New York, Feb. 05, 2020 (GLOBE NEWSWIRE) — The global paraffin wax market is expected to reach USD 7.72 Billion by 2027, according to a new report by Reports and Data. Paraffin wax has widespread application in the making of functional candle, owing to its several benefits such as ease of dyeing with all types of candle dyes, and compatibility with all types of fragrance oils and additives used in making of candles. Also, it is very economical in comparison to other kinds of waxes to manufacture candles.
Paraffin wax finds application in the cosmetic industry for application on the hands and feet. It is a natural emollient effect that aids in making skin soft and supple. On application to the skin, it imparts moisture and carries on to improve the moisture levels of the skin post completion of the treatment. Moreover, it helps to exfoliate skin and open pores, thereby giving a smoother and fresher appearance to the skin.
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Combinations of paraffin and micro waxes find usage in the rubber industry to avert cracking of the rubber; the blend of wax moves to the surface of the rubber product and forms a protective layer. Also, this layer acts as a release agent, assisting the product separate from its mold.
Additionally, paraffin wax may be implemented in pain-relieving therapies in the hands and legs of people with rheumatoid arthritis, osteoarthritis, and fibromyalgia, among other joint mobility issues. It functions as a form of heat therapy and may help increase blood flow, relax muscles, and reduce stiffness of joints. It is also helpful in the reduction of muscle spasms and inflammation along with treatment of sprains.
Further key findings from the report suggest
- By product type, fully-refined paraffin wax is likely to grow at a significant rate in the forecast period, as it contains below 0.5% of oil and has the highest grade of refinement. It is clay treated or hydro-treated to take out impurities and discoloration.
- By availability, solid paraffin wax dominated the market in 2018 and is expected to experience a growth rate of 3.7% in the period 2019-2027.
- By applications, candles contributed to the largest market share in 2018 and is projected to grow at the fastest rate of 3.6% in the forecast period. Candles are used primarily for their aesthetic value and aroma, mostly to set a soft or warm ambiance, emergency lighting in case of electrical power failures, and for religious purposes, among others.
- The market in the Asia Pacific region held the largest market share in 2018 and is likely to grow at a rate of 4.8% in the forecast period. The market dominance of the APAC region is attributed to the increasing demand for candles, packaging, and hot melt adhesives in developing economies, including India, China, and South Korea.
- Key participants include ExxonMobil, Sinopec, PetroChina Company Limited, Sasol, The International Group, Honeywell, Nippon Seiro Company Limited, Petrobras, Repsol, and Indian Oil Corporation Ltd., among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/paraffin-wax-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global paraffin wax market on the basis of product type, availability, applications, and region:
Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Fully-Refined Paraffin Wax
- Semi-Refined Paraffin Wax
Availability Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Liquid Paraffin Wax
- Solid Paraffin Wax
Applications Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Board Sizing
- Hot Melts
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
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