forthcoming years.
Some of the key players operating in the global paraffin market include Exxon Mobil Corporation, Sasol, ENEOS Corporation, China Petroleum & Chemical Corporation, and LANXESS. The presence of many well-entrenched companies makes the competition levels in the paraffin market highly intense. Hence, players are using organic and inorganic strategies such as mergers, acquisitions, and partnerships in order to stay ahead of the competition.
Several paraffin manufacturers are increasing investments in R&Ds in order to improve the quality of the products they provide. Moreover, these researches are also focused on the product innovations. Such factors are prognosticated to help in the overall expansion of the paraffin market during the forecast period, note analysts at TMR.
In terms of region, the paraffin market is divided into many sections, namely, North America, Europe, Asia Pacific, South America, and Middle East and Africa. Of them, Asia Pacific is one of the fastest growing region for the paraffin market. The growth of the Asia Pacific market for paraffin is ascribed to many factors including a rise in the demand for different types of personal care products owing to the rise in the population of many developing nations of the region and the expansion of the e-commerce industry in the region.
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Paraffin Market
