Dublin, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The "North America Paraffin Wax Market Size, Share & Industry Trends Analysis Report By Application (Candles, Cosmetics, Packaging, Hot Melts, Rubber, Board Sizing and Others), By Country and Growth Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The North America Paraffin Wax Market is forecast to witness market growth of 4.7% CAGR during the forecast period (2023-2030). In 2019, the North America market's volume surged to 465.1 kilo tonnes, showcasing a growth of 4.3% (2019-2022).
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 is set to continue to be a dominant market to 2030; thereby, achieving a market value of $1.25 billion by 2030. The Canadian market is set to experience a CAGR of 7.1% during 2023-2030. Additionally, the Mexican market is forecast to 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.
Market Segments Covered in the Report:
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- Candles
- Cosmetics
- Packaging
- Hot Melts
- Rubber
- Board Sizing
- Others
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
- US
- Canada
- Mexico
- Rest of North America
Key Market PlayersProfiled in the Report:
- Petro China Company
- Sinopec Group
- Sasol Limited
- Exxon Mobil
- Petrobras
- Nippon Seiro
- H&R
- Honeywell International
- Cepsa
For more information about this report visit https://www.researchandmarkets.com/r/gwfngj
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