significance vs essence

significance and essence both are nouns.

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

As nouns, essence is a hyponym of significance; that is, essence is a word with a more specific, narrower meaning than significance:

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