North America wax emulsion Market

North America Wax Emulsion Market Size, Share, Growth Analysis, By Type(Polyethylene, Polypropylene, Paraffin, Carnauba), By Application(Paints & Coatings, Adhesives &Sealants, Cosmetics, Textiles), By Region - Industry Forecast 2024-2031

Report ID: SQMIR15E2518 | Region: Regional | Published Date: April, 2024
Pages: 165 | Tables: 72 | Figures: 75

North America Wax Emulsion Market Dynamics

North America Wax Emulsion Market Driver

The growing personal care and cosmetic industry is a major driver for the North American wax emulsion market.

  • Growing demand for cosmetics and personal care products in a developed country attracts major investment and R&D into the sector which will propel the demand for the raw materials used in the manufacturing process this raw material contains paraffin wax which will propel the demand for the wax emulsion in the North American region throughout the forecast period.

North America Wax Emulsion Market Restraint

Availability of raw materials and supply chain are the major restraints for market growth.

  • The North American wax emulsion is a highly price-sensitive market and it completely depends on the price of the raw materials. Price fluctuations and availability of raw materials are the major factors that can restrain the market and slow down the market growth during the analysis period.
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North America Wax Emulsion Market size was valued at USD 3.1 billion in 2019 and is poised to grow from USD 3.23 billion in 2023 to USD 4.68 billion by 2031, growing at a CAGR of 4.2% in the forecast period (2024-2031).

The North American wax emulsion market is relatively fragmented, with a high level of competition. Few large players, like Michelman, Inc., PMC crystal, and Lubrizol Corporation, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'BASF SE', 'ExxonMobil Chemical Company', 'Nippon Seiro Co., Ltd.', 'Chevron Phillips Chemical Company LLC', 'Clariant AG', 'Dow Inc.', 'Huntsman Corporation', 'Michelman, Inc.', 'Momentive Performance Materials Inc.', 'Omya International AG', 'Repsol S.A.', 'Sasol Limited', 'SCG Chemicals Co., Ltd.', 'Lubrizol Corporation', 'PQ Corporation', 'Hexion Inc.', 'Croda International Plc', 'Petróleo Brasileiro S.A.', 'Baker Hughes, a GE company LLC', 'Wacker Chemie AG'

Growing demand for cosmetics and personal care products in a developed country attracts major investment and R&D into the sector which will propel the demand for the raw materials used in the manufacturing process this raw material contains paraffin wax which will propel the demand for the wax emulsion in the North American region throughout the forecast period.

Wax emulsion is an important component used in the production of crayons, explosives, fabric finishes, metal coatings, paint and varnish removers, candle making, and polishes, among other things because of its ability to blend well with these things. Manufacturers of these products are spending money on research and development (R&D) to come up with ways to get rid of crude oil and make products naturally in a way that is good for the environment. This is done to improve the product so that it can be used in a variety of industrial and regular use. These are the latest trend in the wax emulsion market and is expected to propel eh market growth during the analysis period.

In 2021, the US accounted for more than 58% of the revenue share for the wax emulsion market. Increasing production of candles over the past decade and growing demand for scented wax candles for Christmas and other holiday sessions are the major driving factors for the industry in the region. This accounts for more than 35% of all other products sold during the same period. Regular weekly use of scented candles in the majority of households in the US region is a major boost for the wax emulsion market during the forecast period. In addition, the cosmetics industry is forecast to see a rise in demand for paraffin wax as a result of the rising demand for self-care products in the US. The expansion of the Canadian market will be spurred by the increasing demand for packaging in the food and beverage, consumer products, pharmaceutical, and e-commerce sectors. The packaging industry in Canada is divided into several sectors, of which the largest are flexible packaging and paperboard. These are some of the major drivers for the North American wax emulsion market during the analysis period.

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North America wax emulsion Market

Report ID: SQMIR15E2518

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