The global paraffin category is anticipated to grow at a CAGR of 4.10% from 2023 to 2030.
Paraffin Category Overview
The global paraffin category is anticipated to grow at a CAGR of 4.10% from 2023 to 2030. Key factors that drive the growth of the category include growing application as a scaling agent within infrastructure and construction sectors in developing nations, increased utilization in personal care & cosmetic products, and growing application in candle production and packaging. Use of the product offered in the category also finds application in the automotive sector due to characteristics such as nature to improve lubrication and viscosity, inert in both air and moisture¸ and water insolubility. In addition, paraffin wax is utilized in the manufacturing of tyresto improve the flexibility and durability of the rubber compounds.It increases traction, reduces wear, and guards against cracking to extend the life of tyres. However, changing preferences in favor of sustainable and renewable alternatives may hinder the growth of the category over the projected timeframe.
Order your copy of the Paraffin Procurement Intelligence Report, 2023 – 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Technologies that drive the global category include IoT (internet of things), cloud computing, big data analytics, AI (artificial intelligence), and nanotechnology. With the application of IoT, paraffin production could benefit in terms of increased productivity, safety, and efficiency. Producers can focus on areas for development and streamline their manufacturing processes by gathering and evaluating real-time data. This can lower expenses, boost productivity, and make the workplace safer for workers. In addition, the usage of cloud computing can support the industry by enhancing team and organizational collaboration. It can assist in dismantling organizational barriers and promoting cooperation across divisions, geographies, and even businesses by offering a single platform for data exchange and communication. This can shorten time-to-market, speed up product development, and enhance decision-making.
The category for paraffin is fragmented, turning it to be highly competitive with the presence of large number of global and regional key players. Players in the category are investing heavily in research & development activities to investigate new uses of the product and raise its quality since end-user sectors have high standards that are required to be adhered. In addition, the players are also implementing variety of marketing strategies and promotional initiatives to increase the product’s popularity with an objective to boost the demand for global category. Furthermore, they are concentrating on both organic and inorganic growth tactics such as new product launches, joint ventures, and mergers & acquisitions. Buyers in the category possess high negotiation capability due to large supply base, enabling them to move to a better alternative in terms of customer service, price and quality.
Order Your Sample Copy of the Paraffin Procurement Intelligence Report, 2023 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
Paraffin Procurement Intelligence Report Scope
The Paraffin category is expected to have pricing growth outlook of 6% – 14% (annual) from 2023 to 2030, with below pricing models.
Supplier Selection Scope
Supplier Selection Criteria
Paraffin Procurement Intelligence Report Coverage
Grand View Research will cover the following aspects in the report:
List of Key Suppliers
Blended Waxes Inc., Calumet Specialty Products Partners, L.P., China Petrochemical Corporation, Compañía Española De Petróleos, S.A. (CEPSA), ENEOS Corporation, Exxon Mobil Corporation, Farabi PC, Koster Keunen (Holland) B.V., LANXESS AG, Nippon Seiro Co., Ltd., Repsol S.A., and Sasol Limited
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