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In Asia, the paraffin wax market underwent fluctuations driven by varying crude oil prices and reduced consumer demand, particularly affected by economic uncertainties in China. After the lunar new year and amidst COVID-related restrictions, production rates were initially low, impacting the market. A temporary price increase in Q2 was spurred by higher crude oil costs and a revival in the cosmetic industry. However, this was short-lived as inflation, decreased consumer spending, and subdued demand led to a reversal of this upward trend.
In Europe, paraffin wax prices experienced a decline across Q1 and Q2 due to diminished demand, disruptions in the supply chain caused by labor strikes, and economic indicators signaling a potential recession.
Meanwhile, North America witnessed a decrease in paraffin wax prices owing to weak industry demand, increased imports from Asia, and uncertainties surrounding crude oil.
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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 analysis, 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 industrial uses thanks to its adaptable nature. In the candle-making realm, it's a top choice due to its affordability, easy shaping, and clean-burning qualities. In packaging, it shields fruits, cheeses, and candies, prolonging their shelf life and elevating their appearance. Within cosmetics and spa treatments, it provides skin with softening and moisturizing advantages. Pharmaceutical applications include pill coatings that aid in swallowing. Moreover, it plays a role in rubber production, enhancing both processing and final product attributes. Its resistance to water makes it ideal for paper coatings, while its electrical insulating capabilities cater to diverse industries.
Key Players:
- China Petrochemical Corporation
- Sasol Limited
- Petro Bras
- Nippon Seiro Co Ltd
- Repsol
- Honeywell International Inc
- Ergon Inc
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