New York, NY -- (SBWIRE) -- 05/07/2021 -- The global Paraffin Wax Market is expected to reach USD 7.72 Billion by 2027, according to a new report by Reports and Data. Paraffin wax has widespread application in the making of functional candle, owing to its several benefits such as ease of dyeing with all types of candle dyes, and compatibility with all types of fragrance oils and additives used in making of candles. Also, it is very economical in comparison to other kinds of waxes to manufacture candles.

Paraffin wax finds application in the cosmetic industry for application on the hands and feet. It is a natural emollient effect that aids in making skin soft and supple. On application to the skin, it imparts moisture and carries on to improve the moisture levels of the skin post completion of the treatment. Moreover, it helps to exfoliate skin and open pores, thereby giving a smoother and fresher appearance to the skin.

Combinations of paraffin and micro waxes find usage in the rubber industry to avert cracking of the rubber; the blend of wax moves to the surface of the rubber product and forms a protective layer. Also, this layer acts as a release agent, assisting the product separate from its mold.

Additionally, paraffin wax may be implemented in pain-relieving therapies in the hands and legs of people with rheumatoid arthritis, osteoarthritis, and fibromyalgia, among other joint mobility issues. It functions as a form of heat therapy and may help increase blood flow, relax muscles, and reduce stiffness of joints. It is also helpful in the reduction of muscle spasms and inflammation along with treatment of sprains.

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By product type, fully-refined paraffin wax is likely to grow at a significant rate in the forecast period, as it contains below 0.5% of oil and has the highest grade of refinement. It is clay treated or hydro-treated to take out impurities and discoloration.
By availability, solid paraffin wax dominated the market in 2018 and is expected to experience a growth rate of 3.7% in the period 2019-2027.
By applications, candles contributed to the largest market share in 2018 and is projected to grow at the fastest rate of 3.6% in the forecast period. Candles are used primarily for their aesthetic value and aroma, mostly to set a soft or warm ambiance, emergency lighting in case of electrical power failures, and for religious purposes, among others.
The market in the Asia Pacific region held the largest market share in 2018 and is likely to grow at a rate of 4.8% in the forecast period. The market dominance of the APAC region is attributed to the increasing demand for candles, packaging, and hot melt adhesives in developing economies, including India, China, and South Korea.
Key participants include ExxonMobil, Sinopec, PetroChina Company Limited, Sasol, The International Group, Honeywell, Nippon Seiro Company Limited, Petrobras, Repsol, and Indian Oil Corporation Ltd., among others.

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Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Fully-Refined Paraffin Wax
Semi-Refined Paraffin Wax
Others

Availability Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Liquid Paraffin Wax
Solid Paraffin Wax

Applications Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)

Candle
Packaging
Board Sizing
Rubber
Hot Melts
Cosmetics
Others

Regional Outlook (Revenue in USD Billion; 2017–2027)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

TOC -
Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2018-2027

Chapter 3. Indicative Metrics

Chapter 4. Paraffin Wax Segmentation & Impact Analysis

    4.1. Paraffin Wax Material Segmentation Analysis

    4.2. Industrial Outlook

…………….

Chapter 9. Competitive Landscape

    9.1. Market Revenue Share by Manufacturers

    9.2. Manufacturing Cost Breakdown Analysis

    9.3. Mergers & Acquisitions

    9.4. Market positioning

    9.5. Strategy Benchmarking

    9.6. Vendor Landscape

Chapter 10. Company Profiles

    10.1. ExxonMobil

           10.1.1. Company Overview

           10.1.2. Financial Performance

           10.1.3. Technology Insights

           10.1.4. Strategic Initiatives

    10.2. Sinopec

           10.2.1. Company Overview

           10.2.2. Financial Performance

           10.2.3. Technology Insights

           10.2.4. Strategic Initiatives

     10.3. PetroChina Company Limited

            10.3.1. Company Overview

            10.3.2. Financial Performance

            10.3.3. Technology Insights

            10.3.4. Strategic Initiatives

    10.4. Sasol

            10.4.1. Company Overview

            10.4.2. Financial Performance

            10.4.3. Technology Insights

            10.4.4. Strategic Initiatives

    10.5. The International Group

           10.5.1. Company Overview

           10.5.2. Financial Performance

           10.5.3. Technology Insights

           10.5.4. Strategic Initiatives

Continued……….

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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Paraffin Wax market and its competitive landscape.

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