The North America Paraffin Wax Market would witness market growth of 4.7% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 465.1 kilo tonnes, showcasing a growth of 4.3% (2019-2022).
Paraffin wax is a white or colorless, soft, solid substance derived from petroleum, coal, or shale oil, and it consists of a mixture of hydrocarbon molecules. This is due to the increasing number of candle applications, as paraffin is the most commonly used wax in candle manufacturing. Paraffin wax that has been refined is a primary component in the manufacture of candles. Furthermore, the increasing market demand for the product can be attributed to its exceptional water barrier and protective properties, which contribute to its utilization in the food industry for coating paper and cardboard.
Flexible packaging utilizes paraffin wax to establish freshness, moisture, and oil barriers and provide gloss and paraffin blends. Its primary advantages are the product's ability to provide a barrier against gases and odors (thereby preventing flavor loss or contamination), enhanced process efficiency, and resistance to water and water vapor. Additionally, a petroleum-derived product is exceptionally economical and has low viscosity. At high speeds, the application also necessitates comparatively inexpensive apparatus.
Paraffin wax finds applications in various industrial sectors, including adhesives, rubber, and textiles. The growth of manufacturing and industrial activities in North America contributes to the demand for paraffin wax. North America has stringent quality standards for various products containing paraffin wax. These aspects will boost the market growth in the coming years.
The US market dominated the North America Paraffin Wax Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,251.3 million by 2030. The Canada market is experiencing a CAGR of 7.1% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.2% during (2023 - 2030).
Based on Application, the market is segmented into Candles, Cosmetics, Packaging, Hot Melts, Rubber, Board Sizing and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Paraffin Wax Market is Predict to reach USD 11.4 Billion by 2030, at a CAGR of 5.1%
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Petro China Company Limited (China National Petroleum Corporation), Sinopec Group (China Petrochemical Corporation), Sasol Limited, Exxon Mobil Corporation, (Petrobras) Petróleo Brasileiro S.A, Nippon Seiro Co., Ltd., H&R Gmbh & Co. KGaA, Honeywell International Inc., Cepsa (COMPAÑÍA ESPAÑOLA DE PETRÓLEOS, S.A.)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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