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24 Nov 2022, 07:45 GMT+10
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 valued 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 the 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.
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Rapid urbanization and the surging number of working women are other important factors contributing to the surged demand for paraffin in the forecast period.
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:
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.
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The study reveals essential insights on the basis of type (paraffin wax, liquid paraffin, kerosene, petroleum jelly) and application (cosmetics and personal care, paperboard and packaging, fuel, rubber, lubricants, other applications), across five major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)
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Future Market Insights (ESOMAR certified 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. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Paraffins Market Size To Reach USD 9.4 Billion By 2032 | New Opportunities Planning By Future Market Insights.Inc appeared first on Future Market Insights.
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