Petroleum Wax Market: Introduction
- Petroleum wax is wax obtained from petroleum. It includes paraffin wax, microcrystalline wax, and petroleum jelly.
Key Drivers and Restraints of Petroleum Wax Market
- Increase in demand for petroleum wax products in several end-use industries is driving the petroleum wax market
- Rise in oil & gas exploration activities in several regions across the globe is anticipated to drive the availability of raw materials. This, in turn, is estimated to propel the petroleum wax market during the forecast period.
- Wax plays a major role in the beauty industry. Increase in demand for personal care products across the globe is positively influencing the petroleum wax market. However, volatility in prices of crude oil is likely to restrain the petroleum wax market in the near future. Increase in usage of environment-friendly alternatives, such as beeswax, soy, and polyethylene wax, is also projected to hamper the demand for petroleum wax during the forecast period.
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Paraffin Wax Type Segment to Offer Lucrative Opportunities
- The global petroleum wax market can be segmented based on type, application, and region
- Based on type, the global petroleum wax market can be divided into paraffin wax, microcrystalline wax, and petroleum jelly. The paraffin wax segment is expected to dominate the petroleum wax market, expanding at a fast-paced CAGR during the forecast period. Increase in demand for paraffin waxes in flexible packaging, candle manufacturing, rubber, and cosmetics is anticipated to drive the segment during the forecast period.
- In terms of application, the global petroleum wax market can be classified into candle, packaging, cardboard coating, cosmetics, and others. The candle segment is estimated to dominate the global petroleum wax market in the near future. Petroleum wax is primarily used in candles. Rise in usage of candles for aromatherapy in hotels, spas, and other commercial businesses is driving the demand of petroleum wax in the candle segment.
- Packaging is another vital application segment of the petroleum wax market. It is projected to expand at a rapid pace in the near future due to the increase in demand for packaged food in several countries across the globe including the U.S., China, India, the UK, Germany, Russia, Mexico, and Brazil. Paraffin wax provides excellent barrier against odor and gas transmission.
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North America Expected to Hold Major Share of Global Petroleum Wax Market
- Based on region, the global petroleum wax market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global petroleum wax market in 2019. This trend is projected to continue during the forecast period, led by the growth in personal care, packaging, and pharmaceuticals industries in China, India, and South Korea.
- China is one of the leading exporters of paraffin wax across the globe due to the presence of large-scale companies including Sinopec and PetroChina
- Several India-based refineries, including Chennai Petroleum Corporation Limited and Numaligarh Refinery Limited, are also expanding their wax production capacities. This is further boosting the petroleum wax market in Asia Pacific.
- High demand for cosmetic products, fragrances, and food packaging is likely to drive the demand for petroleum wax in Middle East & Africa. The region is also a key producer of oil in the world. Thus, increase in oil & gas exploration in Middle East & Africa is expected to boost the availability of raw materials, thereby driving the demand for petroleum wax in the region during the forecast period.
- The petroleum wax market in North America is anticipated to expand during the forecast period owing to the high demand for fragrances and candles; and rapid growth of packaging and pharmaceutical industries in the region
Key Development in Petroleum Wax Market
- In February 2018, the phase 2 of Sasol’s Fischer-Tropsch Wax Expansion Plant (FTWEP) was successfully commissioned at its Sasolburg operation. South Africa became one of the leading countries of wax production across the globe with the completion of this project.
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