In the Asian region, the paraffin wax market underwent fluctuations driven by volatile crude oil prices and a decline in consumer demand attributed to economic uncertainties in China. The initial months were affected by low production rates following the Lunar New Year and COVID-related restrictions. Although there was a temporary price increase in Q2 resulting from higher crude oil costs and a resurgence in the cosmetic industry, the overall trend reversed due to inflation, decreased consumer spending, and subdued demand.
Meanwhile, in Europe, paraffin wax prices experienced a decline throughout Q1 and Q2, influenced by diminished demand, supply chain disruptions caused by labor strikes, and economic indicators signaling a recession. North America witnessed a decrease in paraffin wax prices due to weak industry demand, the influx of Asian imports, and uncertainty in crude oil markets.
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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 is widely utilized in numerous industrial applications, thanks to its versatile properties. Within the candle-making sector, it stands out as a preferred material due to its cost-effectiveness, ease of molding, and its ability to burn cleanly. In packaging, paraffin wax serves as a protective coating for fruits, cheeses, and candies, contributing to prolonged shelf life and an improved aesthetic appeal. In the realms of cosmetics and spa treatments, its inclusion provides skin-softening and moisturizing advantages. The pharmaceutical industry employs paraffin wax for coating pills, making ingestion easier. Additionally, it plays a crucial role in rubber manufacturing, enhancing both processing efficiency and final product characteristics. Its water-resistant attribute renders it suitable for paper coatings, while its electrical insulating properties find application across 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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