Market Size of Paraffin Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Paraffin Market Analysis
The paraffin market is projected to register a CAGR of over 3% during the forecast period.
- COVID-19 negatively impacted the market in 2020. According to Organisation Internationale des Constructeurs d'Automobiles (OICA), about 90.42 million vehicles were sold globally in 2019 and reached about 77.97 million in 2020, with a decline rate of 13.8%. However, the use of paper packaging based on paraffin has increased for food and e-commerce uses, which has increased the demand for paraffin post-pandemic.
- Over the short term, increasing demand for candles and packaging and the growing personal care industry in Asia-Pacific is driving the market growth. Continuous growth in online beauty spending, expanding use of social networks, increasing consumer interest in new and premium products, accelerating urbanization, and the growth of the upper-middle-class population are the major factors driving the paraffin market in the personal care industry in the Asia-Pacific region.
- The development of bio-based products is hindering the market's growth. Increasing investment casting will likely create market opportunities in the coming years. Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
