Semi Refined Paraffin Wax Market Size was valued at USD 8.02 billion in 2023. and is projected to grow from USD 9.38 Billion in 2024 to USD 13.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.99% during the forecast period (2024 - 2032). Increased demand for candles and packaging materials, growing disposable income, and rising building sector are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for semi-refined paraffin wax is driven by the rising demand for candles and packaging materials. Paraffin wax is used in flexible packaging because it and paraffin blends offer gloss, freshness sealing, and grease and moisture barriers. The product's capacity to offer a gas and odour barrier, increased process efficiency, and resistance to water and water vapour are some of its main advantages.
Additionally, the rise in aromatherapy, particularly in household contexts, has led to a rise in the demand for paraffin wax. Paraffin wax is expanding to new heights in skin care products since it is the master key in the beauty sector. The wax's exceptional moisture or water barrier property makes it ideal for coating cardboard, which is why it is in high demand for aroma candles and has experienced rapid expansion in the food packaging sector. The paraffin wax is widely used in manufacturing flexible packaging for the food and beverage, pharmaceutical, and personal care industries. It also plays a significant role in oil and gas exploration, which is expected to yield a wealth of underutilized substances and thus propel market growth.
The building sector is another driver in the market's growth. Gypsum and ceiling tiles are two construction materials that use semi-refined paraffin wax to enhance their quality and water resistance. Moreover, a sizable quantity of semi-refined paraffin wax is required by the tyre and rubber industries to produce rubber compounds, the tyre and rubber industries to produce rubber compounds, belts and hoses. As a result, it is anticipated that demand for semi refined paraffin wax will increase throughout the projection period due to the rising demand for candles and packaging materials. Thus, driving the Semi Refined Paraffin Wax market revenue.
The Semi Refined Paraffin Wax Market segmentation, based on type, includes Industrial Grade, Cosmetic Grade And Others. The industrial grade segment dominated the market, accounting for the maximum market revenue due to its use in several industrial applications such as electrical insulation, lubrication, and coating.
Figure 1: Semi Refined Paraffin Wax Market, by Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Semi Refined Paraffin Wax Market segmentation, based on application, includes candles, packaging, cosmetics, hotmelts, board sizing, rubber, and others. The candles category generated the most income due to its growing usage in home interior designs. Paraffin wax is typically offered in little vials as pellets in retail stores. Since it's quick and simple to melt and weigh paraffin wax pellets, several businesses have started selling candles manufactured from them in recent years. On the other hand, soy and natural wax candles are chemical-free, biodegradable, burn cleaner, and have a longer lifespan; there is a steady increase in demand for these alternatives.
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Semi Refined Paraffin Wax market area will dominate this market, owing to the rising demand for fragrance candles. In addition, the growing pharmaceutical, cosmetics, and packaged food will boost market growth in this region.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: SEMI REFINED PARAFFIN WAX MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's refined Paraffin Wax market accounts for the second-largest market share due to the rising demand for cosmetics. Further, the German Semi Refined Paraffin Wax market held the largest market share, and the UK Semi Refined Paraffin Wax market was the fastest-growing market in the European region.
The Asia-Pacific Semi Refined Paraffin Wax Market is expected to grow at the fastest CAGR from 2023 to 2032 due to increasing personal care, rubber, packaging, and pharmaceutical industries. Moreover, China's Semi Refined Paraffin Wax market held the largest market share, and the Indian Semi Refined Paraffin Wax market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Semi Refined Paraffin Wax market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the refined Paraffin Wax industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Semi Refined Paraffin Wax industry to benefit clients and increase the market sector. In recent years, the Semi Refined Paraffin Wax industry has offered some of the most significant advantages to the wax market. Major players in the Semi Refined Paraffin Wax market, including Sasol, ExxonMobil, Petrobas, Shell, Nippon Seiro, Repsol, and others, are attempting to increase market demand by investing in research and development operations.
