North America Paraffin Wax & Emulsions Industry Overview
The North America paraffin wax & emulsions market size was estimated at USD 575.97 million in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.3% from 2021 to 2028.
The market is projected to witness steady growth in terms of growing application markets, such as packaging, cosmetics, ink & coatings, and candle manufacturing. Paraffin waxes are becoming more popular in the packaging industry specifically for corrugated cardboard, flexible packaging, and others. Its high barrier properties are likely to stimulate its consumption for coating cardboard and paper mainly in the food industry. The markets in the U.S. and Canada are expected to witness substantial growth owing to the rising living standards and rapid industrialization.
Gather more insights about the market drivers, restrains and growth of the North America Paraffin Wax & Emulsions Market
The market is also expected to grow owing to the presence of various personal care and cosmetics companies, such as Colgate-Palmolive, Maybelline, Avon, Unilever, Johnson & Johnson, and Procter & Gamble. In addition, the increasing popularity of cosmetics is expected to trigger the demand over the forecast period. The value chain of paraffin wax comprises raw material suppliers, manufacturers, distributors, and end-users. It is derived from crude oil and its key raw material includes slack wax; a byproduct obtained from the refining of lubricating oil. The ability of paraffin wax to protect surfaces and make them resistant to water has made it ideal for coating paper and cardboards, specifically for the food industry.
It is an essential ingredient in crayons, fabric finishing, explosives, metal coatings, paints & varnishes removers, candle manufacturing, and polishes among others owing to its ability to blend with a variety of other products. Paraffin wax is produced from crude oil through dewaxing and deoiling processes. Manufacturing companies are investing in R&D activities to develop deoiling practices and eco-friendly manufacturing processes to improve the characteristics of the product to enable its use in various industrial and residential applications.
Generally, paraffin wax is used in end-use industries, such as candles, packaging, cosmetics, rubber, hotmelts, board sizing, and others, which include antirust additives, PVC lubricant, electronics, building, pharmaceuticals, textile, surface coatings, food, and explosives. It is used as a stabilizer, thickener, film former, emulsifier, rheology modifier, lubricity aid, and conditioner. Prominent distributors and suppliers in the market include Alpha Wax USA, Canada Wax Corp., and Sage Oil LLC among others.
Browse through Grand View Research's Petrochemicals Industry Research Reports.
- Flexible Packaging Market - The global flexible packaging market size was valued at USD 252.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030.
- Textile Market - The global textile market size was valued at USD 993.6 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030.
Key Companies profiled:
Some 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
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