Paraffin Wax Market Size, Share & Trends Report

Paraffin Wax Market Size, Share & Trends Analysis Report By Application (Candles, Packaging, Cosmetics, Hot melts, Board Sizing, Rubber), By Region, And Segment Forecasts, 2023 - 2030

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

Research Methodology

A three-pronged approach was followed for deducing the paraffin wax market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for paraffin wax market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of paraffin wax market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Paraffin Wax Market Categorization:

The paraffin wax market was categorized into two segments, namely application (Candles, Packaging, Cosmetics, Hot melts, Board Sizing, Rubber), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The paraffin wax market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The paraffin wax market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eleven countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; China; India; Japan; South Korea; and Brazil

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Paraffin wax market companies & financials:

The paraffin wax market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • PetroChina Company Limited - Natural gas, petrochemicals, and products derived from crude oil are produced in China by PetroChina Company Limited. It was founded as a joint stock corporation between the People's Republic of China and the China National Petroleum Corporation (CNPC). The corporation works on the exploration, extraction, processing, and selling of crude oil and natural gas, among other things. The business runs 13 chemical factories and 29 refineries. Chemicals, fertilizers, urea, petroleum coke, paraffin wax, base oil and lubricants, kerosene, LPG, naphtha, gasoline, refined oil, synthetic fiber, synthetic rubber, polymer, ethylene, and refined oil are all available. Additionally, the business operates two research and development facilities in Beijing: The National Shale Gas Development Center and the PetroChina Fuel Ethanol Research and Development Center.

     

  • China Petrochemical Corporation (Sinopec) -  Petrochemical and petroleum products are produced by China Petrochemical Corporation, generally referred to as Sinopec Group. The business engages in the exploration, production, and distribution of oil and gas as well as the processing, trading, distribution, and marketing of petroleum products, as well as the manufacturing of petrochemical products. In a state-owned business, the Chinese government owns a nearly 76% controlling interest. In addition, the business conducts exploration, designs, consults, builds, and installs petrochemical and petroleum engineering projects. They manufacture a broad variety of refined goods, including butane, hexane oil, propane, sulfur, benzene, butane, road asphalt, and others. The firm ships paraffin wax to the United States, Italy, Thailand, India, Indonesia, Australia, Mexico, and Ecuador.

     

  • Sasol Limited  -  Based in South Africa, Sasol Limited is a chemical and energy corporation. Petrochemicals, lubricants, synthetic fuels, and liquid and gaseous fuels (fuel oils, fuel alcohol, jet fuel, diesel, and gasoline) are among the products that the firm produces. The firm makes solvents and polymers, among other chemical products, using petroleum as a feedstock. The firm is expanding its global reach with its gas-to-liquids (GTL) and coal-to-liquids (CTL) projects. As of 2018, the firm was supplying paraffin wax to more than 130 countries for use in a wide range of industries and applications, such as adhesives, building boards, bitumen modification, tires, medicines, packaging, and industrial uses. Another significant market for Sasol's waxes is candles.

     

  • Exxon Mobil Corporation - One of the biggest publicly listed foreign corporations is ExxonMobil, a fully integrated oil and gas company with its headquarters in the United States. The firm is divided into four divisions: chemical, downstream, upstream, and natural gas & power marketing. Products are sold globally by ExxonMobil under the brands Imperial, XTO, Mobil, Esso, and Exxon. The firm engages in exploration, development, production, marketing, and research operations related to natural gas. Synthetic rubber, car bumpers, packaging materials, lubrication plants, and marketing activities comprise the downstream business. The chemical division supplies the raw ingredients for a wide range of goods, including packaging plastic bottles, materials, and solvents.

