Global Carnauba Wax Market Expected To Reach $ 302.3 Million By 2021 With A CAGR Of 3.49%

Date: 2017-08-23

Carnauba Wax is also known as Ceara Wax or Brazil Wax. It is a plant wax obtained from the leaves of the carnauba tree (Coperniciacerifera) of Brazil. Pure Carnauba wax has the highest melting point and is usually known as the hardest commercial wax. In natural state pure Carnauba Wax is much harder than concrete. When the wax is exposed to water it swells and closes its pores. It has ability to retain oil and is glossy.

The global Carnauba Wax market was estimated at USD$ 254.6 Million in 2016, and is anticipated to reach USD$ 302.3 Million by 2021, expanding at a CAGR of 3.49% between 2017 and 2021. Carnauba wax is used as food-grade polish and as hardening or gelling agent. The wax may be yellow or brownish in color reliant on the age of the leaves and the quality of processing and is flaky. The major components of wax are esters of long-chain alcohols and acids. The wax melts at temperature around 85oC (185oF). It is an alternative to bee wax and a main ingredient in the vegan cosmetics industry.

Carnauba wax market is highly influenced by the favorable regulations enforced by the regulatory agencies such as European Union (EU) and Food and Drug Administration (FDA). The industry is highly dependent on the raw materials which form a major part of the operational cost for the manufacturers. The raw material is supplied majorly by the farmers and landholders, employing primitive techniques for wax extraction. However, in some cases, the manufacturers may be backward integrated to the extraction of raw materials.

Carnauba wax is the purest form of the product and has high demand in niche applications such and pharmaceutical and food products. It is also used in the manufacturing of premium automotive wax formulations, which are used for enhancing the shine of automotive bodies and increasing their aesthetic appeal. Increasing demand for the product in fruit coatings is expected to drive the demand for the product.

The automotive application accounts for a significant share of the industry on account of high demand premium shine wax. The demand in the pharmaceutical industry is limited to its use in coating tablets and capsules for timed release of drugs. The cosmetics industry is expected to drive the market growth owing to high demand for cosmetics, primarily in Asia Pacific and Europe.
 

Read Full Report: 
http://www.gosreports.com/global-carnauba-wax-market-research-report-2016/ 

Joanna | Executive – International Business and partner Relations
E-mail: info@gosreports.com | Tel: 1-510-400-8520
Web: www.gosreports.com
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