Paraffin Market Procurement Intelligence, Supplier Intelligence, Supplier Ranking Report 2020 – 2025
Procurement Outlook
Paraffin is a soft, colorless, solid substance that is
manufactured while refining crude oil to gasoline. It is made up of several
saturated hydrocarbons. Paraffin can be used in several applications. Its
flammable properties make it a valuable ingredient while manufacturing scented
candles and other flammable wax. Paraffin is also used for its cosmetic and
therapeutic properties. Paraffin wax is a natural emollient, helping make skin
supple and soft. It can also help open pores and remove dead skin cells. That
may help make the skin look fresher and feel smoother. Paraffin is used to help
relieve pains for patients suffering from osteoarthritis, rheumatoid arthritis,
fibromyalgia, and other joint mobility issues.
The most prevalent pricing scheme for suppliers of paraffin is
cost-plus pricing with the cost of paraffin increasing across every step of the
value chain. The price of paraffin has demonstrated erratic trends during the
COVID pandemic. The average cost of paraffin has demonstrated an upward trend
in the APAC region due to the limited production capacity and the increasing
demand. In North America, the scenario was quite the opposite. Backed by high
inventory levels, the prices of paraffin remained in a narrow stable range.
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Demand Outlook
The global production for paraffin was valued at 3.7 million MT
in 2020. This demand is expected to increase by a CAGR of 1.6% between 2020 to
2025. OF the 3.7 million MT produced, APAC manufacturers approximately 1.5
million MT. However, this only represents 92% to 95% of the overall demand for
paraffin in APAC.
To improve the production capacity to meet the demand of the
market, there were planned installations in Vietnam. However, due to the COVID
pandemic and the supply chain disruptions, the additional capacity could not be
added in time. Moreover, a recent fire accident in an Iranian petroleum plant
resulted in a supply shortage of paraffin in the market.
Cost Drivers
Paraffin has found multiple usages in a wide range of
industries. It can not only be used for making candles and other goods that can
be incinerated but also offers beauty and therapeutic advantages. Therefore,
the application of paraffin in such diverse industries has led to R&D about
paraffin. As a result of the R&D conducted, paraffin can be tweaked into
N-paraffin. The per-unit cost of N-paraffin is higher than the average of
paraffin. This helps drive the value-driven growth of the market.
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Procurement Intelligence Report:
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A smart and effective supply chain is essential
for growth in any organization. Pipeline division at Grand View Research
provides detailed insights on every aspect of the supply chain which helps in
efficient procurement decisions.
Our services include (not limited to):
·
Market Intelligence involving - market size and forecast, growth
factors, and driving trends
·
Price and Cost Intelligence - pricing models adopted for the category,
the total cost of ownership
·
Supplier Intelligence - rich insight on supplier landscape, and
identifies suppliers who are dominating, emerging, lounging, and specializing
·
Sourcing / Procurement Intelligence - best practices followed in the
industry, identifying standard KPIs and SLAs, peer analysis, negotiation
strategies to be utilized with the suppliers, and best-suited countries for
sourcing to minimize supply chain disruption
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