essence vs significance

essence and significance both are nouns.

Word	Noun	Adjective	Verb	Adverb
essence	Yes	No	No	No
significance	Yes	No	No	No

As nouns, significance is a hypernym of essence; that is, significance is a word with a broader meaning than essence:

Other hypernyms of essence include import, meaning, signification.

essence (noun)	significance (noun)
a toiletry that emits and diffuses a fragrant odor	the quality of being significant
the choicest or most essential or most vital part of some idea or experience	a meaning that is not expressly stated but can be inferred
the central meaning or theme of a speech or literary work	the message that is intended or expressed or signified
any substance possessing to a high degree the predominant properties of a plant or drug or other natural product from which it is extracted