Paraffin Market Size (2024 - 2029)

The paraffin market is experiencing growth, driven by increased demand in sectors such as candles, packaging, and personal care, particularly in the Asia-Pacific region. Despite the challenges posed by the development of bio-based alternatives, the market is expanding due to rising consumer interest in premium products and urbanization. The market's expansion is further supported by opportunities in investment casting. The Asia-Pacific region is anticipated to lead in market size and growth rate during the forecast period.

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Market Size of Paraffin Industry

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Paraffin Market - Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 3.00 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Major Players - Paraffin Market

*Disclaimer: Major Players sorted in no particular order

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Paraffin Market Analysis

The paraffin market is projected to register a CAGR of over 3% during the forecast period.

  • COVID-19 negatively impacted the market in 2020. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), about 90.42 million vehicles were sold globally in 2019 and reached about 77.97 million in 2020, with a decline rate of 13.8%. However, the use of paper packaging based on paraffin has increased for food and e-commerce uses, which has increased the demand for paraffin post-pandemic.
  • Over the short term, increasing demand for candles and packaging and the growing personal care industry in Asia-Pacific is driving the market growth. Continuous growth in online beauty spending, expanding use of social networks, increasing consumer interest in new and premium products, accelerating urbanization, and the growth of the upper-middle-class population are the major factors driving the paraffin market in the personal care industry in the Asia-Pacific region.
  • The development of bio-based products is hindering the market's growth. Increasing investment casting will likely create market opportunities in the coming years. Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Paraffin Industry Segmentation

Paraffin is white or colorless waxy material consisting of a mixture of saturated hydrocarbon, mainly produced as a product or byproduct from a petroleum refinery. It is mainly used in candle makings, personal care products like petroleum jelly, and wax coating on papers, among others. 

The paraffin market is segmented by type, application, and geography. By type, the market is segmented into paraffin wax, liquid paraffin, kerosene, and petroleum jelly. By application, the market is segmented into cosmetics and personal care, paperboard and packaging, fuel, rubber, lubricants, and other applications. The report also covers the market size and forecasts for the paraffin market in 15 countries across major regions. 

For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

By Type
Paraffin Wax
Liquid Paraffin
Kerosene
Petroleum Jelly
By Application
Cosmetics and Personal Care
Paperboard and Packaging
Fuel
Rubber
Lubricants
Other Applications
By Geography
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Paraffin Market Size Summary

The paraffin market is anticipated to experience steady growth over the forecast period, driven by increasing demand in various sectors such as packaging, personal care, and candles. The market's recovery post-COVID-19 is attributed to the rising use of paraffin in paper packaging for food and e-commerce, which has bolstered demand. The Asia-Pacific region is a significant contributor to this growth, fueled by the expanding personal care industry and urbanization trends. The region's dominance is further supported by the growing upper-middle-class population and their increasing interest in premium products. However, the development of bio-based alternatives poses a challenge to market expansion, while opportunities are emerging in investment casting.

Paraffin wax is widely used in flexible packaging due to its moisture and grease barrier properties, as well as its cost-effectiveness and low viscosity. The packaging industry, particularly in India, is experiencing rapid growth, with significant exports and a focus on laminates and flexible packaging. The demand for paraffin is also driven by the food and beverage industry, with healthcare products being major consumers of folding cartons. North America remains a key market, with substantial consumption of paperboard and packaging. The global paraffin market is characterized by fragmentation, with major players like Sasol, Exxon Mobil Corporation, and China Petroleum & Chemical Corporation leading the industry. Collaborative efforts in refining and petrochemical projects are expected to further influence market dynamics.

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Paraffin Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from Candles and Packaging

      2. 1.1.2 Growing Personal Care Industry in the Asia-Pacific Region

    2. 1.2 Restraints

      1. 1.2.1 Development of Bio-based Products

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Type

      1. 2.1.1 Paraffin Wax

      2. 2.1.2 Liquid Paraffin

      3. 2.1.3 Kerosene

      4. 2.1.4 Petroleum Jelly

    2. 2.2 By Application

      1. 2.2.1 Cosmetics and Personal Care

      2. 2.2.2 Paperboard and Packaging

      3. 2.2.3 Fuel

      4. 2.2.4 Rubber

      5. 2.2.5 Lubricants

      6. 2.2.6 Other Applications

    3. 2.3 By Geography

      1. 2.3.1 Asia Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Paraffin Market Size FAQs

The Paraffin Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Sasol, Exxon Mobil Corporation, LANXESS, ENEOS Corporation and China Petrochemical Corporation are the major companies operating in the Paraffin Market.

Paraffin Market Report Snapshots

Paraffin Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)