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Paraffin Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
Report Format: PDF+Excel | Report ID: SR112024A24192
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Paraffin Prices December 2023
|
Product
|
Category | Region | Price |
|---|---|---|---|
| Paraffin | Chemical | USA | 1377 USD/MT |
| Paraffin | Chemical | China | 778 USD/MT |
| Paraffin | Chemical | Germany | 1616 USD/MT |
In the fourth quarter of 2023, the price of paraffin in the United States reached 1377 USD/MT by December. Similarly, in China, the paraffin prices hit 778 USD/MT in the same month. Germany also saw paraffin prices reaching 1616 USD/MT during Q4 2023.
Paraffin Price Trend, Market Analysis, and News
IMARC’s newly published report, titled “Paraffin Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of paraffin pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot price of paraffin at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of paraffin price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing paraffin price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
Paraffin Market Analysis
The global paraffin market size reached 2.21 Million Tons in 2023. By 2032, IMARC Group expects the market to reach 2.96 Million Tons, at a projected CAGR of 3.30% during 2023-2032.
- The extensive use of paraffin in different industries such as packaging, food, pharmaceuticals, and cosmetics is influencing the growth of the market. The versatility of paraffin as an ingredient in products like candles, lubricants, polishes, and food coatings is driving its demand consistently. For instance, in April 2024, specialty chemicals company Archroma announced the launch of its Cartaseal OGB F10 barrier coating, designed for PFAS-free oil and grease resistance in food and non-food paper and board packaging.
- The increasing use of paraffin in cosmetics and personal care products, such as creams, lotions, and therapeutic wax treatments is contributing to the market growth. The properties of paraffin as a moisturizer and skin protectant are particularly valued which is further fueling its demand in the industry. According to IBEF, the Indian cosmetics industry is majorly categorized into skin care, hair care, oral care, fragrances, and colour cosmetics segment. The overall market share is expected to grow to US$20 billion by 2025 with a Compound Annual Growth Rate (CAGR) of 25%. On the other hand, the global cosmetics industry is growing at 4.3% CAGR and will reach US$ 450 billion by 2025. By 2025, along with this growth, India will continue 5% of the total cosmetics market and reach the top five global markets in terms of revenue.
- The increasing use of paraffin in industrial applications, including in the production of rubber, and textiles, and as a component in electrical insulators are bolstering the growth of the market. According to Invest India, the domestic apparel &textile industry in India contributes approx. 2.3% to the country’s GDP, 13% to industrial production, and 12% to exports. India has a 4% share of the global trade in textiles and apparel. India is set to achieve $ 250 Bn textiles production and $100 Bn exports by 2030. India is the largest cotton producer (23%) in the world and has the highest area under cotton cultivation (39% of the world area). Cotton plays a major role in sustaining the livelihood of an estimated 6.5 Mn cotton farmers.
- The increasing demand for paraffin as a coating for fruits, vegetables, and certain confections to extend shelf life and improve appearance is driving the demand for food preservation solutions which is facilitating the growth of the market.
Paraffin News
The report covers the latest developments, updates, and trends impacting the global paraffin market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in paraffin production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the paraffin price trend.
Latest developments in the paraffin industry:
- In May 2024, German company Hylmpulse successfully launched a candle wax-powered rocket capable of carrying satellites on a test suborbital flight into space for the first time. It is capable of carrying small satellites weighing up to 250 kg (551 pounds) to an altitude of up to 250 km (155 miles) while being fuelled by paraffin, or candle wax, and liquid oxygen. Paraffin can be used as a cheaper and safer alternative fuel for rockets, reducing satellite transportation costs by as much as 50%, according to HyImpulse.
- In December 2022, the Saudi Arabian Oil Company, one of the world’s leading integrated energy and chemicals companies, China Petroleum and Chemical Corporation and SABIC, announced that they are exploring collaborations across refining and petrochemical projects in China and Saudi Arabia. Aramco and Sinopec, one of the world’s largest energy and petrochemical corporations, have signed heads of agreement for a greenfield project in Gulei, Fujian Province, which plans to include a 320,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker complex. It is expected to commence operations by the end of 2025. Additionally, Aramco, SABIC and Sinopec signed a Memorandum of Understanding (MoU) on December 15, to study the economic and technical feasibility of developing a new petrochemical complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.
Product Description
Paraffin or paraffin wax refers to a white or colorless soft solid derived from petroleum, coal, or oil shale.
It is composed of a mixture of hydrocarbon molecules, primarily consisting of long-chain alkanes. It is tasteless and odorless, making it suitable for various applications. It is extensively used for its excellent insulating and waterproofing properties in the industrial and commercial sectors. Paraffin is a key component in making candles, wax paper, lubricants, and polishes. It is used in treatments including heat therapy for muscle pain relief in the medical field. Paraffin is also employed in the food industry as a coating for fruits, vegetables, and certain confections to preserve freshness and appearance. It remains an essential material across multiple industries due to its versatility and wide range of applications.
Regional Coverage
The report provides a detailed analysis of the paraffin 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 ex-works, FOB, and CIF prices, as well as the key factors influencing the paraffin price trend.
Global Paraffin Price
The report offers a holistic view of the global paraffin pricing trends in the form of paraffin 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 of paraffin but also provides insights into historical price trends, 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 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 Price
European paraffin prices are examined, highlighting the market-specific influences in the region, such as stringent environmental regulations, the competitive landscape, and import-export imbalances that significantly affect pricing structures.
This analysis can be extended to include detailed paraffin 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 Price
The analysis of paraffin prices in North America delves into the regional industry dynamics, encompassing the impact of local production capacities and the trade flows between North America and other significant global markets.
Specific paraffin 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 Price
The report explores the paraffin pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.
In addition to region-wise data, information on paraffin 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 Price
The paraffin pricing trends in Asia Pacific are examined, reflecting the role of the region as a major global production hub and consumer market, with price dynamics heavily influenced by supply chain efficiencies, regional demand surges, and policy shifts in major economies.
This paraffin 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 Price
The analysis of paraffin 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 |
| Report Features | Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Paraffin 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 |
|
| 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
Plan B: Quarterly Updates - Annual Subscription
Plan C: Biannually Updates - Annual Subscription
|
| 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 pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
- The study examines factors affecting paraffin price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, 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 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.
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