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Carnauba Wax Market

Carnauba Wax Market

Carnauba Wax Market Analysis by Form (Powder Carnauba Wax and Flakes Carnauba Wax) By Application (Polish, Gelling Agent & Thickening Agent) By End-User & Regions, Forecast 2022-2032

Carnauba Wax Market
FACT741MR

Global Carnauba Wax Market Outlook

The global carnauba wax market is estimated at USD 287.5 Million in 2022 and is forecast to surpass USD 415.4 Million by 2032, growing at a CAGR of 3.7% from 2022 to 2032.

Report Attributes

Details

Base Year Value (2021A)

USD 278.6 Million

Estimated Year Value (2022E)

USD 287.5 Million

Projected Year Value (2032F)

USD 415.4 Million

Global Growth Rate (2022-2032)

 CAGR 3.7%

North America Market Share in 2021

~26%

North America Growth Rate (2022-2032)

CAGR ~3.9%

Collective Value Share (US, China, India) 2022: Top 3 Countries

~39%

Top 5 Companies Market Share in 2021

~22%

Key Companies Profiled

  • Strahl & Pitsch, Inc.
  • Poth Hille & Co Ltd
  • Koster Keunen, LLC.
  • Calwax
  • Kahl GmbH & CO. KG
  • Frank B. Ross Co., Inc.
  • Akrochem Corporation
  • Lush Retail Ltd.
  • Spartan Chemical Company Inc.
  • Turtle Wax
  • Feast Watson
  • Chestnut Products
  • Other Market Players

The global carnauba wax market is likely to create an absolute dollar opportunity of USD 127.9 Million by the end of 2032. The global carnauba wax market holds 3% of the global wax market.

2017-2021 Global Carnauba Wax Market Outlook in Comparison to 2022-2032 Growth Forecast

Carnauba wax, also known as Brazil wax, is a type of wax derived from leaves of a species of palm, copernicia prunifera. Owing to its glossy finish, application of carnauba wax is found across various end-use industries which is directly translating into growth of its market.

The carnauba wax are popularly used in automobile wax, food products, floor and furniture waxes, and in instrument polishes. In the recent years, cosmetic industry has been gaining high traction worldwide, especially in emerging economies due to high spending capabilities. This is expected to propel growth of carnauba wax market as the wax has excellent emollient and hypoallergenic properties, making it an ideal ingredient for cosmetic products. All these factors are estimated to provide a gain of 156 BPS to the carnauba wax market during the forecast years of 2022-2032.

Fact.MR projects the carnauba wax market is expected to witness exhibiting growth at 3.7% CAGR during 2022 and 2032 in comparison to a CAGR of 2.4% with which it grew from 2017 and 2021.

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Penetration in Food and Confectionary Industries to Drive Growth

Carnauba wax possesses good emulsifying and stabilizing properties, which is triggering innovation in the food & beverage industry. Edible films and carnauba wax coatings are used in a large number of food applications to meet product-specific needs such as to improve its shelf life and enhance its outer appearance. Carnauba wax is commonly used in the preparation of confectionery products and fruit coatings, marking a high contribution of the food industry in the growth of the carnauba wax market.

Attributing to its high melting point and glossy properties, carnauba wax is commonly used as an automotive care polish. Increasing demand for car waxes made with carnauba oil is likely to fuel the growth of the carnauba wax market by 2.3X over the assessment period of 2022-2032. Apart from the food industry and automotive industry, carnauba wax finds numerous applications across other industrial sectors including pharmaceuticals industry and the cosmetics industry.

Carnauba Wax Gaining Traction in Cosmetics Industry Presenting Opportunities

Glossy characteristics of carnauba wax boost its demand for producing cosmetics and personal care products such as lip care products, skin moisturizers, and other eye makeup products. Leading Asian countries such as China, Japan, India, and Australia offer more than 3 billion potential consumers, indicating lucrative opportunities for manufacturers in the cosmetics industry.

Leading manufacturers in the carnauba wax market are banking on numerous applications of carnauba wax in the cosmetics industry. Carnauba wax manufacturers are adopting strategies to capture business opportunities in the flourishing segments of the ethnic beauty markets.

Companies are offering cosmetics products under diversified products range consisting of functional ingredients for various beauty products. They are launching products with a blend of carnauba wax and oils, used to manufacture lipsticks with high gloss and high heat resistance. Therefore, owing to the above factors, the demand for carnauba wax market is estimated to witness an increase by 1/4th of current levels in coming years.

