GVR Report cover 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)

Report Overview

The global paraffin wax market size was valued at USD 7,931.39 million in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. This is attributable to growing applications in candles, as paraffin is the most widely used wax type in the production of candles. Refined paraffin wax is one of the main ingredients used in the production of candles. Moreover, the growing demand for the product market is owing to its excellent water barrier property and protection which boost its consumption for coating paper & cardboard used for the food industry.

 U.S. Paraffin Wax Market Size, By Product, 2020 - 2030 (USD Million)

Paraffin wax finds applications in flexible packaging as paraffin and paraffin blends provide moisture and grease barriers along with gloss and freshness seals. The key benefits of using the product include its ability to provide a gas and odor barrier (preventing loss of flavor or contamination), improved process efficiency, and water and water vapor resistance. Besides, a product derived from petroleum is highly cost-effective and possesses low viscosity. It also needs relatively low-cost machinery for the application at high speeds.

Paraffin wax is a complex mixture of solid hydrocarbons and has a waxy consistency. Crude oil is the main raw material from which paraffin wax is extracted. The demand for crude oil has been rising since the last decade. High production of crude oil has resulted in an increase in the production of its byproducts such as paraffin wax. The quality of product varies based on variation in the source of crude oil, degree of refining, and composition of waxes.

One of the growing product applications is tarpaulin. Currently, it is used for manufacturing waterproof tarpaulins, which have various advantages, such as cost-effectiveness, durability, and waterproofing. Another growing industry is the cosmetics industry in which the demand for ointments, creams, lipsticks, and personal care products, among others is rising, which, in turn, is expected to propel the industry's growth.

During the COVID-19 outbreak, the product market got affected due to many positive and negative changes. For instance, during COVID-19 the pharmaceutical and food packaging application industry grew at a considerable pace whereas the cosmetics industry had a major dip.

Application Insights

Candles application of paraffin wax dominated the segment with the highest revenue share of 45.52% in 2022. The high share is attributable to its increasing use in home interiors. Key market players across the globe include White Barn Candles, Colonial Candle, Yankee Candles, and Wood Wick Candles.

Paraffin wax is usually sold in small containers in pellet form at retail shops. In recent years, several companies have begun selling candles made from paraffin wax pellets as melting and weighing the wax is fast and easy. However, the demand for soy and natural wax candles as alternatives is also consistently growing as they are biodegradable, chemical-free, burn cleaner, and last longer. Although, the rising demand for scented candles in Europe and North America is favoring market growth.

The packaging application segment is anticipated to offer a number of opportunities during the forecast period owing to the rising demand for packaging material and the growth of e-commerce across the globe. The product is widely used in the packaging industry for its moisture-absorbent and odor-absorbing properties. The melting point of the product is improved by adding PE molecules to the saturated hydrocarbon mixture. A mixture of antioxidants is added to the waxes, however, to enhance their properties. Nestle SA, Tyson Foods Inc., Mars Inc., and PepsiCo Inc. are prominent players in manufacturing flexible packaging materials.

Paraffin waxes are derived from petroleum, which got recognition in the early 20th century owing to their rising application in the cosmetics sector. The main petroleum products used in the cosmetic industry are Vaseline oils, Vaseline, and crystalline paraffin. It has applications in various products, such as antiperspirants, hair serums, facial care products, beauty masks, and creams.

The COVID-19 outbreak has negatively impacted the beauty industry owing to the economic downfall across the globe. However, personal care companies have maintained strong growth despite the pandemic on account of increasing demand for soaps, body wash, and sanitizers.

Paraffin wax is traditionally used in hot melt applications across the globe. As it provides softness and flexibility to hot melts in applications such as bookbinding and they are preferred over their counterparts due to a longer shelf life as compared to solvent-based adhesives. Furthermore, the increase in usage of the product in the production of hot melt adhesives is anticipated to drive industry growth during the forecast period.

Regional Insights

Asia Pacific dominated the product market with the highest revenue share of more than 65.9% in 2022. This is attributed to rising packaging applications in the country with increased demand for convenient packaging options from cosmetics and pharmaceutical industries across majority of the Asian economies.

Increasing focus on food safety and security, coupled with safe and hygienic packaging practices, is likely to fuel the industry during the forecast period. Countries such as China, India, Indonesia, Thailand, and Japan, among others, are price sensitive; therefore, packaging pricing stands as a key point to achieve success in the Asia Pacific.

 Global Paraffin Wax Market Share, By Region, 2022 (%)

China is the major product producer in the Asia Pacific with large quantities of wax exported to India and Southeast Asia. China faces huge competition in the Indian market from fully refined and semi-refined paraffin wax from Iran and Egypt, and competition from alternatives such as soy, palm, and artificial wax.

The demand for candles is rising majorly in countries, including Germany, the U.K., and France. Poland is the second-largest manufacturer of candles in the world. It is widely used as a decorative item for home interiors to enhance the ambiance of a room. Germany is the fourth-largest manufacturer of candles in the world. However, various candle manufacturing companies are shutting down in the country owing to the fluctuating raw material prices, high labour & transportation costs, and low cost of imported candles, especially from countries such as China.

Key Companies & Market Share Insights

Global competition for paraffin wax is highly dependent on product quality, availability of raw material, and geographic locations. The manufacturers continuously conduct R&D in order to develop quality product ranges.

Manufacturing companies are boosting their R&D activities to develop deoiling practices and environmental-friendly manufacturing processes. These developed processes are aimed at improving the characteristics of the product to enable its use in several industrial and residential applications. Slack wax, a by-product of lubricant oil refining, is used as the raw material for the production of paraffin wax.

Furthermore, Sulzer has come up with a new crystallization process, which is used to refine paraffin from the by-products obtained from synthetic fuel production. In India, CSIR - Indian Institute of Petroleum has developed a new technology that yields the product from waste plastics. Some prominent players in the global paraffin wax market include:

  • Petro China Company Limited

  • China Petrochemical Corporation (Sinopec)

  • Sasol Limited

  • Exxon Mobil Corporation

  • The International Group, Inc.

  • Petro bras


  • Repsol

  • Holly Frontier Corporation


  • Honeywell International Inc.

  • Ergon, Inc.

  • Cepsa

  • Calumet Specialty Products Partners, L.P.

  • Eni SpA

Paraffin Wax Market Report Scope

Report Attribute


Market size value in 2023

USD 8279.30 million

Revenue forecast in 2030

USD 11,980.01 million

Growth rate

CAGR of 5.3% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2022

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million, CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; U.K.; France; China; India; Japan; South Korea; Brazil

Key companies profiled

Petro China Company Limited; China Petrochemical Corporation (Sinopec); Sasol Limited; Exxon Mobil Corporation; The International Group, Inc.; Petro bras; NIPPON SEIRO CO., LTD.; Repsol; Holly Frontier Corporation; H&R GROUP; Honeywell International Inc.; Ergon, Inc.; Cepsa; Calumet Specialty Products Partners, L.P.; Eni SpA

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Paraffin Wax Market Segmentation

This report forecasts revenue growth at global, regional, and country levels in addition to provide an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global paraffin wax market report based on the application and region:

Global Paraffin Wax Market Segmentation

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Candles

    • Packaging

    • Cosmetics

    • Hot melts

    • Board Sizing

    • Rubber

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • France

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

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