Paraffin Wax Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data

Paraffin Wax Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data

Report Format: PDF+Excel | Report ID: SR112024A22395
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Paraffin Wax Prices December 2023

Product Category Region Price
Paraffin Wax Petrochemicals USA 1375 USD/MT
Paraffin Wax Petrochemicals China 775 USD/MT
Paraffin Wax Petrochemicals Europe 1615 USD/MT


The paraffin wax market in the US fell to 1375 USD/MT in Q4 2023 due to lower demand in the cosmetics and candle-making sectors, a decline in crude oil prices across the globe, restrictions on Venezuelan crude oil sales, and deliberate changes in shipping routes - such as Maersk's rerouting from Red Sea routes, which increased ton-miles and port inventories.

Similarly, the paraffin wax market in China also experienced a bearish trend, with prices declining to 775 USD/MT due to subdued demand, global crude oil price decline, and disruptions in the Red Sea trade route. Besides this, Yemeni rebel attacks caused increased ocean freight rates, delayed exports, and inventory build-up at Chinese ports, which narrowed the gap between demand and supply, further reinforcing the downward trend in paraffin wax prices.

Furthermore, the European paraffin wax market had a dip, with prices at 1615 USD/MT, owing to a decline in demand from the cosmetics and candle manufacturing businesses, worldwide crude oil prices, and Yemeni rebel attacks on Red Sea traffic. These interruptions resulted in higher stockpiles in the European market, which added to the overall drop in paraffin wax prices.

Paraffin Wax Price Trend, Market Analysis, and News

IMARC's latest publication, “Paraffin Wax Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the paraffin wax market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of paraffin wax at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed paraffin wax price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting paraffin wax pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Paraffin Wax Price Trend

Paraffin Wax Market Analysis

The global paraffin wax market size reached US$ 5.8 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 9.3 Billion, at a projected CAGR of 5.50% during 2023-2032.

  • The increasing demand for candles, particularly in emerging economies, represents the key factor driving the market growth. The demand for paraffin wax is being further stimulated by the widespread usage of paraffin wax candles for therapeutic, religious, and ornamental purposes.
  • The flourishing expansion of the cosmetics industry, wherein paraffin wax is extensively utilized in the production of skin-softening treatments, such as paraffin wax baths, owing to its moisturizing properties, is acting as another significant growth-inducing factor.
  • Concurrently, the shifting preference for convenience foods and the need for efficient packaging solutions are bolstering the demand for paraffin wax in the thriving food industry, where it is used to seal jars of jams, jellies, and other food products because it works well as a sealer for food preservation.
  • In addition to this, the burgeoning growth of the pharmaceutical sector is further impelling the market growth as paraffin wax is employed in the production of various medicinal and topical formulations due to its inert nature and skin-friendly properties.
  • The expansion of the textile industry, particularly in developing regions, spurring the use of paraffin wax in textile treatments to impart water repellency and improve fabric quality is creating a positive outlook for market expansion.
  • Along with this, the increasing demand from the burgeoning automotive industry, where paraffin wax is employed in the manufacturing components like rubber and tires, serving as a processing aid is providing an impetus to the market growth.
  • Moreover, the agriculture sector’s surging adoption of paraffin wax in crop protection formulations, such as pesticides and fungicides, to improve their efficacy and adhesion is presenting lucrative opportunities for market expansion.
  • In confluence with this, the inflating disposable income levels and changing consumer lifestyles have heightened the demand for luxury and decorative candles, thereby boosting the consumption of paraffin wax.
  • Furthermore, widespread product utilization across the construction industry in waterproofing compounds, coatings, adhesives, and sealants to enhance their performance and durability is propelling the market forward.

Paraffin Wax News

The report covers the latest developments, updates, and trends impacting the price of paraffin wax, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the paraffin wax price trend.

Latest developments in the paraffin wax industry:

  • In December 2022, three major Saudi Arabian oil companies, namely Saudi Arabian Oil Company, Saudi Basic Industries Corporation (SABIC), and China Petroleum and Chemical Corporation ('Sinopec'), announced their intent to collaborate and work together on petrochemical and refining projects in China and Saudi Arabia. This partnership involves a 1.5-million-ton annual petrochemical cracker facility and a refinery with a capacity of 320,000 barrels per day that will begin its operations by the end of 2025.
  • In November 2022, Eneos Corporation partnered with Niigata Public Corporation of Agriculture and Forestry to sign the agreement for "the realization of a decarbonized society through forests conservation." In order to achieve its goal of lowering the Eneos CO2 emissions by 46% of the 2013 level by 2030, the Eneos Group is funding programs to develop and use J credits obtained from forest management.

Product Description

Paraffin wax refers to a petroleum-based wax that is mostly constituted of saturated hydrocarbons. It is a white or colorless, odorless solid that is commonly used in various applications due to its versatility and desirable properties.

