The Global Carnauba Wax Market size is estimated to be USD 279.1 million in 2019 and is predicted to reach USD 407.5 million by 2030 with a CAGR of 3.50% from 2020-2030. Carnauba wax is the natural wax-containing hydroxyl acids, mono and di hydroxyl fatty alcohols, and polyesters. The significant properties of such wax are high oil retention capability, high melting point, hardest among other natural waxes such as bee wax, and others etc. Owing to its properties it is majorly used in the cosmetic industry. The wax is produced in Brazil and transported to the rest of the world according to the demand.
The wax finds its application as food additives and binding & coating tablets in the food and pharmaceutical industry. Moreover, it is used car polishes, release agents, and in wood floor polishes. It is considered to be naturally occurring hardest wax. It can be also obtained organically by filtering the highest quality of untreated wax. The demand of the wax is increasing since the individuals are turning towards acceptance of natural and organic products over synthetic based products.
Market Dynamics and Trends:
Growing use as a mold release agent is likely driving the carnauba wax market. Moreover, rising use of the product in automotive care waxes and polishes is anticipated to drive the demand for the product in the upcoming years. The increasing usage in end-use industries and rising inclination towards the use of natural products are the major factors boosting the market. Additionally, rising demand for chewy confectionery such as chewing gums, and jellies in Asia Pacific coupled with the increased consumption by youth population, is anticipated to boost the market growth during the forecast period. However, presence of substitutes and low adoption rate are some of the major factors hampering the growth of the market during the forecast period.
Need for the high-quality materials with excellent efficiency levels have led to development of new firing and pressing technologies. The carnauba wax market has observed a steady price increase on account of the challenges to increase the margins and revenues by the key players. The wax is manufactured by the companies then supplied and exported to the global markets through various distribution channels comprising of suppliers, wholesalers, and distributors. Furthermore, the growth of market is characterized by numerous opportunities to market players, owing to rise in disposable income coupled with the rapid growth in the economy across the globe. Additionally, the companies relish the access to ample raw materials coupled with satisfactory regulations from the Brazilian government.
Market Segmentations and Scope of the Study:
The carnauba wax market share is analysed on the basis of product and application, and geography. Based on the product, the market is segmented into type 1, type 3, and type 4. According to the application, the market is classified into the cosmetics, food, automotive, pharmaceutical, and others. The geographical segment of the advanced ceramics market covers North America, Europe, Asia Pacific, and Rest of the World.
Comprehensive competitive analysis and profiles of major market players such as Foncepi comercial exportadora ltda, Carnauba do Brasil, Brasil Ceras, Tropical Ceras do Brasil Ltda, Strahl & Pitsch, Inc., Poth Hille & Co Ltd, Calwax, Kahl GmbH & CO. KG, Frank B. Ross Co., Inc., Akrochem Corporation and Pontes industria de Cera ltda., Koster Keunen, LLC., also provided in this report.
KEY MARKET SEGMENTS:
- Global Carnauba Wax Market – By Product
- Type 1
- Type 3
- Type 4
- Global Carnauba Wax market – By Application
- Global Carnauba Wax market – By Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Latin America
- Middle East
- North America