Global Paraffin Wax Market Size Was 5.8 Billion USD In 2017 And Is Expected To Reach 7.7 Billion USD In 2023
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Paraffin Wax are mainly classified into the following types: fully refined wax, semi-refined wax, etc. Fully refined wax is the most widely used type which takes up about 42% of the total market in 2017.
Paraffin Wax have wide range of applications, such as candles, food, pyrotechnics, fiberboard, etc. Candles was the most widely used area which took up about 39.8% of the global total in 2017.
The global market size of Paraffin Wax was 5.8 billion USD in 2017 and is expected to reach 7.7 billion USD in 2023, growing at a CAGR of 4.75% from 2017 to 2023. Asia-Pacific accounted for the highest market share (38.3%) in 2017, followed by Europe with the market share of 33.2%. United States prefer liquid wax.
The global large mainly concentrates in China, North America and Europe. The global leading players in this market are CNPC (China), Exxon Mobile (United States), Sinopec (China), Shell (the Netherlands), etc. Top 3 players took about one half the total market in 2017.
The market now is on a steady growing trend, looking to the future years, the slow upward price trend in recent years will maintain. As competition intensifies, prices gap between different brands will go narrowing. Similarly, there will be fluctuation in gross margin.