LONDON--(BUSINESS WIRE)--The global carnauba wax market is expected to grow at a CAGR of more than 3% from 2017-2021, according to a new market research report by Technavio.
Global carnauba wax market segmentation by application and product type
Technavio’s report on the global carnauba wax market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, including cosmetics, confectionery products, automotive, and pharmaceuticals. The cosmetics segment is the largest application segment for carnauba wax. The increase in cosmetic product exports is resulting in the large-scale consumption of carnauba wax.
Based on product type, the global carnauba wax market has been segmented into type 3, type 1 carnauba wax, and type 4 carnauba wax. The global carnauba wax market is majorly driven by the type 3 segment. It accounted for more than 39.25% of the global market in 2016. The major reason for its large share is the growing demand for type 3 carnauba wax for various applications.
“Type 3 carnauba wax is dark yellow or brown in color. It exhibits superior hardness and is non-tacky and lustrous. It is largely used in cosmetics such as in the formulation and preparation of creams, lipsticks, haircare products, and mascara. It is used for polishing purposes in the automotive, textile, and leather industries. Its cost-effectiveness and a wide range of applications have led to its increased consumption,” says Mohd Shakeel Iqbal, a lead analyst at Technavio for bio-chemicals and bio-materials research.
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Global carnauba wax market: competitive vendor landscape
The global carnauba wax market is dominated by few major players. They account for a major portion of the market. The key vendors in the market are Brasil Ceras, Carnaúba do Brasil, FONCEPI, Frank B. Ross, and Pontes Indústria de Cera. The other prominent players in the market include Akrochem, Arjun Beeswax, Cerasmel Relumay, Biobras Group, J. Allcock & Sons, Koster Keunen, MEGH Indústria e Comércio, Micro Powders, Natural Wax, NOREVO, Poth Hille, PVP Sociedade Anônima, ROGUIMO, Strahl & Pitsch, and The Darent Wax Company. These established vendors hold major market shares. The remaining market is fragmented among many domestic and international vendors.
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Other topics covered in the report:
Market drivers:
- Growing demand from cosmetics industry
- Increase in demand for confectionery products
Market challenges:
- High manufacturing costs
- Health hazards
Market trends:
- Rise in demand from automotive segment
- Growing demand from pharmaceutical segment
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