North America Paraffin Wax And Emulsions Market: Impact of Global Economic Factors
The North America paraffin wax and emulsions market size is expected to reach USD 1,242.2 million by 2030, expending at a CAGR of 3.9% from 2023 to 2030, as per the new report by Grand View Research, Inc. The industry growth is majorly driven by the increased demand for the candles, packaging, and cosmetic industries. The increase in demand for candle manufacturing is attributed to the fact that candles are majorly used as decorative items in homes and restaurants. Moreover, the rising demand for scented candles to enhance the aesthetic appeal and aura of different places favors the growth of the product market.
The packaging industry is one of the major consumers of paraffin wax owing to its factors such as available in unlimited quantities, inexpensive, and others. The demand for paraffin wax has increased in the North American region due to the rising preference for flexible packaging owing to its benefits such as longer shelf life, environmental benefits, low shipping costs, and less storage requirements.
Along with package coatings and packaging, candles account for a prominent share in the North American market. As per National Candle Association, candles sold in the U.S. are produced from more than 1.0 billion pounds of wax annually. Color, shape, cost, and scent are the most important factors that affect their sales. Consumers in North America are increasingly purchasing candles for aromatherapy such as for stress reduction and relaxation as well as for home decoration. The aromatherapy market has seen continuous growth over the years owing to the widespread usage of aroma candles for therapeutic applications
Gather more insights about the market drivers, restrains and growth of the North America Paraffin Wax And Emulsions Market
Inks and coatings are used in various industries including construction, automotive, electrical & electronics, and industrial manufacturing owing to their ability to protect materials or substances from wear & tear and rusting. Paraffin wax and emulsions manufacturers in U.S. & North America are Dominion Chemical Company, Hexion, The International Group, Inc., Walker Industries. The industry is marked by the presence of key multinationals that have established a strong regional presence.
North America Paraffin Wax And Emulsions Market Report Highlights
- The North America paraffin wax market is estimated to advance with a compounded annual growth rate (CAGR) of 3.9% from 2023 to 2030. This is attributed to the increasing demand for candles and woodworking in North America
- Candles in the paraffin wax application segment dominated the market with a revenue share of over 29.7% in 2022. This growth is attributed to its increasing use in decorative items, gifting items, on Christmas/Holiday Eve, and also in the non-business season across North America
- Candle manufacturing is one of the prominent applications of paraffin wax. This wax is used for developing a variety of candles that are used in homes and restaurants for decoration purposes. Paraffin wax-based candles are inert and burn well
- Inks and coatings in paraffin wax emulsion application is another segment dominated the market with a revenue share of over 32.0% in 2022. This growth is attributed to its increasing use owing to its property of increasing the durability of wood products such as wood boards and improving the efficiency of woodworking
- Paraffin wax emulsions improve the productivity of wood grinding line by making the plate surface smoother
List of Key Players in North America Paraffin Wax And Emulsions Market
- Dominion Chemical Company
- Hexion
- The International Group, Inc.
- Walker Industries
- Willamette Valley Company
- Accu-Blend Corporation
- King Honor International Ltd
- Clariant
- Moretex Chemical
Order a free sample PDF of the North America Paraffin Wax And Emulsions Market Intelligence Study, published by Grand View Research.
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