The global paraffin oil market revenue was around US$ 2.8 billion in 2021 and is estimated to reach US$ 3.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.4% during the forecast period from 2022 to 2031.

Paraffin oil is a mineral oil. It is created as a by-product of the distillation of crude oil. It is an oil that is clear, tasteless, colorless, and odorless that is mostly made of high-boiling alkane derivatives. It is used in products for the skin and hair care industry as well as other
cosmetics. The treatment of eczema, constipation, and dry skin are among its popular uses.

Factors Influencing Market Growth

Increasing consumer demand for personal and cosmetics care items such as emulsions, baby oil, lip balm, lotions, and emollients. Therefore, these factors are anticipated to fuel the market growth.

The rise in the packaging sector is predicted to create ample opportunities in the market for the key players.

The growth of bio-based products is predicted to impede market expansion.

Study of the COVID-19 Pandemic

The COVID-19 pandemic had a moderate negative impact on the market. Due to the lockdown enacted by the government, the export and import of paraffin oil and the supply of cosmetics and personal care products decreased or halted. In 2020, there was a slight decline in the demand for products. The declines, which greater in developed markets like Germany, the U.S., France, and the UK because these nations were among the most affected during the initial wave of the pandemic.

Therefore, it is projected that during the pandemic, an increase in demand from the pharmaceutical industry along with an increase in demand for cosmetics and personal care will drive the paraffin oil market.

Regional Insights

Asia-Pacific is anticipated to grow strongly during the projection period. Paraffin is mostly required in the food and skin care industries in this region. In addition, China is the biggest importer of cosmetics, skincare, and baby powders. It also imports most lip makeup preparations. Rising demand for skin care and cosmetics products is expected to propel the market growth in this region.

Leading Competitors
The leading competitors in the global paraffin oil market are:
Evonik Industries Ag
Sasol Limited
Mitsui Chemicals
Gulf Oil International Group
China National Petroleum Corporation
Royal Dutch Shell Plc
Cepsa
Honeywell International Inc
BASF SE
HollyFrontier Refining and Marketing LLC
BP plc
Exxon Mobil Corporation
Eni S.P.A
Linde plc
Baker Hughes
Others
Segmentation Analysis
The global paraffin oil market segmentation focuses on Grade, Application, and Region.
Segmentation based on Grade
Technical
Pharmaceutical
Cosmetics
Segmentation based on Application
Cosmetic and Personal Care
Pharmaceuticals
Food
Textiles
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific

Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America