North America Paraffin Wax & Emulsions Market is expected to grow at a CAGR of 6.3% from 2021 to 2028

 North America Paraffin Wax & Emulsions Industry Overview

The North America paraffin wax & emulsions market size is estimated to reach USD 941.79 million by 2028, registering a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is expected to be directly influenced by the demand from the end-user industries. The demand in the region is majorly from the packaging industry and candle producers in the region. The growing demand for candles in North American is likely to directly influence the market growth over the forecasted period.

 

North America Paraffin Wax & Emulsions Market Segmentation

Grand View Research has segmented the North America paraffin wax & emulsions market based on paraffin wax application, paraffin wax emulsions application, and country:

 

Based on the Paraffin Wax Application Insights, the market is segmented into Candles, Packaging, Cosmetics, Hotmelts, Board Sizing, Rubber, and Others

  • The packaging application segment dominated the market with a revenue share of over 29% in 2020. This is attributed to the development of e-commerce and high demand from emerging economies of the Asia Pacific region. The product is widely used in the packaging industry on account of its moisture and odor absorbing characteristics.
  • The spread of the COVID-19 has impacted every sector and the packaging sector has seen a change in buying patterns during the lockdown period. Consumers have become price-sensitive and hygiene-conscious over a few months, thereby leading to an increase in the demand for packaged food Moreover, the value supply has become more digitalized, cost-efficient, and productive.
  • Candle manufacturing is also one of the prominent applications. This product is used for developing a variety of candles that are used in homes and restaurants for decoration purposes. Paraffin wax is usually sold in the pellet form in small containers through retail shops. Several companies prefer paraffin wax in pellet form as the process of melting and weighing wax in this form is easy.

 

Based on the Paraffin Wax Emulsions Application Insights, the market is segmented into Woodworking, Inks & Coatings, Paper, Textile & Fiber, and Others

  • The inks & coatings application segment dominated the market with a revenue share of over 32% in 2020. This is attributed to the high demand from several end-use industries including construction, automotive, electrical & electronics, and industrial manufacturing owing to their ability to protect materials or substances from wear & tear and rusting.
  • Inks & coatings are used in the above-mentioned industries to enhance the aesthetics of the material or substance. Growing construction activities in North America, due to rapid urbanization and increasing repair & renovation activities of old buildings and structures, and rising use of inks & coatings in the automotive industry are expected to boost the product demand in ink & coating applications.
  • In the woodworking industry, paraffin wax emulsions are used as a protective covering to enhance durability and reduce water uptake. Paraffin wax emulsions improve the productivity of the wood grinding line by making the plate surface smoother. The anti-dust effect of the paraffin wax emulsion helps in the smooth grinding of the woodwork.

 

NA Paraffin Wax & Emulsions Country Outlook

  • S.
  • Canada
  • Mexico

 

Key Companies Profile & Market Share Insights

Companies operational in the market are focusing on increasing their exposure in other regional markets. Manufacturers & distributors in the industry, such as Paramelt, are involved in toll manufacturing through which, they offer a value-added contribution to the partners through tolling and bespoke development. 

Some of the prominent players in the North America paraffin wax & emulsions market include:

  • Repsol
  • Paramelt
  • Sasol
  • Hexion
  • Walker Industries
  • King Honor International Ltd.
  • Clariant
  • Michelman, Inc.
  • Petrobras
  • H&R Group
  • Shell

 

Order a free sample PDF of the North America Paraffin Wax & Emulsions Market Intelligence Study, published by Grand View Research. 

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