Carnauba Wax Market Size 2020 Structure, COVID-19 Analysis, In Depth Study, Business Competitors, Developments and Forecast 2023
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 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 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 carnauba wax market.
Access Full Report @ https://www.marketresearchfuture.com/reports/carnauba-wax-market-1403
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