[FURL=https://www.industryarc.com/Report/15970/paraffin-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Paraffin Market[/FURL] size is forecast to reach US$7.21 billion by 2026 and is growing at a CAGR of 3.7% during 2021-2026. Paraffin is a flammable hydrocarbon liquid that is used as a fuel. It is also known as liquid paraffin, paraffin oil, or kerosene. Paraffin can be made from coal, wood, and oil shale, although it is most commonly made via petroleum distillation. Paraffin, microcrystalline, and petrolatum are the three types of petroleum wax that can be obtained from lubricating oil refining.Key Takeaways
Asia Pacific dominates the Paraffin Market, owing to the increasing use of paraffin as heating oil and cooking fuel in developed countries such as the United Kingdom.
Kerosene, commonly known as paraffin, is a clear liquid fossil fuel produced by the refinement of crude oil. Kerosene is still commonly used for fuel in developing countries, as well as for cooking and heating to a lesser level.
Because of the volatility in crude oil prices, the wax market has become extremely price volatile in recent years. Completely refined waxes are widely used in the packaging sector for candle production and as wax coatings for film, paper, and foil substrates.
The paraffin wax industry is expected to grow as synthetic wax becomes more popular, as well as new applications for wax such as candles, coatings and polishes, tire and rubber, and cosmetics.
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Paraffin Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the Paraffin Market in 2020 up to 44%, owing to the shift to food at home and stockpiling. According to the China Chain Store & Franchise Association, China’s food and beverage (F&B) sector reached approximately US$595 billion in 2019, a 7.8 % increase over 2018. The growth of the FMCG industry is also a major contributor to the growth of the Food and Beverage Industry. The FMCG industry, accounting for 2.2% of the country’s GDP and estimated size of US$29 billion. Export growth in 2020 came mostly from the U.S. and China. According to the US Department of Agriculture, in 2020, the foodservice and food retailing industries supplied about US$1.69 trillion worth of food. Total food and beverage imports grew by 4.6% in 2020 YoY as a diversified portfolio of countries according to Farm Credits Canada.
Paraffin Market Drivers
Increasing demand for Paraffin wax polishes in household items
Increasing use of paraffin in cosmetics and personal care
Paraffin Industry Outlook
Paraffin Market top companies include Sinopec Beijing Yanshan Company, Koster Keunen Hooland BV, Hexion Specialty Chemicals Inc., Marcus Oil & Chemical, Blended Waxes Inc, Sasol, Shell, Exxon Mobil., Farabi Petrochem, Savitaoil Technologies Ltd
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