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The paraffin wax market in Asia experienced fluctuations, driven by volatile crude oil prices and reduced consumer demand amid economic uncertainties in China. Production rates were initially low after the lunar new year and due to COVID-related restrictions, with a temporary price increase in Q2 due to higher crude oil costs and a revival in the cosmetic industry. However, inflation, decreased consumer spending, and subdued demand led to a reversal of this trend. In Europe, paraffin wax prices declined in Q1 and Q2, influenced by reduced demand, supply chain disruptions caused by labor strikes, and economic indicators indicating a potential recession. Meanwhile, North America also witnessed declining paraffin wax prices, attributed to weak industry demand, imports from Asia, and uncertainty in crude oil prices.
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Definition
Paraffin wax is a versatile material, characterized by its colorless or white solid form at room temperature, which readily liquefies with slight heat. Its high crystalline structure renders it perfect for applications like candle-making and as a solidifying agent in various products. It’s known for its outstanding insulating properties, low reactivity, and chemical inertness, making it suitable for uses in packaging, cosmetics, rubber, and coatings due to its pliability, low thermal conductivity, and resistance to moisture. Nonetheless, concerns over its biodegradability and sustainability have prompted the exploration of alternative materials in specific 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 trend, 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 versatile industrial applications. It is a preferred material in candle making due to its affordability, ease of shaping, and clean-burning attributes. In packaging, it serves as a protective coating for items like fruits, cheeses, and candies, extending their shelf life and enhancing their visual appeal. Paraffin wax is also harnessed in the realm of cosmetics and spa treatments, offering skin moisturization and softening benefits. The pharmaceutical sector utilizes it for pill coatings, making ingestion easier. Additionally, it plays a role in rubber manufacturing, enhancing processing and end product qualities. Its water-resistant nature makes it a viable choice for paper coatings, and its electrical insulating properties have relevance across various industries.
Key Players:
- China Petrochemical Corporation
- Sasol Limited
- Petro Bras
- Nippon Seiro Co Ltd
- Repsol
- Honeywell International Inc
- Ergon Inc
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