Throughout 2023, Paraffin prices in Asia remained tethered to crude oil fluctuations. Initially stable, they rose with increasing crude oil prices but later dipped due to oversupply, with discounted Russian oil mitigating prices. In Europe, high crude oil costs eased, aided by Asian imports and reduced demand in cosmetics. North America faced similar price weakness due to limited demand, high inventories, and inflation, resulting in bearish market sentiment.
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Definition
Paraffin is a waxy substance derived from petroleum, characterized by its white or colorless appearance and odorless nature. It finds versatile industrial and consumer applications, from making candles and cosmetics to coating paper and packaging. Paraffin is known for its low melting point, making it valuable in various industries, including pharmaceuticals, agriculture, and manufacturing.
Key Details About the Paraffin Price Trend:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Paraffin in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as Excel files that can be used offline.
The Paraffin Price chart, including India Paraffin price, USA Paraffin price, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting the Paraffin Price Trend:
Paraffin has diverse industrial applications, including its use in the production of candles, where it serves as the main ingredient. It is also employed as a lubricant in manufacturing and as a coating for paper and cardboard packaging, enhancing moisture resistance. In the pharmaceutical industry, paraffin is used in ointments and creams for its emollient properties, while agriculture utilizes it for seed coating and as a component in pesticides and fertilizers.
Key Players:
- Paraffinwaxco, Inc.
- Sinopec
- PetroChina Company Limited
- Chennai Petroleum Corporation Limited
- Numaligarh Refinery Limited
- UNICORN PETROLEUM INDUSTRIES PVT. LTD.
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Procurement Resource offers in-depth research on product pricing and market insights for more than 500 chemicals, commodities, and utilities updated daily, weekly, monthly, and annually. It is a cost-effective, one-stop solution for all your market research requirements, irrespective of which part of the value chain you represent.
We have a team of highly experienced analysts who perform comprehensive research to deliver our clients the newest and most up-to-date market reports, cost models, price analysis, benchmarking, and category insights, which help in streamlining the procurement process for our clientele. Our team tracks the prices and production costs of a wide variety of goods and commodities, hence providing you with the latest and consistent data.
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