Paraffin Wax Price Chart, Historical and Forecast Analysis | Procurement Resource
The paraffin wax market in Asia faced fluctuations caused by volatile crude oil prices and reduced consumer demand linked to economic uncertainties in China. Initially, production rates were low after the lunar new year and due to COVID-related restrictions. Although there was a temporary price increase in Q2 because of higher crude oil costs and a revival in the cosmetic industry, this trend reversed due to inflation, decreased consumer spending, and subdued demand.
In Europe, paraffin wax prices decreased throughout Q1 and Q2 due to lower demand, disruptions in the supply chain caused by labor strikes, and economic indicators signaling a recession. Meanwhile, North America experienced declining prices for paraffin wax owing to weak industry demand, imports from Asia, and uncertainty in crude oil prices.
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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 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 wide array of industrial uses thanks to its adaptable nature. In the world of candle-making, it reigns as a top choice due to its affordability, ease of shaping, and ability to burn cleanly. Within packaging, it serves as a shield for fruits, cheeses, and candies, prolonging their shelf life and adding to their visual appeal. Its role in cosmetics and spa treatments delivers softening and moisturizing advantages for the skin. Pharmaceuticals harness its abilities for coating pills, aiding in easier ingestion. In rubber manufacturing, paraffin wax steps in to elevate both the processing and final quality of products. Its resistance to water makes it a fitting candidate for paper coatings, while its insulating prowess finds applications across various industries in managing electrical currents.
Key Players:
- China Petrochemical Corporation
- Sasol Limited
- Petro Bras
- Nippon Seiro Co Ltd
- Repsol
- Honeywell International Inc
- Ergon Inc
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