The global Carnauba Wax Market is anticipated to grow at a significant CAGR in the forthcoming period. Commercially, carnauba wax is used for a wide range of applications in the food & beverage, cosmetics, and automotive sector. A few applications include chewing gums, candies, chocolate, confectionary sugar, polishing wax, and food coating. The wax offers advantages such as durability, insolubility and versatility. It could be used in combination with tints and dyes to enable an everlasting polish. The applied wax does not flake off with time, though it may appear dull.
The factors responsible for the growth of carnauba wax market include rise in adoption of eco-friendly products in the pharmaceutical industry and food & beverage industry. The food & beverage industry constantly witnesses innovation, which, in turn, is expected to contribute to the market growth during the forecast period.
By form, the carnauba wax industry segmentation includes powder, lumps, and flakes. Based on application, the carnauba wax market segmentation comprises polishes, additives, food coatings and release agents. By origin, the carnauba wax industry segmentation includes natural car wax and synthetic car wax. By type, the segmentation includes paste waxes, liquid waxes and spray waxes.
Geographical segmentation for carnauba wax market includes North America, South America, Europe, Asia-Pacific Excluding Japan, Middle East and Africa. North American and European markets are likely to gain a significant growth, as they are in the maturity stages. Rise in demand for automotive car waxes and automotive car care industry is likely to propel the market growth in the forecast period.
APEJ regions are likely to grow at a dominant position owing to increase in industrialization leading to development of application industries in the region. Rise in demand for food coating agents is likely to propel the market growth in the forecast period. The key players in the carnauba wax industry include Akrochem Corporation, Strahl & Pitsch Inc, Calwax, Koster Keunen LLC, Kahl GmbH & Co, and Frank B.Ross Co. Inc
Product Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• Type 3
• Type 4
Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Research Support Specialist, USA