Global Normal Paraffin Market By Product Type (C5 to C9, C10 to C13), By Application (Linear Alkyl Benzene Production, Fatty Alcohol Production, Metalworking Products and Others), and By Regions - Global Forecast to 2030

Global Normal Paraffin Market Overview :

The Global Normal Paraffin Market was valued at UЅD $3,123.1 Мn in 2020, and is projected to achieve a valuation of UЅD $3,698.7 Мn by 2030, at a САGR of 2.0%.

Normal paraffin is a clear liquid that are made up of saturated hydrocarbons with a straight-chain chemical structure. They are either extracted from kerosene or through the ‘Fischer-Tropsch’ process at gas-to-liquid production sites.

Dynamics:

The manufacture of sought-after products such as n-pentane, n-hexane, etc., which are processed and separated from the chemical extraction process of normal paraffin C-5 to C-8 fractions. Products such as n-pentane are in high demand from numerous end-use industries as they are needed for the manufacture of various pharmaceuticals, polystyrene, etc. This is a major factor that is anticipated to fuel the revenue growth of the global normal paraffin market over the next 10 years. Moreover, normal paraffin is a refined version of kerosene that leaves no residue or odor when burnt, making it a favorable alternative to kerosene. This is also a factor that is slated to increase opportunities for market growth in the coming years.

Furthermore, the growing demand for fossil fuel-powered vehicles, and the subsequent expansion of the automobile industry are factors that are anticipated to increase the demand for high-octane fuels. This is also expected to boost the revenue growth of the global normal paraffin market in the near future.

However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global normal paraffin market is no different, and this factor is anticipated to have an immensely negative impact on the revenue growth of this industry. Moreover, the gradual shift in consumer preferences from internal combustion engine-powered vehicles to electric vehicles is also a factor that may restrain the revenue growth of the global normal paraffin market in the coming years.

Nonetheless, the steady increase in the requirements for precision metal casting by various end-use industries such as aerospace, electronics, automotive, etc., is another factor that is anticipated to further augment opportunities for market growth in the foreseeable future.

Segmentation of the Global Normal Paraffin Market is as follows:

In terms of product type, the C-10 to C-13 segment accounted for the maximum number of revenue shares of the global non-explosive demolition agents market in 2020, and is expected to continue doing so over the forecast period. The C-5 to C-9 segment is also anticipated to index a high CAGR over the next 10 years.

On the basis of application, the linear alkyl benzene production segment accounted for the majority number of revenue shares of the global normal paraffin market in 2020, and is anticipated to continue to do so over the next decade. The metalworking products segment is also expected to register a high CAGR in the years to come.

Regional Segmentation and Analysis:

Markets in the Asia Pacific region accounted for the maximum number of revenue shares of the global normal paraffin market in 2020, and are indicative of remaining this industry’s front-runner over the next decade. The markets in Europe is also anticipated to index a high CAGR over the course of the forecast period.

Segmentation of the Global Normal Paraffin Market:

Segmentation by Product Type:

• C5 to C9
• C10 to C13
• Other Types

Segmentation by Application:

• Linear Alkyl Benzene Production
• Fatty Alcohol Production
• Metalworking Products
• Other Applications

Segmentation by Regions:

• North America
• Europe
• APAC
• Latin America
• MEA