The German startup Hylmpulse, with its main office in Neuenstadt, am Kocher, is creating a compact launch vehicle centred on rockets that use hybrid propulsion. Based in the German Space Agency's Lampoldshausen site, the company was created in 2018 as a spinoff of DLR. It does chemical propulsion. The German technology company IABG's chairman, Rudolf Schwarz, funds Hylmpulse. The business is working on SL1, a three-stage hybrid rocket that can carry up to 500 kg to Low Earth Orbit satellites. The company is also developing a suborbitalmSR75 launch vehicle. As a technology demonstrator for SL1, this smaller rocket will also be the company's first commercial offering. The hybrid rocket engine uses liquid oxygen and fuel based on paraffin. Hylmpulse concluded its ninth fire test cycle on September 4. Following a successful testing phase, Hylmpulse certified the HyPLOX-75 hybrid rocket motor for use in flight. The motor will be installed in the first and second stages of the SL1 and SR75. In November 2021, Hylmpulse released that in 2023, its SL1 micro-launcher will carry the first small satellites into space by a defensible hybrid propulsion system driven by paraffin wax. The early ground tests for the hybrid propulsion system, which usages liquid oxygen and paraffin wax, have already been accomplished.
Saudi Aramco, often known as the Saudi Arabian Oil Grouo or Aramco, is the state-owned petroleum and natural gas corporation that serves as the country's oil firm. With its headquarters in Dhahran, it is the second-largest firm globally in terms of revenue as of 2022. It has consistently produced the highest yearly earnings in the history of the global business sector. With more than 270 billion barrels of confirmed crude oil reserves, Saudi Aramco has the world's second largest oil reserves. It also produces the most oil per day of any oil-producing company. The Master Gas System, run by Saudi Aramco, is the biggest single hydrocarbon network in the world. It produced 34 billion barrels of crude oil or 540 million cubic meters. Saudi Aramco is the major operator of the world's largest onshore oil field, Ghawar Field, and the largest offshore oil field, Safaniya Field, both located along the Eastern Province. In December 2022, three major Saudi Arabian oil companies, namely Saudi Arabian Oil Company, Saudi Basic Industries Corporation (SABIC), and China Petroleum and Chemical Corporation revealed they are investigating the possibility of working together on petrochemical and refining projects in China and Saudi Arabia. 1.5 million tons annual barrels per day are part of those partnerships. Operations are anticipated to begin by the end of 2025.
July 2023: Hylmpulse received approval from the UK Civil Aviation Authority (CAA) to launch its SR75 rocket from SaxaVord Spaceport in Scotland for the first time between December 1, 2023 and November 30, 2024. But in November 2023, it was revealed that Southern Launch will launch the SR75 for the first time in March 2024 from Australia's Kooniba Test Range.
November 2022: A partnership agreement was formed between Eneos Corporation and Niigata Public Corporation of Agriculture and Forestry with the goal of "realizing a decarbonized society through forest conservation." To meet the goal of lowering the Group's Scope 1 and 2*2 CO2 emissions by 46% of the 2013 level by 2030, the Eneos Group is supporting efforts to generate and utilize J-Credits* 1 produced from forest management.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 8.02 Bn |
| Market Size 2024 | USD 9.38 Bn |
| Market Size 2032 | USD 13.7 Bn |
| Compound Annual Growth Rate (CAGR) | 4.99% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Sapsol, ExxonMobil, Petrobas, Shell, Nippon, Seiro, Repsol, Shell |
| Key Market Opportunities | · Usage of deoiling technology |
| Key Market Dynamics | · Increasing demand for candles and packaging materials |
Semi Refined Paraffin Wax Market Highlights:
Frequently Asked Questions (FAQ) :
The Semi Refined Paraffin Wax Market size was valued at USD 8.02 Bn in 2023.
The global market is projected to grow at a CAGR of 4.99% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are Sasol, ExxonMobil, Petrobas, Shell, Nippon Seiro, Repsol, and Shell.
The industrial grade category dominated the market in 2022.
The candles had the largest share in the global market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