One of the distinguishing features of paraffin wax is its ability to melt at relatively very low temperatures, typically between 46°C to 68°C (115°F to 154°F), making it easy to handle and manipulate. This property makes it popular for candle making, where it is used as the main ingredient for producing candles of different shapes and sizes.

Additionally, paraffin wax offers excellent sealing properties, making it valuable in preserving food, such as sealing jars of jams and jellies. It is also used in the cosmetics industry for making skin-softening treatments, such as paraffin wax baths, which are known for their moisturizing and therapeutic effects on the skin.

Moreover, paraffin wax finds applications in various industrial processes, including in the manufacturing of wax paper, crayons, and certain types of polishes and lubricants. Its low cost, stability, and availability make it a preferred choice in many industries.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the paraffin wax price trend.

Global Paraffin Wax Price

The report offers a holistic view of the global paraffin wax pricing trends in the form of paraffin wax price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of paraffin wax, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed paraffin wax demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Paraffin Wax Price

In Europe, the paraffin wax market experienced a bearish trend in Q4 2023, driven by reduced demand in cosmetics and candle making sectors, compounded by low global crude oil prices. Sanctions on Venezuelan crude oil exports affected global oil values, providing slight relief. Attacks on Red Sea trade routes disrupted shipping, leading to increased inventories and downward pressure on prices. These factors collectively contributed to the overall downturn in the European paraffin wax market.

This analysis can be extended to include detailed paraffin wax price information for a comprehensive list of countries.

Region Countries Covered
Europe Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries.


North America Paraffin Wax Price

In North America, the paraffin wax market witnessed a bearish trend in Q4 2023, driven by reduced demand in domestic and international cosmetics and candle making sectors, exacerbated by prolonged low global crude oil prices. Sanctions on Venezuelan crude oil exports affected global oil values, providing slight relief. Rerouting of vessels away from Red Sea routes increased tonne-miles, leading to higher inventories and reinforcing the bearish trajectory.

Specific paraffin wax historical data within the United States and Canada can also be provided.

Region Countries Covered
North America United States and Canada


Middle East and Africa Paraffin Wax Price

The analysis of paraffin wax prices in the Middle East and Africa (MEA) region provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

In addition to region-wise data, information on paraffin wax prices for countries can also be provided.

Region Countries Covered
Middle East & Africa Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries.


Asia Pacific Paraffin Wax Price

In the Asia-Pacific region, the paraffin wax market experienced a bearish trend in Q4 2023, influenced by subdued demand domestically and internationally, worsened by extended low global crude oil prices. Weak international demand, coupled with domestic sector weaknesses, exerted downward pressure on prices. Disruptions in the Red Sea trade route led to increased ocean freight rates and rerouting of commodities, contributing to a build-up of inventories and reinforcing the downward price trajectory.

This paraffin wax price analysis can be expanded to include a comprehensive list of countries within the region.

Region Countries Covered
Asia Pacific China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries.


Latin America Paraffin Wax Price

The analysis of paraffin wax prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Region Countries Covered
Latin America Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries.


Report Coverage

Key Attributes Details
Product Name Paraffin Wax
Report Features Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Paraffin Wax Price Analysis, and Segment-Wise Assessment.
Currency/Units US$ (Data can also be provided in local currency) or Metric Tons
Region/Countries Covered The current coverage includes analysis at the global and regional levels only. 
 
Based on your requirements, we can also customize the report and provide specific information for the following countries: 
 
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand*
 
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* 
 
North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru*

Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco*

*The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client.
Information Covered for Key Suppliers
  • Company Overview
  • Business Description
  • Recent Trends and Developments
Customization Scope The report can be customized as per the requirements of the customer
Report Price and Purchase Option

Plan A: Monthly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Month
    • Forecast for Next Month
  • Total Deliverables Per Year: 12 (One Per Month)
  • Includes: One PDF and Excel datasheet per month, Post Purchase Analyst Support throughout the year

Plan B: Quarterly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Quarter
    • Forecast for Next Quarter
  • Total Deliverables Per Year: 4 (One Per Quarter)
  • Includes: One PDF and Excel datasheet per Quarter, Post Purchase Analyst Support throughout the year

Plan C: Biannually Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Half
    • Forecast for the Next Half
  • Total Deliverables Per Year: 2 (One Per 6 Months)
  • Includes: One PDF and Excel datasheet per Half, Post Purchase Analyst Support throughout the year  
Post-Sale Analyst Support  360-degree analyst support after report delivery
Delivery Format PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) 


Key Benefits for Stakeholders:

  • IMARC’s report presents a detailed analysis of paraffin wax pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
  • The study examines factors affecting paraffin wax price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
  • The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
  • IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The paraffin wax price charts ensure our clients remain at the forefront of the industry.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Paraffin Wax Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
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