The Paraffin Wax Price Index in Asia witnessed fluctuations attributable to volatile crude oil costs and diminished consumer demand amid economic uncertainties in China. The early months were marked by low production rates post the lunar new year and COVID-related restrictions. Although a temporary price surge occurred in Q2 due to higher crude oil costs and a resurgence in the cosmetic industry, the trend reversed due to inflation, reduced consumer spending, and subdued demand. In Europe, the Paraffin Wax Price Index experienced declines throughout Q1 and Q2, driven by reduced demand, supply chain disruptions from labor strikes, and economic indicators signaling a recession. Similarly, North America observed downward trends in the Paraffin Wax Price Index due to weak industry demand, increased imports from Asia, and uncertainties surrounding 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 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 highly valued across multiple industries for its versatile attributes. In candle production, it stands out for its affordability, ease of shaping, and ability to burn cleanly. It serves as a protective coating for packaging fruits, cheeses, and candies, extending their shelf life and enhancing their visual appeal. Its inclusion in cosmetics and spa treatments provides skin with softening and moisturizing benefits. The pharmaceutical industry utilizes it for pill coatings, aiding in easier ingestion. In rubber manufacturing, it enhances processing and improves the final product’s properties. Moreover, its water-resistant nature makes it ideal for paper coatings, while its electrical insulating capabilities cater to a diverse range of applications.
Key Players:
- China Petrochemical Corporation
- Sasol Limited
- Petro Bras
- Nippon Seiro Co Ltd
- Repsol
- Honeywell International Inc
- Ergon Inc
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