Market News

Key Developments-

Key players are introducing in-organic growth strategies such as new product launches, product development, business expansion in-order to gain market share in the global petroleum waxes market.

For instance, in 2015, Cepsa, a multinational oil and gas company started its paraffin molding plant in the Gibraltar-San Roque refinery, an oil refinery in Spain. Paraffin is a wax which is extracted from crude oil and used in the production of a different variety of products in the food, cosmetic and pharmaceutical industry. In food industry, it is used to coat cheese, in cosmetics industry it is used as a component for lipstick, creams and ointments, and in the pharmaceutical industry it is used for the coating of tablets.

In April 2019, Numaligarh Refinery Limited (NRL) launched its new food grade wax named as Pristene in the Indian market. The launch of Pristene will help company to strengthen its position the Indian wax market. This new product is the purest form of paraffin wax which passes through very stringent quality tests by Bureau of Indian Standards (BIS) to make it safe for use in food packaging, pharmaceutical and cosmetic industries.