In Asia, the paraffin wax market experienced fluctuations due to volatile crude oil costs and decreased consumer demand linked to economic uncertainties in China. Initial months were impacted by low production rates post the lunar new year and COVID-related restrictions. While a temporary price rise occurred in Q2 due to higher crude oil costs and a cosmetic industry revival, inflation, reduced consumer purchases, and subdued demand reversed the trend. In Europe, paraffin wax prices declined over Q1 and Q2 due to reduced demand, supply chain disruptions from labor strikes, and economic indicators pointing to recession. North America saw downward paraffin wax prices due to weak industry demand, Asian imports, and crude oil uncertainty.
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Definition
Paraffin wax exhibits notable properties, such as being a colorless or white solid at room temperature that easily melts at low heat. It boasts a high crystalline structure, making it ideal for use in candles and as a solidifier in various products. Paraffin wax is an excellent insulator, with minimal reactivity and chemical inertness. Its malleability, low thermal conductivity, and moisture resistance contribute to applications in packaging, cosmetics, rubber, and coatings. However, concerns regarding its biodegradability and sustainability have prompted exploration of alternative materials in certain applications.
Key Details About the Paraffin Wax 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 Paraffin Wax 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 Wax Price chart, including India Paraffin Wax price, USA Paraffin Wax 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 Wax Price Trend:
Paraffin wax finds a plethora of industrial applications owing to its versatile properties. In the candle-making industry, it’s a favored material due to its low cost, easy molding, and clean-burning characteristics. In packaging, paraffin wax acts as a protective coating for fruits, cheeses, and candies, extending shelf life and enhancing appearance. Its presence in cosmetics and spa treatments offers skin softening and moisturizing benefits. The pharmaceutical sector employs it for pill coatings, facilitating ingestion. Paraffin wax is also used in rubber manufacturing to enhance processing and final product properties. Additionally, its water-resistant quality makes it suitable for paper coatings, while its electrical insulating properties find relevance in various sectors.
Key Players:
- China Petrochemical Corporation
- Sasol Limited
- Petro Bras
- Nippon Seiro Co Ltd
- Repsol
- Honeywell International Inc
- Ergon Inc
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