The North America Wax Market would witness market growth of 4.0% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 867.22 kilo tonnes, showcasing a growth of 23.0% (2020-2023).
Paraffin or mineral wax is the most commonly used type of wax, derived from petroleum. Its versatility makes it popular in applications like candle making, packaging, and cosmetics. Paraffin wax is favored for its cost-effectiveness and ability to hold fragrances and colors well, particularly in candle production. However, its petroleum base has raised environmental concerns, leading to a growing interest in sustainable alternatives. Thus, by the year 2031, 963.60 kilo tonnes of mineral wax would be utilized in US.
The US market dominated the North America Wax Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $3,153.1 million by 2031. The Canada market is expected to witness a CAGR of 4.7% during (2024 - 2031). Additionally, The Mexico market would register a CAGR of 6% during (2024 - 2031).
The market refers to the global industry involved in producing, distributing, and selling various types of waxes. Waxes are solid organic compounds at room temperature but melt at relatively low temperatures, typically above 40°C (104°F). They are hydrophobic, meaning they repel water, and have a wide range of physical and chemical properties depending on their composition and processing methods.
Waxes have various applications across various industries, each utilizing their unique properties to meet specific needs. For example, one of the oldest and most traditional wax uses is in candle making. Waxes such as paraffin, beeswax, and soy wax produce candles for illumination, decoration, religious ceremonies, and aromatherapy. In addition, waxes are used in the packaging industry as coatings, laminates, and sealants to provide moisture resistance, barrier properties, and improved printability to packaging materials. Wax-coated paper and cardboard are commonly used in food packaging, corrugated boxes, and beverage cartons.
The Canadian cosmetics industry is expanding for several reasons, including urbanization, shifting consumer tastes, the impact of social media, and beauty trends. Waxes are crucial in cosmetic formulations, serving as emollients, thickeners, stabilizers, and texture enhancers in various skincare, haircare, and makeup products. As the demand for cosmetics grows, there is a corresponding increase in the consumption of waxes used in cosmetic formulations. As per the International Trade Administration (ITA), in 2021, the Canadian cosmetics sector generated approximately USD 1.24 billion in income. Cosmetics sector is anticipated to generate USD 1.8 billion in sales by 2024, an annual increase of 1.45%. Hence, the increasing cosmetics sector and rising production of packaging material in the region are driving the market's growth.
Free Valuable Insights: The Wax Market is Predict to reach USD 14.5 Billion by 2031, at a CAGR of 4.7%
Based on Type, the market is segmented into Paraffin/Mineral Wax, Synthetic Wax, Natural Wax, and Other Types. Based on Application, the market is segmented into Candles, Packaging, Emulsions, Hot Melts, Floor Polishes, and Other Applications. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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