Paraffin Wax Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Paraffin Wax in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Paraffin Wax Price Trend for the October - December of 2023

Asia

The lower costs for raw ingredients like liquid wax led to a minor decline in the price of paraffin wax in the Chinese markets during Q4 of 2023. Throughout the quarter, the downstream demand did not show any significant improvement, and thus, the producers and distributors had to modify their pricing in accordance with actual costs. Amidst volatile raw material prices and restricted market trading, paraffin prices settled on the lower end of the spectra.

Paraffin Wax Price Chart

Paraffin Wax Price Trends

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Europe

Paraffin wax is primarily derived from crude oil and naphtha, and thus, the trend of market activities of these industries dictated the paraffin wax price trend in European countries. In the fourth quarter of 2023, the blockage of Russian pipelines and loss of exports over rising Israel-Hamas tensions led to considerable fluctuations in the paraffin wax market. On the other hand, the consumer sector also offered limited support as they themselves struggled with the rising inflation rates.

North America

The North American crude oil sector registered a double-digit percentage decline in the last quarter of 2023, which made the recovery of paraffin wax price trend nearly impossible. The market further suffered from a rise in the number of import volumes, typically from Asian countries, which, amid the struggling consumer demand, only led to the rise in inventory levels of paraffin wax.

In order to maintain the supply-demand equilibria, the traders started practicing destocking activities by offering discounts on the bundled-up inventories, causing a reduction in the trajectory of the paraffin wax price graph.

Analyst Insight

According to Procurement Resource, the price trend of Paraffin Wax are expected to follow the trend observed in the crude oil industries and the rate of procurement from the downstream industries.

Paraffin Wax Price Trend for the July-September of 2023

Asia

The paraffin wax price graph fluctuated throughout the third quarter as its demand from the end-user industries oscillated. This sea-saw movement of the paraffin wax market trend was also due to the decline in the interest of international consumers that affected the trade sentiments of paraffin wax negatively.

Further, the restricted supply of crude oil in accordance with OPEC+ regulations exerted excessive pressure on manufacturers and, in turn, over the entire market sentiments of paraffin wax in the Asia Pacific region.

Europe

In the initial phase of the third quarter, the paraffin wax price trend took on a downward trajectory as its rate of production exceeded the demand by several folds. The plunging market dynamics were also a consequence of weak trading activities and the lower number of offtakes.

However, as the quarter progressed, the market conditions on account of the demand for paraffin wax started improving, and the paraffin wax price trend swiftly moved in an upward direction. Another significant cause of this elevation in the paraffin wax prices was its limited supply, which depleted the level of inventories.

North America

In the first month of the quarter, the existing level of inventories was sufficient to cater to the demand for paraffin wax, and the surge in industrial production only raised its stockpiles. However, as the influx of expensive imports flooded the market, the traders were pushed towards increasing their price quotations. During this phase, the rates of procurement from the cosmetics and related sectors also helped in improving the overall fundamentals of the paraffin wax market.

Analyst Insight

According to Procurement Resource, the price trend of Paraffin Wax are expected to improve in the upcoming quarters as the market dynamics seem to be advancing in a positive direction.

Paraffin Wax Price Trend for the First Half of 2023

Asia

High volatility in the upstream cost of crude oil and slow demand from consumers due to rising uncertainties in the economic conditions affected the price trend for paraffin wax. The initial months of the first quarter were severely affected by low production rates as the market of China was still in the recovery phase after the lunar new year holiday season and the after-effects of COVID-related restrictions.

In the second quarter, there was a slight jump in the prices of paraffin wax due to the surge in the cost of crude oil and the revival of cosmetic industries. But soon, the trend began to decline, which was caused by high rates of inflation, reduced purchasing by consumers, and subdued demand from the end-user industries.

Europe

In Europe, the price trend of paraffin wax declined throughout the first and second quarters of 2023 as the demand dropped significantly from domestic as well as international buyers. There was a significant shift observed in the cosmetics sector, where the manufacturers shifted from paraffin wax to more natural and eco-friendly alternatives. The disruption in the supply chain caused by labor strikes and sliding economic indicators that suggested the entering of European nations in the recession phase hampered the growth of the price trend of paraffin wax in the first and second quarters of 2023.

North America

The prices of paraffin wax faced downward due to subdued demand from the downstream industries in the North American region. This fall in the prices was much more visible in the second quarter as, in addition to the low demand, the influx of cheap imports from the Asian industries and rising uncertainties in the crude oil sector influenced the paraffin wax price trend negatively.

Analyst Insight

According to Procurement Resource, the price trend of Paraffin Wax is estimated to showcase a declining trajectory due to the fall in demand from the cosmetics industries and high fluctuations in the crude oil market.

Procurement Resource provides latest prices of Paraffin Wax. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

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About

Paraffin wax is a petroleum-derived wax composed of hydrocarbon molecules. It is a white or colorless solid at room temperature but melts easily at low temperatures. It finds applications in candle-making, cosmetics, packaging, pharmaceuticals, rubber and textile manufacturing, food preservation, electrical insulation, art, and more. Its properties of easy melting, moisture resistance, and moldability make it a valuable material for multiple purposes.

Product Details

Report Features Details
Product Name Paraffin Wax
Industrial Uses Candles, Packaging, Lubricants, Plastics and packaging, Leather production, Foundry and metal works, Electrical insulation
CAS Number 8002-74-2
HS Code 27122090
Supplier Database China Petrochemical Corporation, Sasol Limited, Petro Bras, Nippon Seiro Co Ltd, Repsol, Honeywell International Inc, Ergon Inc
Region/Countries Covered Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, 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

Africa: South Africa, Nigeria, Egypt, Algeria, Morocco
Currency US$ (Data can also be provided in local currency)
Supplier Database Availability Yes
Customization Scope The report can be customized as per the requirements of  the customer
Post-Sale Analyst Support 360-degree analyst support after report delivery


Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Production Processes

Slack wax is cooled during manufacture in order to crystallize the wax content, which is then removed by filtration to produce dewax oil. The dewaxed oil is next bleached to remove any color, and then goes through a hydrogenation reaction to remove impurities in the presence of a catalyst. Slack wax is converted into paraffin wax as a result of this procedure.

Methodology

The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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