Global paraffins market is expected to grow over the forecast period, owing to increasing application as a sizing agent within expanding construction and infrastructure industries in emerging nations. Increasing applications in cosmetics industry is also anticipated to augment product demand over coming seven years. Cosmetic industry is expected to grow due to changing lifestyle and increasing disposable income of developing economies. Rising demand in various end-use industries such as internal olefins, secondary alcohols, sulphonates, chlorinated paraffins, oilfield chemicals etc., is also expected to propel the market over forecast period. Increasing applications in rubber industry as an additive for tire production, to avoid occurrence of cracks is also expected to drive the paraffins industry. Demand from food industry in surface protection applications to promote freshness, is also anticipated to have a positive impact on paraffins demand. It is also applied in metal industry for investment casting and metal forming techniques, which is anticipated to drive the market over next seven years. Medical applications including joining of tissues and various electrical applications owing to insulation properties are also expected to propel market growth over the forecast period. Paraffins may be affected by volatile raw material prices over the forecast period, being a by-product of crude oil. Huge product demand is generated from the candle industry, which is expected to witness slack demand, due to availability of various substitutes of candles in the market, thus hindering the industry growth over the forecast period. Technological development leading to extensive usage of electric lamps has affected the candles market and is in turn expected to restrain the paraffins market over the forecast period.
Paraffins is produced in the process of refining crude oil to gasoline. Market segmentation on the basis of product types includes three forms - fully refined, semi refined and scale. It has significant applications in farming, packaging, lighting, chemicals, medical and rubber industries which may also have a positive impact on the paraffin market. Further applications such as inks, PVC, polishes, cosmetics and building materials are also expected to propel the market growth over coming seven years. Paraffins is also utilized in agriculture segment as anti-caking additive to simplify transportation and handling process of fertilizers. It is used for polishing & lubricating boards as well as surface protection, and is also helpful in cigarettes and shoe manufacturing to strengthen instantaneous joints. Paraffins is used mainly in candle manufacturing along with explosives, grafts and cork stoppers production. These diverse applications are anticipated to propel the product demand over the forecast period.
North America is expected to witness largest paraffins demand over the forecast period followed by Europe, owing to increasing applications in infrastructure and construction industry. Asia Pacific region is also expected to display huge product demand, owing to increasing disposable income and developmental activities in emerging nations of the region such as India and China. This is leading to expansion of cosmetic and construction industry.
Paraffins Market participants are carrying out R&D activities to explore new applications to increase paraffins demand over coming seven years. R&D is also being done to improve the quality of the product, on account of high quality product demand from the end-use industries. Market players are executing various marketing techniques and promotional activities to make the product popular in end-use industries which in turn are expected to boost paraffins demand. Intensive product promotion in order to tap Middle East and African markets is also projected to drive the paraffins industry along with growing developmental activities in these nations.
Major market players operating in the paraffins market are Blended Waxes Inc., Micro Powsers Inc., BASF SE, Clariant AG, ExxonMobil Corp., Lubrizol Corp., Marcus Oil & Chemical, Hexion Specialty Chemicals Inc., and Hooland BV.
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.