31st December 2019 – The global Carnauba
Wax Market is anticipated to grow at a significant CAGR in the
forthcoming period. Commercially, carnauba wax is used for a wide range of
applications in the food & beverage, cosmetics, and automotive sector. A
few applications include chewing gums, candies, chocolate, confectionary sugar,
polishing wax, and food coating. The wax offers advantages such as durability,
insolubility and versatility. It could be used in combination with tints and
dyes to enable an everlasting polish. The applied wax does not flake off with
time, though it may appear dull.
The factors responsible for the growth
of carnauba wax market include rise in adoption of eco-friendly products in the
pharmaceutical industry and food & beverage industry. The food &
beverage industry constantly witnesses innovation, which, in turn, is expected
to contribute to the market growth during the forecast period.
By form, the carnauba wax industry
segmentation includes powder, lumps, and flakes. Based on application, the
carnauba wax market segmentation comprises polishes, additives, food coatings
and release agents. By origin, the carnauba wax industry segmentation includes
natural car wax and synthetic car wax. By type, the segmentation includes paste
waxes, liquid waxes and spray waxes.
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Geographical segmentation for carnauba
wax market includes North America, South America, Europe, Asia-Pacific
Excluding Japan, Middle East and Africa. North American and European markets
are likely to gain a significant growth, as they are in the maturity stages.
Rise in demand for automotive car waxes and automotive car care industry is
likely to propel the market growth in the forecast period.
APEJ regions are likely to grow at a
dominant position owing to increase in industrialization leading to development
of application industries in the region. Rise in demand for food coating agents
is likely to propel the market growth in the forecast period. The key players
in the carnauba wax industry include Akrochem Corporation, Strahl & Pitsch
Inc, Calwax, Koster Keunen LLC, Kahl GmbH & Co, and Frank B.Ross Co. Inc
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