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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.
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.
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 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.
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.
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