Industry Outlook and Trend Analysis
The Carnauba Wax Market is predicted to garner lucrative market share by 2025, while registering itself at a significant compound annual growth rate CAGR during the forecast period. The interest for chewy confectionery, for example, chewing gums and jellies, majorly in Asia Pacific by virtue of expanded consumption by the youth, is anticipated to support the interest for carnauba wax over the figure time frame. The major parts of manufacturers are based out of Brazil because of the wide availability of raw materials in the area. The raw material providers are associated with the extraction of the wax from the leaves of the Brazilian palm tree at an area outside to wax processing and filtering. The processing and filtering of the wax do not affect the capital, prompting low cost of setup for the makers in the space. The extraction and handling prompt a higher work cost as it is labor intensive.
Product Outlook and Trend Analysis
In 2015, type 1 represented over USD 92 million. It is the purest type of the product and has popularity in specialty applications such and food and pharmaceutical products. It is majorly utilized in the manufacturing of premium automotive wax formulations, which are utilized for upgrading the shine of automotive bodies and enhancing their appearance. Expanding interest for the product in fruit coatings is anticipated to drive the interest for the product. Type 3 and type 4 waxes have a dark color and discover use in car applications, leather tanning industry, and industrial polishes.
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Application Outlook and Trend Analysis
The food industry represented more than 18% of the worldwide income because of the developing usage of carnauba wax in fruit coatings and confectionery. Expanding demand for such products by virtue of developing discretionary income combined with developing inclination towards high value, wax treated foods is anticipated to drive the request over the figure time frame. The automotive application represents a major share of the business by virtue of appeal premium shine wax.
Regional Outlook and Trend Analysis
The demand is anticipated to be restricted in North America and Europe because of high market development. The interest for the product is foreseen to be driven by expanding utilization of automotive care waxes. The development of the automotive care sector by virtue of expanding sales of cars combined with the rising sales of pre-used autos is probably going increase the demand for the product. The development is anticipated to be driven by the increasing usage of the product in Asia Pacific attributable to rapid industrialization, which is prompting the advancement of different application ventures in the area.
Competitive Insights
The leading players in the market are Carnaúba do Brasil, Tropical Ceras do Brasil, Foncepi Comercial Exportadora Ltda, Pontes Indústria de Cera Ltda and Brasil Ceras. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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The Carnauba Wax Market is segmented By Regions as follows-
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Rest of Asia-Pacific
South America
Brazil
Argentina
Columbia
Rest of South America
Middle East and Africa
Saudi Arabia
UAE
Egypt
Nigeria
South Africa
Rest of MEA
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2025?
What will be the industry market growth from 2015 to 2025?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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