Global Paraffin Market was valued at US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX % during the forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Growing demand for candles, packaging and building materials is expected to drive the paraffin market. However, crude oil price fluctuation and the development of bio-based products are expected to limit the market growth. While, applications in food, the rubber industry and increasing usage of the investment casting process are expected to open new opportunities for the growth of the market in the near forecast. At present, the paraffin market is facing capacity rationalization and from cost issues. Producers are worried that future market requirements will not be met without difficulty.
Liquid paraffin dominated the market followed by kerosene in global paraffin market. Liquid paraffin finds its major use in the pharmaceutical industry. Liquid paraffin acts as a faecal softener and lubricant and is indicated for impaction of the intestines, particularly pelvic flexure impaction, and meconium impaction in foals. Kerosene is predominantly used as a fuel in jet engines and rockets, but it is also used as a solvent for greases and insecticides. Paraffin’s wax is used mainly in candle manufacturing along with explosives, grafts and cork stopper production.
Building and construction industry is growing at a rapid rate owing to increasing construction activities in developing countries. Demand from the food industry in surface protection to promote freshness is also expected to have a positive effect on paraffin’s demand. Medical applications including joining of tissues and various electrical applications owing to insulation properties are also expected to propel market growth over the forecast period. Huge demand is created from the candle industry, which is expected to witness considerable demand, owing to the availability of various substitutes of candles. Changing lifestyle and rise in disposable income of consumers in emerging economies are projected to fuel paraffin consumption in cosmetic applications.
North America is estimated to witness the largest paraffin demand over the forecast period followed by Europe, attributed to increasing applications in the infrastructure and construction industry. North America is the largest importer of paraffin owing to unavailability of raw material in this region. While, Asia Pacific region will display huge product demand, owing to increasing disposable income and developmental activities in emerging nations of the region such as India and China. Expansion of cosmetic and construction industry drives the growth of the region.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding paraffin market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to emerging segment in paraffin market.
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Scope of Global Paraffin Market
Global Paraffin Market, by Type:
• Paraffin Wax
• Liquid Paraffin
• Petroleum Jelly
Global Paraffin Market, by End Use:
• Building Materials
Global Paraffin Market, by Region:
• North America
• Asia Pacific
• Middle East & Africa
• South Africa
Key Player Analyzed in the Report:
• BASF SE
• Blended Waxes Inc.
• CITGO Petroleum Corp.
• Marcus Oil & Chemical
• PetroFerm Inc
• Clariant AG
• Chemtura Corp
• ExxonMobil Corp.
• Sinopec Beijing Yanshan Company
• Lubrizol Corp.
• Micro Powsers Inc
• Koster Keunen Holland BV
• Hexion Specialty Chemicals Inc.
This Report Is Submitted By : Maximize Market Research Company
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