Product
Paraffin Wax Price Trend and Forecast
Paraffin Wax Price Trend and Forecast
Regional Price Trend
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 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 trends 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.
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).
Table Of Contents
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