An Adaptive Approach to Modern-day Research Needs

Cheaper Alternatives to Impede Demand

Carnauba wax is often combined with some chemical solvents to make it feasible for use in various cosmetic as well as food products. Increasing awareness about the negative health effects of synthetic chemicals added to carnauba wax is encouraging consumers to shift to its healthier alternatives. Also, carnauba wax is much more expensive as compared to its popular substitutes such as sunflower seeds wax, candelilla wax, and beeswax. Therefore, the presence of cheaper alternatives of carnauba wax is likely to impede the market demand negatively and restraining market demand by 0.5X over the assessment period of 2022-2032.

Region-wise Insights

Which region accounts for more enhanced demand for Carnauba Wax Market?

North America carnauba wax market accounts for the largest market share of 26.4%. The region is projected to register a CAGR of 3.9% during the forecast years. The growth is attributed to the dynamic consumer demand and the provision of natural carnauba wax in the market. Moreover, the presence of leading market players, introducing innovative products such as organic, herbal, halal carnauba wax, vegan-friendly carnauba wax, and is likely to support market demand positively. Also, companies are obtaining various certifications such as the halal certificate, kosher certificate, and BSI (British Standards Institution) certification to maintain healthy growth in the carnauba wax market, which is supporting market growth in the North American region.

What is the market scenario in East Asia and South Asia & Oceania Carnauba Wax Market?

The Asia Pacific region comprising of South Asia & Oceania and East Asia carnauba wax market holds 18.6% and 19.9% of the overall carnauba wax market, and holds 38.5% market share together. The East Asia and South Asia & Oceania carnauba wax market is projected to grow at a CAGR of 4.3% and 4.7% during the forecast period of 2022-2032.

The enhanced rate of adoption of carnauba wax in the food and beverages industry, and escalating demand from cosmetics & personal care products is fueling regional market growth. Furthermore, the demand for ready-to-go food products make extensive use of emulsifies, and rising demand in pharmaceutical industry is boosting the regional market growth.

Category-wise Insights

Which form type holds dominant market share and is likely to show higher growth in Carnauba Wax Market over the assessment period?

The carnauba wax under form type is segmented into powder carnauba wax, flakes carnauba wax, and others. Amongst them, the powder carnauba wax dominates the market by holding 43.5% of the carnauba market share and is projected to register CAGR of 4.2% during the forecast years of 2022-2032. Owing to the natural wax being preferred for hardness and having high melting temperature, the wax is used as gelling or hardening agent in multiple products, thereby propelling growth of the segment in coming years.

Which end-user segment is estimated to support market growth in the Carnauba Wax Market during the forecast period?

Under the end-user segment, the carnauba wax market is segmented into food & beverages, pharmaceuticals, personal care & cosmetics, automotive, others etc. Amongst them, the personal care & cosmetics segment dominates the market by holding 34.5% market share and is projected to register a growth of 4.7% CAGR during the forecast years of 2022-2032.

The dominance of the segment is explained by the trends in changing lifestyle, the offering of innovative and improved women cosmetics products. Manufacturers introducing specific skin and hair products coupled with the promotion of products via advertising and media campaigns is fueling market growth.

Competitive Landscape: Top Companies in Carnauba Wax Market

The global carnauba wax market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the manufacturing of carnauba wax.

Fact.MR has provided detailed information about price points of key manufacturers in carnauba wax market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

  1. Akrochem Corporation in 2021 acquired Bech Chem. This acquisition of leading chemical supplier will allow for the expansion in coatings, paints and lubricants market
  2. Lush Retail Ltd. in 2021 announced partnership with DoorDash, to offer same-day delivery of the fresh, handmade products. With this partnership, consumers will on-demand and convenient access to Lush items

Global Carnauba Wax Market by Category

  • By Form, Global Carnauba Wax Market is segmented as:

    • Powder Carnauba Wax
    • Flakes Carnauba Wax
    • Others
  • By Application, Global Carnauba Wax Market is segmented as:

    • Polish
    • Gelling Agent
    • Thickening Agent
    • Others
  • By End-User, Global Carnauba Wax Market is segmented as:

    • Food and Beverages
    • Pharmaceuticals
    • Personal Care
    • Automotive
    • Others
  • By Region, Global Carnauba Wax Market is segmented as:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

The global value of carnauba wax market is estimated to be worth over USD 287.5 Million in 2022.
The demand is anticipated to surpass USD 415.4 Million by 2032 end.
During 2017-2021, global carnauba wax market grew at 2.4% CAGR.
Some of the prominent players in carnauba wax market are Strahl & Pitsch Inc., Poth Hille & Co. Ltd., Koster Keunen, LLC, Calwax, Kahl GmbH & Co. KG, Frank B. Ross Co. Inc., Akrochem Corporation, etc.
North America tops the global carnauba wax market accounting for 26.4% of global market share in 2022.
Powder carnauba wax under the form type contributes 43.5% of market share in global consumption of carnauba wax.

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