Carnauba Wax Market Analysis:
Carnauba wax, also known as Brazilian wax and palm wax, is a wax of leaves of the palm Copernicia prunifera. The leaves are beaten to loosen the wax, and subsequently the refining and bleaching of the wax are done. Carnauba wax produces a glossy finish, and is used as automobile waxes, shoe polishes, dental floss, and floor & furniture waxes. Carnauba wax can produce enhanced shine and is used as a key ingredient in car wax. In addition, it helps in obtaining superior texture and stability over candy coatings. Moreover, it beads water better, which makes transport vehicles easier to maintain, hence, the carnauba wax market is likely to witness significant growth during the forecast period.
COVID-19 Scenario Analysis:
The global market for carnauba wax is severely impacted by the outbreak of the COVID-19 pandemic. The decline in industrial activities of transportation, leather, wood, and polymer industries due to the outbreak of the pandemic is expected to hamper the market growth. The pandemic has forced many industries in the market to nearly stop their operations to comply with the government regulations such as social distancing. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency in raw material supply is anticipated to further affect the production rate of carnauba wax.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis:
Expansion of the food manufacturing, pharmaceutical, and automotive industries is expected to drive the demand for carnauba wax. In addition, increase in demand for confectionery products such as sugar-coated candies acts as a key driver of the carnauba wax market. Moreover, it is used as a mound release agent. Furthermore, these waxes are likely to witness high demand from the automotive industry, as they impart glossy finish to cars. Furthermore, carnauba wax as a coating material has a high demand in the pharmaceutical industry. However, rise in concern about the side effects of carnauba wax restrains the growth of the market, globally.
New product launches to flourish the market
New products that exhibit improved capabilities have been launched by leading market players. They have taken the necessary steps to improve the accuracy of new products and overall functionality. Furthermore, market players are seeking opportunities to expand their range of carnauba wax products in different segments such as personal care, roofing, and adhesives. Many companies announced a new product launch that is specially made for cars and can clean alloys without any corrosive effects. In addition, partnerships, acquisitions, and agreements are key developmental strategies adopted by these players to sustain their position in the competitive landscape.
Surge in usage in automotive and industrial applications
Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Each type of carnauba wax has unique applications in different industries. The demand for carnauba wax is increasing in edible products such as cosmetics, chocolates, candies for glazing, and shining agent applications.
Key benefits of the report
- This study presents the analytical depiction of the global carnauba wax industry along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the carnauba wax market.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
Questions answered in the global carnauba wax market research report:
- Which are the leading market players active in the global carnauba wax market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What should be the response of the market players amid the COVID-19 pandemic?
- What are the projections for the future that would help in taking further strategic steps?
- What is the outlook of the industry?
- What are the emerging key segments in the carnauba wax market?
- What are the major changes and assessments in market dynamics?
Carnauba Wax Market Report Highlights
By End User
Key Market Players
Lush Retail, Chestnut Products, Eastto, Arjun Beeswax, Turtle Wax, Howard Products, Kantilal Brothers, Aadra International, Strahl & Pitsch, TENZI Gmb