Paraffin wax is used in candles, cosmetics and packaging—and the market for it is growing.
The global paraffin wax market is expected to reach $8.02 billion by the year 2020, according to a report released by Grand View Research, Inc.
The report points to several findings regarding the cosmetics industry that explain the growth of the paraffin wax industry.
- Cosmetics are expected to experience a CAGR of 4.2% from now until 2022 due to a growing demand for lipsticks, creams, ointments, and hair and skin products.
- The personal care sector in countries including the U.S., France, Brazil, Russia, India, China, Argentina, Indonesia, Thailand and Saudi Arabia is expected to boost paraffin wax demand.
- Beauty sales in Saudi Arabia, Iran and United Arab Emirates are growing—paraffin wax demand in the region is estimated to reach more than 375 kilo tons by 2022.