Market Overview
Carnauba wax, also known as Brazil wax, is a vegetable wax obtained from the fronds of the carnauba tree. It is known for its hardness and high-melting temperature. The global carnauba wax market report by Market Research Future (MRFR) highlights pertinent variables such as drivers, challenges, and opportunities for the period of 2018 to 2023 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the production and supply chain has been outlined and included with valuable suggestions.
Market Scope
The global carnauba wax market size valuation has been pegged at USD 310.2 million by 2023, as per MRFR. High demand for products derived from natural or organic sources are likely to drive the market demand. Change in consumer attitudes and awareness of the environmental damage can favor the market. The shift of production from Brazil to Sri Lanka and countries in Africa is predicted to fuel the carnauba market growth.
The use of carnauba wax is a vital ingredient in car wax formulations and will be in high demand in the automotive industry. It can increase the shine and appeal of cars. The food industry is one of the biggest advocates of the product as evident by its use on fruit coatings and confectionery. The disposable income levels of customers and its penchant for sweet offerings can boost the global carnauba wax market growth till the end of the forecast period.
Segmentation
The global carnauba wax market has been segmented based on product type, form, and application.
The global carnauba wax market has been classified, based on product type, into type 1, type 2, and type 4.
By form, it is segmented into powder, flakes, and others.
Major applications with the potential for generating revenue for the global carnauba wax market include personal care, food & beverages, pharmaceuticals, automotive, and others.
Regional Analysis
Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW) are regions considered for the global carnauba wax market to thrive successfully.
Among the regions, APAC accounted for major market share in the global carnauba wax market overview in 2018 and expected to retain its dominance throughout the forecast period. The growth is anticipated to be driven by the rising growth of automobile industry across the developing economies. China, Japan, and India are the major producing countries of automobile products. The surge in disposable income levels of customers and the application of carnauba wax in pharmaceutical and personal care sectors will drive the regional growth.
North America and Europe are projected to expand at a moderate growth rate during the forecast period. The growth of pharmaceuticals and automotive industries is expected to induce demand for carnauba wax. Carnauba wax is used widely in the production process of tablets and capsules as a coating and glazing agent. In addition, automotive care services can induce the demand for carnauba wax owing to customers penchant for maintaining cars.
Competition Outlook
Akrochem Corporation, Pontes Industria de Cera ltda., Koster Keunen, Norevo GmbH, Strahl & Pitsch, Inc., Frank B Ross Co Inc., TER Group GmbH, Kahl GmbH & Co KG, Tropical Ceras Do Brasil Ltda., Carnauba do Brasil Ltda, The International Group, Inc., Foncepi Comercial Exportadora Ltda, Brasil Ceras, and Poth Hille & Co Ltd are noteworthy players of the global key carnauba wax market players.
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