Market Segmentation
The most common kind of wax used in candle making is paraffin. Crude oil is the primary source of raw materials used to make paraffin wax. These raw materials are crystalline hydrocarbons, most often C22–C28 hydrocarbons. One of the primary components used in the creation of candles is refined paraffin wax. In the past, the candle's sole function was as a source of light; however, these days, candles are employed for many other things. Candles are used nowadays not just for lighting but also for religious reasons, adornment, and smell. Over the past ten years, the European candle market has grown exponentially. In Europe, candles have evolved from being useful items to beautiful ornaments as a result of home décor trends. Candle sales are predicted to be driven by customer demand for home aroma goods. Additionally, the demand for luxury candles will fuel a boom in the home fragrances sector, which will fuel even more exponential development in the candle industry. The advent of scented candles in a range of sizes and forms will propel demand overall. Throughout the predicted period, paraffin wax consumption will rise in response to the anticipated high demand for candles during Christmas and Easter.
Paraffin wax is used in flexible packaging because it and paraffin blends offer gloss and freshness sealing, as well as grease and moisture barriers. The main advantages of employing paraffin waxes are their capacity to offer a gas and odor barrier (avoid flavour loss or contamination), as well as enhanced process efficiency and resistance to water and water vapour. In addition, petroleum-based waxes are highly affordable and have a low viscosity. Applying paraffin wax at fast rates also requires very inexpensive apparatus. It is possible to combine paraffin wax with various ingredients to enhance shine, block, friction, scuff resistance, and heat sealability. Over the projection period, demand is anticipated to be driven by an increase in the usage of flexible packaging due to its many benefits, including a range of containers, a reduced requirement for raw materials, ease of disposal, and lightweight design. The flexible bag and pouch industry has gained speed due to the growing need for compact packaging, which is driving the entry of new competitors in the market. Because these materials are less expensive to ship, needless storage space, and are becoming more and more popular with consumers, they offer enormous market potential.
Paraffin wax is composed of lubricating oil and petroleum. Crude oil price volatility is one of the main factors impeding the paraffin wax market's expansion. The pace of depletion of crude oil is increasing. Refining, processing, and burning crude oil has a negative environmental impact that might upset the ecosystem's equilibrium. The cost of producing crude oil's downstream derivatives, such as paraffin wax, is directly impacted by price volatility. The pricing volatility of raw materials has an impact on the profitability of intermediate paraffin wax makers, which in turn has an impact on the end-user sectors' prices, including packaging and candle production. Seasonal fluctuations, supply-demand mismatches, and political unpredictability are the main causes of crude oil price volatility. The Organization of the Petroleum Exporting Countries, or OPEC, decreased output, which caused the biggest decline in crude oil prices ever in 2009. Crude oil prices have a significant impact on needle coke costs.
This section will provide insights into the contents included in this paraffin wax market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Industry overview
Industry trends
Market drivers and restraints
Market size
Growth prospects
Porter’s analysis
PESTEL analysis
Key market opportunities prioritized
Competitive landscape
Company overview
Financial performance
Product benchmarking
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance