The Europe Paraffin Wax Market would witness market growth of 4.3% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 530.0 kilo tonnes, showcasing a growth of 4.1% (2019-2022).
Paraffin wax, a complex composition of solid hydrocarbons, possesses a waxy consistency. The primary basic material utilized in the extraction process of paraffin wax is crude oil. Since a decade ago, crude oil has become increasingly in demand. The increased production of petroleum oil has led to a corresponding rise in the output of its byproducts, including paraffin wax. The product quality is subject to variation due to factors such as the origin of the crude oil, the level of refining, and the composition of the compounds. Tarpaulin is one of the expanding product applications. Currently, it produces impermeable tarpaulins, which offer many benefits, including affordability, longevity, and water resistance.
Increasing investments by key manufacturers, including Sinopec, ExxonMobil, and Sasol are expected to drive the growth of the product industry. Rising shale oil production is expected to drive the demand. However, the market expansion is likely constrained by the erratic nature of petroleum prices and adverse environmental effects like soot emissions and carcinogenic toxins. However, it is anticipated that new opportunities will arise in the coming years due to the introduction of wax deoiling technology, which produces paraffin wax from slack wax.
The European market's focus on high-quality skincare and beauty products contributes to this sector's demand for paraffin wax. Healthcare trends and the development of new pharmaceutical products influence the demand for pharmaceutical applications of paraffin wax in Europe. The factors mentioned above will propel the market growth in this region.
The Germany market dominated the Europe Paraffin Wax Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $515.4 million by 2030. The UK market is exhibiting a CAGR of 3.4% during (2023 - 2030). Additionally, The France market would experience a CAGR of 5.1% during (2023 - 2030).
Based on Application, the market is segmented into Candles, Cosmetics, Packaging, Hot Melts, Rubber, Board Sizing and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Paraffin Wax Market will Hit USD 11.4 Billion by 2030, at a CAGR of 5.1%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Petro China Company Limited (China National Petroleum Corporation), Sinopec Group (China Petrochemical Corporation), Sasol Limited, Exxon Mobil Corporation, (Petrobras) Petróleo Brasileiro S.A, Nippon Seiro Co., Ltd., H&R Gmbh & Co. KGaA, Honeywell International Inc., Cepsa (COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A.)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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