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Increasing use of paraffin wax in flexible packaging as a good barrier against odour and gas transmission is likely to drive growth in coming years. Expansion of the food & beverage sector in various countries including China, India,the  and Brazil is expected to drive industry growth over the upcoming period. In addition, rising consumption of chlorinated paraffin as a flame retardant and plasticizer in flexible PVC is likely to drive market growth over the next nine years. Paraffin waxes are petroleum-sourced products, and therefore volatile petroleum prices along with harmful emissions are likely to restrain industry growth over the forecast period. 

Market Overview

The Global Wax Market was valued at 7 million tons in 2020 and the market is projected to register a CAGR of over 2.5% during the forecast period (2021-2026).

Due to COVID-19, the lockdown regulations and a deficient number of workers havethe  led to the decline in production of various chemicals and other industries such as cosmetics, packaging, rubber, candle, and adhesives. The supply of raw materials to the industries decreased and causes the disturbance in supply and demand balance. Owing to all these factors, the oil market is negatively impacted by COVID-19 and the production of wax is decreased.