USD 635.53 Million
Report ID: SQSG15E2042 | Region: Global | Published Date: September, 2022 | Pages: 165
The North American wax emulsion market was valued at USD 635.53 Million in 2021, and it is expected to reach a value of USD 974.71 Million by 2028, at a CAGR of 6.30% over the forecast period (2022–2028).
A wax emulsion is a mixture of waxes, emulsifying agents, water, and other things like stabilizers, oils, fungicides, and insecticides in different proportions. Emulsions can be made with waxes that are derived from nature or labs. Depending on what kind of emulsifier is used to make them, wax emulsions can either be non-ionic or ionic. Wax emulsions are used in many different industries, such as paints and coatings, adhesives and sealants, cosmetics, and textiles. Rising demand from the paints, adhesives, and sealants industry is driving the demand for wax emulsions. These products are easy to use, friendly to the environment, have small particles, and provide anti-blocking, slip & mobility, abrasion resistance, water repellency, touch & feel, matting agent, and black heel marks. This has led to a huge demand in the paints and coatings industry, which is expected to drive the North American wax emulsion market during the analysis period.
Global Market Size
USD 635.53 Million
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The North American wax emulsion Market is segmented based on type, application, and region. Based on type, the market is segmented into polyethylene, polypropylene, paraffin, carnauba, and others. Based on application, the market is segmented into paints & coatings, adhesives &sealants, cosmetics, textiles, ceramics, pulp & paper, agriculture, building & construction, rubber, and others. Based on region, the North American wax emulsion market is segmented into Canada and US.
Analysis by Type
The North American wax emulsion market is divided into polyethylene, polypropylene, paraffin, carnauba, and others. The paraffin segment dominated the market for wax emulsion in the year 2021 and is expected to grow steadily throughout the analysis period. Increasing demand for products like leather, paper, printer ink, and polishes are some of the major factors driving the demand for paraffin in the north American wax emulsion market during the analysis period. Also, the increasing use of natural emulsions like paraffin for coating fruits, vegetables, and candies to retain their external texture and reduce loss of moisture is a major factor in growing demand. These are some of the key reasons that will propel the North American wax emulsion market growth during the analysis period.
Analysis by Application
In 2021, the paint and coatings segment accounted for more than 32% of market revenue. Due to their capacity to prevent wear and tear and rusting, wax emulsions in the paint and coating industry are in great demand. Construction, automotive, electrical, electronics, and industrial production sectors make use of wax-emulsified paint and coatings to improve the texture and feel of their products. Rapid urbanization and increased maintenance and renovation of older buildings and structures, as well as increased usage of paint and coatings in the automotive industry, are predicted to increase the demand for these products in North America.
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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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The growing personal care and cosmetic industry is a major driver for the North American wax emulsion market.
Availability of raw materials and supply chain are the major restraints for market growth.
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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.
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According to our analysis, increasing demand from the paints, adhesives, and sealants industry is driving the demand for wax emulsions. The North American wax emulsion market is divided into polyethylene, polypropylene, paraffin, carnauba, and others. Increasing demand for products like leather, paper, printer ink, and polishes are some of the major factors driving the growth of the market during the analysis period. The North American wax emulsion market is predicted to increase during the analysis period of 2021. Rapid urbanization and increased maintenance and renovation of older buildings and structures, as well as increased usage of paint and coatings in the automotive industry, are predicted to boost the demand for these products in North America. Increasing production of candles over the past decade and growing demand for scented wax candles for Christmas are major driving factors for the industry in the region. 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.
|Market size value in 2021||USD 635.53 Million|
|Market size value in 2028||USD 974.71 Million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the North America Wax Emulsion Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America Wax Emulsion Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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