At 4.0% CAGR, North America Wax Emulsion Market is Projected to be Worth US$ 553.09 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America wax emulsion market was valued at US$ 405.14 million in 2023 and is expected to reach US$ 553.09 million by 2031, registering a CAGR of 4.0% from 2023 to 2031. Development of bio-based wax emulsion and rising demand for polyethylene wax emulsions are among the critical factors attributed to drive the North America wax emulsion market growth.

Bio-based polymers are environmentally friendly and are the subject of extensive research in various fields. Bio-based materials exhibit sustainability, thereby driving their use in commercial applications. The easy availability of natural raw materials for the production of bio-based polymers is an added factor fueling its supply and demand. Further, due to rising concerns and awareness about the social and environmental impacts of synthetic wax emulsion systems, customers are shifting toward the utilization of bio-based wax such as carnauba and beeswax. Stringent government regulations pertaining to the utilization of toxic chemicals across the world have encouraged many market players to develop nontoxic alternatives and green emulsions, aiding global sustainability goals. The rising demand for bio-based materials has prompted manufacturers to develop bio-based wax emulsions for various applications. In 2022, Münzing Corporation developed WÜKONIL NAT 1000, a bio-based and biodegradable wax dispersion, for wood and architectural coating applications. Thus, the replacement of petroleum-derived polymers with bio-based materials or polymers, otherwise sourced from natural sources or natural waxes, is expected to become a significant trend in the wax emulsion market.

On the contrary, fluctuations in raw material prices hamper the growth of North America wax emulsion market.

Based on type, the North America wax emulsion market is segmented into polyethylene, polypropylene, paraffin, vegetable-based, and others. The others segment held 30.4% market share in 2023, amassing US$ 123.30 million. It is projected to garner US$ 169.13 million by 2031 to register 4.0% CAGR during 2023–2031.

In terms of application, the North America wax emulsion market is categorized into paints & coatings, printing inks, textile, personal care, packaging, and others. The paints & coatings segment held 33.4% share of North America wax emulsion market in 2023, amassing US$ 135.16 million. It is anticipated to garner US$ 174.99 million by 2031 to expand at 3.3% CAGR during 2023–2031.

Based on country, the North America wax emulsion market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.4% share of North America wax emulsion market in 2023. It was assessed at US$ 337.93 million in 2023 and is likely to hit US$ 458.08 million by 2031, registering a CAGR of 3.9% during 2023–2031.

Key players operating in the North America wax emulsion market are BASF SE, Hexion Inc, Repsol SA, Sasol Ltd, The Lubrizol Corp, Clariant AG, Michelman Inc, H&R Group, and Productos Concentrol SA., among others.

• In June 2021, Omya signed an agreement with Michelman to distribute Michelman's surface modifiers and wax emulsion product line to the paints and coating markets in Canada.

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