GVR Report cover Paraffin Wax Market Size, Share & Trends Report

Paraffin Wax Market Size, Share & Trends Analysis Report By Application (Candles, Packaging, Cosmetics, Hotmelts, Board Sizing, Rubber), By Region, And Segment Forecasts, 2018 - 2025

  • Report ID: 978-1-68038-520-5
  • Number of Pages: 80
  • Format: Electronic (PDF)

Industry Insights

The global paraffin wax market size was valued at USD 4.87 billion in 2015. The growing application of the product for manufacturing candles along with its rising requirement in packaging and hotmelts is expected to stimulate the paraffin wax demand over the forecast period. Moreover, these products provide excellent water resistance to packaging materials and are anticipated to witness a significant rise over the forecast period.

Paraffin waxes are used for manufacturing fragrance candles as they are economical and require lesser machinery costs. Growing demand for aromatherapy and consumer awareness regarding home ambiance is expected to drive the requirement of fragrance waxes, which in turn is likely to aid in market expansion over the upcoming years.

U.S. paraffin wax market revenue, by application, 2014 - 2025 (USD Million)

U.S. paraffin wax market

Increasing usage in the production of industrial coatings, hot melt adhesives, plastic & rubber processing aids, body care products, metal casting, pharmaceuticals, and electrical insulations is expected to drive demand in the near future. 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.

Companies including ExxonMobil, Sinopec, and PetroChina are continuously working on the expansion of its base oil plants, which in turn is expected to stimulate growth. Moreover, rising shale oil exploration and production in the U.S., Russia, China, and Brazil will aid in industry augmentation. In addition, the implementation of deoiling technology for wax production is anticipated to create new avenues over the forecast period.

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 product growth.

Application Insights

Candles were the leading application segment and accounted for 41.9% of the market revenue in 2015 and are anticipated to foresee considerable growth on account of their increasing usage for aromatherapy in spa, hotels, and other commercial buildings. Furthermore, the availability of a wide array of fragrances along with rising consumer purchasing power in China, India, and South Korea is expected to drive the usage of these products in home hygiene maintenance.

Global paraffin wax market revenue share, by application, 2015 (%)

Global paraffin wax market

The packaging segment is anticipated to witness revenue growth at a CAGR of 4.2% from 2016 to 2025 in light of the rising requirement of packaged food in several countries including the U.S., China, India, the UK, Germany, Russia, Mexico, and Brazil. Moreover, increasing utilization of flexible packaging in personal care, pharmaceuticals, and food & beverage industry is expected to increase industry expansion.

Regional Insights

Asia Pacific dominated the global paraffin wax market and accounted for 33.3% of the volume share in 2015. The region is expected to show high gains in light of growing personal care, packaging, rubber, and pharmaceutical industries in China, India, and South Korea. The increasing need for hotmelt adhesives in countries including China, Taiwan, Australia, India, and South Korea for packaging and woodworking is anticipated to augment growth.

China is one of the leading exporters of paraffin wax owing to the presence of large-scale companies including Sinopec and PetroChina. In addition, high investments by several Indian refineries including Chennai Petroleum Corporation Limited and Numaligarh Refinery Limited to expand their wax production capacities are expected to stimulate industry growth.

North America is expected to witness significant growth on account of high demand for fragrance candles along with rapidly growing cosmetics, pharmaceuticals, and packaged food & beverage industries in the U.S. and Mexico. Hectic work schedules and wrong eating habits of consumers are likely to drive the demand for packaged food, which in turn is anticipated to fuel growth over the forecast period.

High demand for cosmetics, fragrance products, and food packaging is likely to drive product demand in the Middle East & Africa. Moreover, increasing oil & gas exploration in the region is likely to drive the availability of raw materials, which in turn is expected to propel growth over the forecast period.

Paraffin Wax Market Share Insights

Key players including Sinopec, ExxonMobil, PetroChina Company Limited, Sasol, and the International Group, Inc. dominated the industry. Other prominent participants include IOCL, Honeywell, Petrobras, Nippon Seiro Co., Ltd., Petro-Canada, Repsol, H&R Group, and CEPSA. In February 2013, ExxonMobil announced plans to expand its Group II and Group II base oil production facility in Baytown, Texas, U.S., refinery to meet the increasing demand for waxes in candles, emulsions, and hot melt adhesives.

Report Scope



Base year for estimation


Actual estimates/Historical data

2014 - 2015

Forecast period

2016 - 2025

Market representation

Volume in Kilo Tons, Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

The U.S., Germany, China, India, Brazil

Report coverage

Volume & revenue forecast, company shares, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization

Segments Covered in the Report

This report forecasts volume and revenue growth at global, regional & country level and provides an analysis of the industry trends in each sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global paraffin wax market report on the basis of application and region:

  • Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014-2025)

    • Candles

    • Packaging

    • Cosmetics

    • Hotmelts

    • Board Sizing

    • Rubber

    • Others

  • Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014-2025)

    • North America

      • The U.S.

    • Europe

      • Germany

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • MEA

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