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.
Furthermore, the increasing usage of environment-friendly alternatives, such as beeswax, soy, and polyethylene wax, are expected to pose challenges for the product growth. The paraffin wax market is projected to witness significant growth with growing demand for candles in key consuming economies during the forecast period.
The global paraffin wax market is becoming increasingly competitive with the growing number of mergers and collaborations between market players to expand their production capabilities to meet the demand for paraffin wax. In addition, several players are also focused on developing their niche in the market. India and China are the primary contributors to the paraffin wax market as they are the largest supplier of paraffin wax. China, Taiwan, Indonesia, and Japan export large quantities of paraffin wax slabs due to their large production capacity.
The candle manufacturing industry, the automobile sector, and the electrical and electronic industry will contribute to the growth of this industrial wax market.