Developing regions such as Latin America and the Asia Pacific are identifying various opportunities for the food-grade paraffin oil market owing to the reason that countries like Singapore, Malaysia, Brazil, India, and China are maturing as a market with increase end-use of paraffin oil for medicinal and food products.
North America is the dominating market for food-grade paraffin oil as the number of applications of food-grade paraffin oil has increased in the region for the food industry. As WHO and FDA have approved the application of paraffin oil in the food industry, the market is expected to grow further in the forecast period.
Key Market Dynamics
Due to its hydrating and binding properties, paraffin oils are finding its application in various food and medicinal products such as tablets and capsules. And with approval from health organization and food authority application as well as its demand is expected to rise in the global market.
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Increasing disposable income in developing economies like India the consumer base will be more encouraged to buy processed food products, personal care and cosmetic products such as body lotion, lip balm and more will help food-grade paraffin oil to grow in the emerging countries.
Food-grade paraffin oil is affected by the volatility of the price of crude oil in the market and also sometimes gets affected due to the toxicity of unprocessed grade of paraffin oil. These two factors are the prime restraining factors of the food-grade paraffin oil market.
Food Grade Paraffin Oil: Market Segmentation
Based on Application, Food Grade Paraffin Oil Market can be segmented as:
- Medical Nutrition
- Sports Nutrition
- Dietary Supplements
- Fortified Dairy & Beverages
- Bakery Products
Based on Function, Food Grade Paraffin Oil Market can be segmented as:
- De-foaming Agent
Based on Nature, Food Grade Paraffin Oil Market can be segmented as:
- Light Paraffin Oil
- Heavy Paraffin Oil
Food Grade Paraffin Oil: Key Players
Some of the key players in the global food-grade paraffin oil market are BASF Corporation, The Dow Chemical Company, Solutia Inc – Eastman Chemical Company, Huntsman Corporation, Radco Industries, Applied Thermo Control, Flowserve Corporation, Clariant Speciality Chemicals, Flowserve Corporation, Eastern Petroleum Private Limited RAHA Paraffin Group, and Petro Canada.
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