Positive Impact of Key Factors on the Growth of Global Carnauba Wax Industry
Waxes are extensively used by various end user industries. Natural waxes are obtained through ecological process of biogenesis without any involvement of chemical process. Natural waxes can be derived from plant as well as animal source and represents renewable source of wax. Thereby, gaining traction among wax manufacturers. Carnauba wax is plant based resin wax which is obtained from palm leaves of Copernicia prunifera, found exclusively in Brazil. The wax is attained by beating the dried leaves of palm and then refining it. Carnauba wax is considered to be naturally occurring hardest wax. Due to its durability and high melting point, carnauba wax finds extensive use in various sectors such as cosmetics, automobiles, pharmaceuticals among others. Carnauba wax is consist of various exclusive properties such as it swells when exposed to water, has potential to retain oil and exhibits prominent glossy characteristics differentiating it from other naturally occurring wax. Apart from natural source, carnauba wax can also be obtained organically by filtering the highest quality of untreated carnauba wax.
Global Carnauba Wax Market: Drivers and Restraints
Increasing inclination of consumers towards naturally-derived products is driving the market for carnauba wax. Carnauba wax is hypo allergic in nature and easy to swallow hence finds extensive use in pharmaceutical industry for pills coating. As food & beverage industry is under continuous innovation, product such as carnauba wax that exhibit excellent emulsifying properties and binding capacity for oils, are gaining traction. Moreover, due to its high melting point and glossy characteristics it is becoming a desired natural additive choice among manufacturers of cosmetic industry for manufacturing of lip balms, lipsticks, mascaras among others. Thus, broad spectrum applicability of carnauba wax is propelling the market growth. Moreover, due to its hardness and viscosity modifier properties, it is extensively used as polish wax in automobile industry. Carnauba wax is gaining traction among consumers over the bee wax due to broad base of application hence accelerating the market growth.
However, the tropical variety of carnauba wax may cause some side effects such as skin rash, contact dermatitis, inflammation of hair follicle. Thereby, restraining the growth of carnauba wax market. Moreover, owing to less commercialisation, carnauba wax market offers low profitability margins to the manufacturers across the globe.
Global Carnauba Wax Market: Segmentation
With widespread applications, carnauba wax is used in the manufacturing of chewing gums, coated chocolates, lip balms, lipsticks, and dental floss, owing to its glossy and stabilizing characteristics. Moreover, due to its hardness characteristics it is extensively used as polish wax for car, furniture and surf board.
On the basis of end user, carnauba wax market is segmented into:-
- Food & Beverages
- Personal Care
Global Carnauba Wax Market: Region wise Outlook
The global carnauba wax market is categorised into seven regions, namely, Western Europe, Eastern Europe Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ), , Japan Latin America and, North America. Brazil accounts for the major share of the market as it is exclusively cultivated in the North-eastern Brazil. Asia pacific region is considered to be prominent segment for growth due to opportunistic investment and manufacturing hub for various industries under which carnauba wax finds extensive use. North America exports its major share of carnauba wax from Brazil.
Global Organic Hair Care Market: Key Players
Some of the prominent players identified in the global carnauba wax market includes:
- Strahl & Pitsch, Inc.
- Poth Hille & Co Ltd
- Koster Keunen, LLC.
- Kahl GmbH & CO. KG
- Frank B. Ross Co., Inc.
- Akrochem Corporation
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