In Asia, the paraffin wax market faced fluctuations driven by volatile crude oil prices and decreased consumer demand amid economic uncertainties in China. The initial months were affected by low production rates post the lunar new year and COVID-related restrictions. Although there was a temporary price surge in Q2 due to higher crude oil costs and a resurgence in the cosmetic industry, inflation, reduced consumer spending, and subdued demand caused a reversal in the trend.
Meanwhile, in Europe, paraffin wax prices experienced a decline throughout Q1 and Q2 due to decreased demand, disruptions in the supply chain triggered by labor strikes, and economic indicators signaling a potential recession. In North America, the prices of paraffin wax also decreased due to weak industry demand, increased imports from Asia, and uncertainty in crude oil prices.
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 trends, 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 boasts a multitude of industrial uses thanks to its adaptable nature. Within the candle-making realm, it reigns as a top-choice material for its affordability, ease of shaping, and ability to burn cleanly. In packaging, paraffin wax shields fruits, cheeses, and sweets, prolonging their shelf life and elevating their appearance. Its role extends to cosmetics and spa therapies, delivering skin-softening and moisturizing advantages. Pharmaceutical applications involve using it to coat pills, easing consumption. In rubber production, paraffin wax enhances processing and the quality of the final output. Its resistance to water makes it an ideal candidate for paper coatings, while its insulating properties serve diverse sectors in electrical applications.
- China Petrochemical Corporation
- Sasol Limited
- Petro Bras
- Nippon Seiro Co Ltd
- Honeywell International Inc
- Ergon Inc
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.
To get real-time facts and insights to help our customers, we work with a varied range of procurement teams across industries. At Procurement Resource, we support our clients with up-to-date and pioneering practices in the industry to understand procurement methods, supply chains, and industry trends so that they can build strategies to achieve maximum growth.
Company Name: Procurement Resource
Contact Person: Christeen Johnson
Toll-Free Number: USA & Canada – Phone no: +1 307 363 1045 | UK – Phone no: +44 7537 132103 | Asia-Pacific (APAC) – Phone no: +91 1203185500
Address: 30 North Gould Street, Sheridan, WY 82801, USA