     

  • The International Group, Inc. - Originally called International Waxes Limited, the International Group, Inc. (IGI) is a Canadian company. It creates and produces goods made of wax that have extensive uses in a variety of industries, including packaging, adhesives, gum, chewing gum, candles, rubber, cosmetics, and plastics. The firm sells anti-ozone tire waxes, corrugated waxes for folding cartons, flexible packaging, paper cups, food containers, and rubber industries, and candle mixes for use in candle-making applications and petroleum products. It conducts business in the United States, Canada, Mexico, and Brazil, among other Latin American and North American nations.

     

  • Petrobras - Brazil's Petrobras, also known as Petroleo Brasileiro S/A., is a global energy firm. The corporation runs petrochemical facilities, fertilizer plants, thermal power plants, river and marine pipelines, distribution systems, and oil tankers in addition to refining, supplying, and marketing oil products. It also produces and distributes power, as well as styrene, synthetic rubber, and polypropylene and polystyrene. The business is involved in a number of industries, such as marketing, petrochemicals, natural gas, chemical gas, petrochemicals, exploration and production, transportation, and biofuels. The firm operates 13 refineries across 18 countries, producing 2.63 million barrels of oil equivalent daily. Petrobras Distribuidora and Petrobras Biocombustível are two of the company's subsidiaries. The firm produces hydrocarbon and paraffin waxes, which are utilized in explosives, rubber, packaging, agrochemicals, cosmetics, and coatings.

     

  • Nippon Seiro Co., Ltd. -  Nippon Seiro Co., Ltd. produces and exports petroleum waxes, fuel oil, and wax products that have been chemically and physically transformed both in Japan and around the globe. It provides products in the forms of microcrystalline, paraffin, and special wax. Paper cups, rubber antiozonants, paper converting, plastic lubricants, medicines, cosmetics, polishes, candles, chlorinated paraffin, electric insulation, lamination, textiles, chewing gum, and toners are among the uses for its products. 1963 saw the company's listing on the Tokyo Stock Exchange. It can produce 8,000 MT of petroleum waxes per month at this capacity.

     

  • Repsol -  Repsol is a Spanish-integrated global energy corporation. Five refineries in Spain, one in Peru, and one in Portugal are owned by the firm. Additionally, it operates in the United States, Venezuela, China, Indonesia, Iraq, Malaysia, Vietnam, Singapore, Russia, Bulgaria, Germany, France, Italy, Ireland, the Netherlands, Spain, the United Kingdom, Australia, Peru, Brazil, Mexico, Angola, Algeria, and Libya, among other nations. Repsol, Petronor, and Campsa are the brands under which the corporation produces and distributes chemicals, polymers, and plastics. The corporation operates a distribution network spanning over 90 countries and possesses reserves of over 2.34 billion barrels of oil equivalents. The company's downstream business division comprises the supply and trading of crude, the marketing of oil products and LPG, the manufacturing of chemicals, and oil refining. The upstream business section is involved in the exploration and production of oil and natural gas.

     

  • HollyFrontier Corporation  -  Petroleum refiner HollyFrontier Corporation is situated in the United States. The corporation operates five refineries in the United States. According to Fortune Magazine, the firm was ranked among the top 150 largest in the United States in 2013. Every day, the firm produces about 457,000 barrels of crude oil. Through its subsidiaries, the corporation sells goods including asphalt, diesel, jet fuel, gasoline, and specialized lubricants in addition to heavy goods. Furthermore, the organization provides several grades of paraffin wax according to its usage and melting point.

     

  • H&R GROUP -  Germany's H&R GROUP is a petrochemical corporation. The firm produces and sells goods for the mineral oil and construction industries, as well as chemicals derived from crude oil, medications, and cosmetics. It operates companies throughout Europe, Asia, Australia, America, and Africa. In 2000, the firm established H&R Wax firm GmbH as a distinct subsidiary to manage its paraffin business. Depending on the use and melting point of the paraffin, the firm produces over 80 distinct variations. Numerous sectors, including candles, packaging, chemicals, textiles, chipboards, ceresin, and medicine, use the varied paraffin portfolio.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Paraffin Wax Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2022, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Paraffin Wax Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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