Carnauba Wax Market

Carnauba Wax Market Growth (2023-2028)

The Carnauba Wax Market size is anticipated to reach US$ 332 million by the end of 2028, increasing at a CAGR of 5.23% between 2023-2028

The increasing demand for carnauba wax is due to the growing cosmetic, food, and pharmaceutical applications. Carnauba wax will play a crucial role in the global carnauba wax market growth owing to the increasing manufacture of medical pills and tablets. Most of the carnauba wax is used in the North American region. Moreover, carnauba wax has high production in South America, Brazil, Sri Lanka, and Africa. The food and pharmaceutical industries were on the rise in the U.S. Therefore, the demand for carnauba wax is also increasing in the United States. Thus, driving the global carnauba wax market during the forecast period.

Carnauba Wax Market Drivers:

Carnauba wax is primarily known as Palm wax and Brazil wax, which is utilized for food-grade polish. In addition, it is also used mainly as a gelling agent in various products. Owing to these features of carnauba wax, its demand is increasing in the multiple end-users including cosmetics, food, and pharmaceutical applications. Carnauba wax is produced from the carnauba plant, which is grown in the northeastern Brazilian states. It plays a crucial role in various applications. Therefore it is termed as queen of waxes. Moreover, it is in a pure state and has yellow-brown color flakes. Carnauba wax preparation includes collecting carnauba leaves, drying the leaves, beating them to form wax, and finally refining and bleaching the wax. Carnauba comprises various chemicals including diesters of 4-hydroxycinnamic acid, aliphatic esters, w-hydroxycarboxylic acids, and finally, fatty alcohols.

These are primarily used for shoe polishes, dental floss, automobile waxes, floor & furniture waxes & polishes, and food products, including sweets. Carnauba wax is also found in various cosmetic products owing to its hypoallergenic, gloss, and emollient properties. Even though carnauba wax is brittle, it is commonly coupled with other waxes to waterproof leather products. It offers a high-gloss finish and also increases the hardness and durability of leather. In addition, carnauba wax is also used in the pharmaceutical industry. It is an essential ingredient in the tables that patients swallow. Carnauba wax acts as a mold release agent for the manufacture of fiber-reinforced plastics. Carnauba wax possesses several characteristics. Primarily, it is the hardest among the other waxes, insoluble in water and ethyl alcohol, and its melting point is higher than natural waxes. These are the significant properties of carnauba wax, which further boost the global carnauba wax market in the upcoming years. 

Carnauba Wax Market Restraints:

The increasing regulations by the government act as the major restraint for the global carnauba wax market. In 2021, the government regulated finished dietary supplement products coupled with food ingredients found in nutritional supplements in the United States. As of now, dietary supplements are apart from pharmaceutical products and drugs. Therefore, these are considered a type of food product and must follow the rules and regulations imposed under the federal dietary supplement act. Manufacturers and distributors are in charge of the safety and labeling of their products before marketing their products for sale. If the products are adulterated and misbranded, these are prohibited from the market. On the other hand, it is declared that carnauba wax should never be used in the nose, ears, and any other sensitive parts of the skin because these may cause acne, dry skin, rashes, inflammation, dizziness, dermatitis, blurry vision, nausea, burning sensation of eyes, dryness, and irritation. These are some of the factors of carnauba wax that hamper the global carnauba wax market growth during the foreseen period. 

CARNAUBA WAX MARKET REPORT COVERAGE

Market Segmentation:

Carnauba Wax Market By Form:

• Powdery wax
• Solid wax 
• Others

Based on form, the powder form of carnauba wax held the most extensive global carnauba wax market and is anticipated to sustain its growth during the forecast period. Most of the food, pharmaceutical, and cosmetic industries use a powdery form of carnauba wax. It is used primarily in medical pills and tablets. In addition, it acts as a coating agent for food supplement applications and in bakery items in the form of powder. 

Carnauba Wax Market By Type:

• Type1

• Type3
• Type4
• Others

Based on type, type 3 plays a crucial role in dominating the global carnauba wax market. It is primarily used as an essential product in various applications such as the automotive and food industries. The automotive industry's increasing demand for type 3 carnauba wax for automotive care waxes and polishes boosts the global carnauba wax market in the next six years. On the other hand, type 4 carnauba wax is estimated to have the maximum global carnauba wax market growth owing to the increasing demand for automotive care waxes combined with growing concerns regarding automobile care. In addition, type 4 carnauba wax is generally used in industrial coatings. Therefore, the increasing demand for type 4 carnauba wax further drives the global carnauba wax market growth. 

Carnauba Wax Market By End User:

• Cosmetic
• Food
• Automotive
• Pharmaceutical 

Based on end-user, the cosmetic sector is anticipated to hold the maximum global carnauba wax market share during the foreseen period owing to the increasing aging population and the changing lifestyle of most people across the globe. In addition, innovative cosmetics for women propel the market to experience maximum sales. Moreover, the purchasing power of the consumers and rapid urbanization in emerging economies further drives the global carnauba market growth during 2022 - 2027.  

Carnauba Wax Market Regional Analysis: 

The Global Carnauba Wax Market Report includes the segmentation of Regions:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle east and Africa 

1. North America is projected to hold the most prominent global carnauba wax market share during the foreseen period owing to the increasing demand for carnauba wax by various end-user including food, automotive, cosmetic, and pharmaceutical majorly in the U.S., which led the global carnauba wax market to have the maximum growth in North America region.

2. The Asia Pacific plays a dominant role in holding the largest global carnauba wax market share due to the increasing urbanization and innovative cosmetic products for women, majorly in China and India. Thus, it fuels the global carnauba wax market growth in APAC.  

3. The increasing demand for carnauba wax for food and pharmaceutical further drives the global carnauba wax market growth in Europe.

4. The carnauba wax is majorly produced in Africa and Brazil. The end-users were using carnauba wax for different products, which propels the global carnauba wax market growth in the Middle East and Africa region.

Impact of COVID-19 on the Carnauba Wax Market:

The global carnauba wax market had experienced positive growth due to the increasing demand for food and also changing lifestyle of consumers across the globe. Mostly, pharmaceutical applications demanded more carnauba wax, which is used in medical pills and tablets. COVID-19, a novel coronavirus disease, has been spreading among a vast population across the globe. This made the people strike in the houses and stepped out if it is necessary. COVID-19 had made many firms close down and also made several people unemployed. The number of COVID cases has been increasing daily, and the government tends to impose a lockdown to curb the disease. Moreover, due to travel bans and restrictions, most of the imports and exports have remained ideal. To produce medical pills, carnauba wax is majorly used by pharmaceutical applications further increasing the demand for carnauba wax during the corona crisis. 

Recent Developments in the Carnauba Wax Market:

• Feast Watson introduced a new floor stain and varnish named Black Japan Timber, which uses carnauba wax as an ingredient.

• Xtreme foaming carnauba wax by Spartan Chemical Company is used for foaming wash acres. It also further added that foaming hot wax with carnauba produces high gloss, durability, and softness.

Carnauba Wax Market Key Players:

The companies covered in the report include:

1. Spartan Chemical Company, Inc.

2. Turtle Wax

3. Feast Watson

4. Chestnut Products

5. Howard Products 

6. Brasil Ceras

7. Carnauba Do Brasil Ltda

8. Foncepi- Comercial Exportadora Ltda

9. Frank B Ross, Inc

10. J Allcock Son Ltd

11. Kahl Gmbh Co. Kg