Global Food Grade Paraffin Wax Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2022 –2029 |
 Market Size (Base Year) |
USD 6.86 Billion |
 Market Size (Forecast Year) |
USD 9.42 Billion |
 CAGR |
% |
| Major Markets Players |
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Global Food Grade Paraffin Wax Market, By Application (Candles, Packaging, Cosmetics, Hotmelts, Board Sizing, Rubber, and Others), Product Type (Fully-Refined Food grade paraffin wax, Semi Refined Food Grade Paraffin Wax, and Others), Form (Liquid Food Grade Paraffin Wax, Solid Food grade Paraffin Wax, and Others) - Industry Trends and Forecast to 2030.
Food Grade Paraffin Wax Market Analysis and Size
Over the last few years, the food grade paraffin wax market has grown steadily. Food grade paraffin wax will continue to be widely used in the production of candles. Moreover, due to its benefits such as durability, waterproofing, and cost-effectiveness, food grade paraffin wax is now commonly used to manufacture waterproof tarpaulin, which is widely used to protect or cover crops and vehicles. Therefore, high utilization further boosts the popularity of food grade paraffin wax across industries, thus resulting in a positive outlook for the market.
The global food grade paraffin wax market was valued at USD 6.86 billion in 2022 and is expected to reach USD 9.42 billion by 2030, registering a CAGR of 6.2% during the forecast period of 2023-2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Food Grade Paraffin Wax Market Scope and Segmentation
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Report Metric |
Details |
|
Forecast Period |
2023 to 2030 |
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Base Year |
2022 |
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Historic Years |
2021 (Customizable to 2015-2020) |
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Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
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Segments Covered |
Application (Candles, Packaging, Cosmetics, Hotmelts, Board Sizing, Rubber, and Others), Product Type (Fully-Refined Food grade paraffin wax, Semi Refined Food Grade Paraffin Wax, and Others), Form (Liquid Food Grade Paraffin Wax, Solid Food grade Paraffin Wax, and Others) |
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Countries Covered |
U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa |
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Market Players Covered |
BASF SE (Germany), Clariant (Switzerland), Numaligarh Refinery Limited (India), Trecora Resources (U.S.), Indian Oil Corporation Ltd (IOCL) (India), Goyel Chemical Corporation (India), Nippon Seiro Co., Ltd. (Japan), AVERY DENNISON CORPORATION (U.S.), Marcusoil (U.S.), Mitsui Chemicals, Inc., (Japan), 3M (U.S.), Sika AG (Switzerland), Honeywell International Inc.,(U.S.), Westlake Corporation (U.S.), CPCL (India) and Innospec (U.S.) |
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Market Opportunities |
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Market Definition
Food grade paraffin wax is a colorless, soft solid derived from petroleum, coal, or oil shale as a byproduct of the oil purification process. It is derived from the dewaxing process of crude oil and then further processed for use in products. Food grade paraffin wax is made up of a mixture of hydrocarbon molecules with 20 to 40 carbon atoms. Paraffin candles that have not been dyed or scented are odorless and bluish-white in color. It is water insoluble but soluble in ether, benzene, and certain ethers. The feedstock for food grade paraffin wax is slack wax, which is a mixture of oil and wax.
Global Food Grade Paraffin Wax Market Dynamics
Drivers
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Numerous Applications of Food grade paraffin wax
The demand for food grade paraffin wax has increased due to an increase in aromatherapy with an emphasis on home scenarios. As wax is the master key in the beauty industry, food grade paraffin wax is reaching new heights of expansion for skin care products. Because the wax has a spectacular water or moisture obstacle quality that is more comfortable for cardboard coating, it is highly demanded for fragrance candles and has seen tremendous growth in the food packaging industry as well. Moreover, the high adoption of food grade paraffin wax in the production of flexible packaging for the food and beverage, pharmaceutical, and personal care industries, coupled with huge contribution to oil and gas exploration, which is likely to have an abundance of underdone substances, thereby boosting the food grade paraffin wax market.
Opportunity
- Developments and Awareness
Furthermore, various developments by the market players and significant investments in research and development activities, which further enhance the applications of the product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing awareness about the benefits of food grade paraffin wax, such as malleability, hydrophobicity, and its ability to solubility in organic nonpolar solvents, will further expand the future growth of the food grade paraffin wax market.
Restraints
- Availability Of Eco-Friendly Alternatives
Also, the availability of alternate eco-friendly products such as polyethylene wax and beeswax will further harm the demand for the food grade paraffin wax market. Consequently, this factor will challenge the food grade paraffin wax market growth rate.
Moreover, the food grade paraffin wax market is also hampered by fluctuations in crude oil prices.
This food grade paraffin wax market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the food grade paraffin wax market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- Farabi Petrochemicals Co. stated in July 2017 that it would use Honeywell UOP technologies for a new complex in Yanbu to enhance the production of biodegradable detergents. Honeywell is a major player in the market. The new complex's construction is anticipated to be completed in 2020. After completion, the Yanbu complex produces asphalt, de-aromatized specialty oils, mining chemicals, sulfonates, process oils, and lubricants, in addition to around 120,000 metric tonnes per year of LAB and 246,000 metric tonnes per year of regular paraffin
- ExxonMobil offers completely refined food grade paraffin waxes with low, mid, and high melting points under the ParvanTM brand. They are utilized in a variety of products, including candles, paper conversion, adhesives, wax mixes and emulsions, PVC extrusion lubricants, and cosmetic formulations
Global Food Grade Paraffin Wax Market Scope
The global food grade paraffin wax market is segmented on the basis of application, product type, and form. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Candles
- Packaging
- Cosmetics
- Hotmelts
- Board Sizing
- Rubber
- Others
Product Type
- Fully-Refined Food Grade Paraffin Wax
- Semi Refined Food Grade Paraffin Wax
- Others
Form
- Liquid Food Grade Paraffin Wax
- Solid Food Grade Paraffin Wax
- Others
Global Food Grade Paraffin Wax Market Regional Analysis/Insights
The global food grade paraffin wax market is analyzed, and market size insights and trends are provided by country, application, product type, and form, as referenced above.
The countries covered in the global food grade paraffin wax market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2023-2030. The market growth in this region is attributed to the demand for hot melt adhesives in areas such as woodworking within the region. Moreover, demand for the packaging industry and fragrance candles will boost the market growth.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2023-2030 due to the increasing spending on research and development for applications in the region. Massive investments and the proliferation of industry leaders in countries like India and China are driving up regional demand for food grade paraffin wax.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Food Grade Paraffin Wax Market Share Analysis
The global food grade paraffin wax market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies focus related to the global food grade paraffin wax market.
Some of the major players operating in the global food grade paraffin wax market are
- BASF SE (Germany)
- Clariant (Switzerland)
- Numaligarh Refinery Limited (India)
- Trecora Resources (U.S.)
- Indian Oil Corporation Ltd (IOCL) (India)
- Goyel Chemical Corporation (India)
- Nippon Seiro Co., Ltd. (Japan)
- AVERY DENNISON CORPORATION (U.S.)
- Marcusoil (U.S.)
- Mitsui Chemicals, Inc. (Japan)
- 3M (U.S.)
- Sika AG (Switzerland)
- Honeywell International Inc.,(U.S.)
- Westlake Corporation (U.S.)
- CPCL (India)
- Innospec (U.S.)
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.
