Carnauba Wax Market is estimated to be 310.2 Million by 2025 with a CAGR of 3.1% during the forecasted period.
Carnauba Wax Market accounted for US$ 246.0 million in 2015 and is estimated to be 310.2 million by 2025 and is anticipated to register a CAGR of 3.1%.
Growth from food & beverage industry and increasing demand from Asia Pacific are the factors projected to drive the market for carnauba wax.
The report. "Global Carnauba Wax Market, By Source (Natural and Organic), By Form (Powder, Flakes, and Pellet), By End-user (Food & Beverages, Automobiles, Personal Care, Pharmaceutical, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.
Key Highlights:
· In December 2016, Brenntag declared the acquisition of EPChem Group. This acquisition will help the company to increase their portfolio which will also improve their specialty chemicals portfolio. This will also provide them opportunity so they can increase their range in different application such as personal care, roofing, adhesives, among others
· In October 2015, Simoniz UK introduced the launch of their new range of products which is particularly manufactured for car- lovers. The innovative range consists of Simoniz Ultracare Alloy Wheel Cleaner, which cleans alloys without any corrosive effects. The larger family includes the exclusive Simoniz Shampoo & Carnauba Wax and Simoniz Shampoo & Wax from Halford.
Analyst View:
Growing inclination of consumers towards naturally-derived products is propelling the global carnauba wax market growth. Carnauba wax has extensive use in pharmaceutical industry for pills coating as it is hypo allergic in nature and easy to swallow. Further, carnauba wax is also gaining excellent traction in food & beverage industry. As food & beverage industry is under continuous innovation, carnauba wax products exhibit excellent emulsifying properties and binding capacity for oils. Additionally, due to its glossy characteristics and high melting point it is becoming a desired natural additive choice among producers of cosmetic industry for manufacturing of lipsticks, lip balms, mascaras among others. Thus, wide spectrum of carnauba wax applicability is propelling the target market growth. Moreover, due to its viscosity and hardness modifier properties, it is broadly used as polish wax in automobile industry. Carnauba wax is gaining purchase among consumers over the bee wax owing to wide base of application hence boosting the market growth.
Key Market Insights from the report:
The global carnauba wax market accounted for US$ 246.0 million in 2015 and is estimated to be 310.2 million by 2025 and is anticipated to register a CAGR of 3.1%. The market report has been segmented on the basis of source, form, end-user, and region.
· By source, the global carnauba wax market is segmented into natural and organic.
· By form, the target market is segmented into powder, flakes, and pellet
· By end-user, the automotive segment is estimated to register significant share in the potential market in the coming years. Increasing demand for premium shine wax in developed and developing countries is a major factor expected to boost the growth of the segment. Growth in automotive industry across the globe due to rising urbanization and growing disposable income of individuals is expected to support revenue growth of market over the forecast period. The food segment is expected to grow at a higher rate in the coming years.
· By region, Asia-Pacific has estimated for highest market proportion in global carnauba wax in 2018 and the region is projected to continue its dominance in the coming years. The growth is mainly attributed due to increasing growth in automobile industry across the emerging economies.
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Competitive Landscape:
The prominent player operating in the global carnauba wax Market includes Strahl & Pitsch, Inc., Pontes Indústria de Cera, Carnaúba do Brasil, Poth Hille & Co. Ltd., Kahl GmbH & Co. KG, FONCEPI- Comercial Exportadora Ltda., Koster Keunen, CALWAX, Akrochem Corporation, and Norevo GmbH.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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