Paraffin oil is a mineral oil that is produced as a by-product of the crude oil distillation process. It's a clear, odourless, colourless, and flavourless oil made up mostly of high-boiling alkane derivatives. The therapeutic effects of paraffin oil are well-known. Paraffin oil hydrates and cleanses the skin. As a result, it's found in a variety of cosmetics, both for skin and hair. It's widely used to treat eczema, dry skin, and constipation. It is mostly used in the manufacture of candles, personal care goods such as petroleum jelly, wax coating on papers, and other similar products.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS) the inertness of the product offers properties such as good lubricity, smoothness and softness and resistance to moisture in the formulations.
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Production Insights:
In petroleum facilities, refining is a key separation process. This is accomplished using two commercial processes: a solvent-based physical method and a catalytic-based chemical technique. The by-products of petroleum refining are valuable marketable by-products that contribute to the overall plant revenue. Because wax is produced during these processes, the favourable growth of oil exploration activities around the world is likely to open up new production potential during the projection period.
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Increasing Demand:
· A paraffin bath is one of the most efficient treatments for improving blood circulation and reducing joint discomfort. The use of paraffin heat treatment relieves muscle stiffness and aches caused by arthritis. When paraffin transforms from a liquid to a solid, heat is delivered to the affected area. The paraffin bath also offers cosmetic benefits in addition to medicinal ones.
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· Paraffin is an emollient that comes from nature. It improves blood circulation, which opens skin pores and softens the skin. It also aids in the rehydration of dry or cracked skin caused by cold stress situations. It helps to enhance skin tone by removing layers of dead skin.
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Application Insights:
Candles were the most popular application segment in 2019, accounting for 41.9 percent of market revenue, and are expected to witness significant growth due to increased use of aromatherapy in spas, hotels, and other commercial buildings. Additionally, the availability of a diverse range of scents, as well as expanding consumer purchasing power in India and South Korea, are likely to promote the use of these goods in home hygiene care.
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Because of the increased demand for packaged food in numerous countries, including the United States, China, India, the United Kingdom, Germany, Russia, Mexico, and Brazil, the packaging segment is expected to rise at a CAGR of 4.2 percent from 2016 to 2025. Furthermore, the growing use of flexible packaging in the personal care, pharmaceutical, and food and beverage industries is predicted to boost industry growth.
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Asia-Pacific Region to Dominate the Market:
The Asia-Pacific region dominated the global paraffin market, owing to rising demand for paraffin-based products such as candles, paperboard and packaging, cosmetics, and other items, as well as a growing emphasis on personal care and quality of life. By 2020, the Asia-Pacific area will account for nearly half of all global lubricant demand. During the projection period, India is expected to consolidate its position as one of the world's largest paraffin consumers. In 2020, India's plastic packaging business was estimated to be worth USD 72.6 billion.
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The Packaging Industry Association of India (PIAI) estimates that the sector is increasing at a rate of 22-25 percent per year. With its exports and imports, the Indian packaging industry has made a mark, pushing technology and innovation growth and delivering value to many manufacturing sectors. During the forecast period, India's paraffin market is likely to be driven by growth in the packaging industry.
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Key players:
The industry was dominated by major businesses such as Sasol and the International Group, Inc. IOCL, Honeywell, Petrobras, Nippon Seiro Co., Ltd., Petro-Canada, Repsol, H&R Group, and CEPSA are among the other notable participants.
Conclusion:
Entrepreneurs are frequently faced with the difficulty of deciding on a suitable product/line to solve this problem while expanding their present business or moving into new business. NPCS works hand in hand with you to solve this problem. Please contact us for additional information.
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