The Paraffin Wax market in the US fell to 1375 USD/MT in Q4 2023 due to lower demand in the cosmetics and candle-making sectors.
The latest report by IMARC Group, titled “Paraffin Wax Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” provides a thorough examination of Paraffin Wax Prices. This report delves in globally, presenting a detailed analysis, along with an informative Paraffin Wax Price Chart. Through comprehensive price analysis, the report sheds light on the key factors influencing these trend. Additionally, it includes historical data to offer context and depth to the current pricing landscape. The report also explores demand, analyzing how it impacts market dynamics. To aid in strategic planning, the price forecast section provides insights into price forecast, making this report an invaluable resource for industry stakeholders.
Paraffin Wax Prices:
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The study delves into the factors affecting Paraffin Wax price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Paraffin Wax Price Trend
The paraffin wax industry is primarily driven by its extensive application across various industries, including cosmetics, packaging, candles, and coatings. In line with this, in the cosmetics and personal care sector, paraffin wax is used in a range of products such as creams, lotions, and ointments due to its emollient properties and ability to lock in moisture.
Moreover, the packaging industry leverages paraffin wax for its moisture barrier and protective qualities, enhancing the durability and shelf-life of packaged goods. Also, the booming candle industry, driven by consumer demand for decorative and scented candles, significantly contributes to the paraffin wax industry growth.
The material’s smooth texture, burn efficiency, and ability to hold fragrances make it ideal for candle manufacturing. Furthermore, the increasing use of paraffin wax in coatings and polishes, providing a glossy finish and protective layer to various surfaces, including wood and automobiles is aiding in market expansion.
In the fourth quarter of 2023, the North American paraffin wax industry experienced a bearish trend due to reduced demand in the cosmetics and candle-making sectors, both domestically and internationally. The prolonged drop in global crude oil prices and sanctions on Venezuelan crude oil further affected the market despite some relief to downstream industries.
Additionally, the Asia-Pacific paraffin wax industry experienced a bearish trend due to weak demand in domestic and international markets and prolonged low global crude oil prices. The decline was worsened by disruptions in the Red Sea, a crucial trade route, which raised ocean freight rates. Major shipping companies like Cosco and Evergreen suspended cargo transportation along this route due to Yemen-Houthi attacks, causing delays and inventory buildups at Chinese ports.
These factors collectively narrowed the demand-supply gap, contributing to the downward trend in paraffin wax prices throughout the quarter. Besides this, the European paraffin wax industry experienced a bearish trend due to declining demand in the cosmetics and candle-making sectors, both domestically and internationally. Prolonged low global crude oil prices and sanctions on Venezuelan crude oil added to these challenges.
Attacks on Red Sea trade routes by Yemeni rebels further disrupted global supplies, leading to increased shipping fees and hesitancy among Asian consumers to make bulk purchases. This resulted in rising inventories in the European market.
Regional Price Analysis:
Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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