The development opportunities and challenges of the petroleum wax industry coexist, and there is huge room for industry growth in the future.

Petroleum wax is a mixture obtained from the fractionation of crude oil. It is widely found in crude oil, distillate oil, and residual oil fields. It appears as a white solid, colorless and odorless, with a melting point of 30°C-35°C. According to different properties, petroleum wax can be divided into two categories: light petroleum wax and general petroleum wax; according to different forms, petroleum wax can be divided into paraffin wax, microcrystalline wax, liquid wax, petroleum grease, special petroleum grease, etc.

Crude oil is the main raw material for petroleum wax. According to data from the National Energy Administration, domestic crude oil production will reach 204.67 million tons in 2022, a year-on-year increase of 2.9%. The current continuous growth of crude oil production provides sufficient raw material supply for the domestic petroleum wax industry, and the industry has a good foundation for development.

Petroleum wax is a kind of organic mixture with excellent performance and wide application. Petroleum wax has the advantages of low allergenicity, good sealing properties, strong barrier properties, and good oil solubility. It is widely used in the field of cosmetics. Product types include creams, lotions, cleansing oils, cleansing lotions, etc. Petroleum wax has a high flash point. , good temperature resistance, low volatility and other characteristics, it is widely used in the preparation of rubber products. The main products include cable insulation sleeves, building sealing materials, automotive rubber accessories, etc. Petroleum wax terminal application fields include automobiles, construction, packaging, daily necessities, chemicals, electronics, food, medical care, etc., and the market demand is relatively broad.

Currently, driven by the rapid development of petroleum wax applications, its market demand is increasing and its scale is expanding. Cosmetics are the main application field of petroleum wax. In recent years, the size of my country’s cosmetics market has shown steady growth, and its market size will exceed 550 billion yuan in 2022. As a result, petroleum wax, as one of the key raw materials for various cosmetics, has continued to expand its market size. Taking the subdivided product paraffin as an example, the domestic paraffin market size will exceed 5 billion yuan in 2022, a year-on-year growth of nearly 15.0%.

According to the “Petroleum Wax Industry Market In-depth Research and Investment Prospects Forecast Analysis Report 2023-2028” released by the Industrial Research Center, currently The main companies in the domestic petroleum wax market include Yishun Petrochemical, Bonny Chemical, Nanyang Paraffin, Sinopec, PetroChina, Fushun Petrochemical, Jinan Petrochemical, etc. There are many companies and the market competition is fierce.

Industry analysts said that in recent years, against the background of the continuous emergence of domestic high-tech industries and the rapid development of the national economy, petroleum wax has become a Chemical materials with excellent performance are constantly expanding their application fields, and the industry is ushering in new opportunities for development. But at the same time, the domestic petroleum wax market is still facing difficulties such as the threat of substitutes, relatively backward technology, and serious product homogeneity. Therefore, in order to break the development dilemma, my country’s petroleum wax companies need to continuously improve their technical level and accelerate the development of the international market, promote the continuous improvement of the added value of domestic products and the continuous expansion of the export market scope, and the industry has huge room for growth.