Carnauba wax is the refined wax that we get from the fronds of the palm tree native to Brazil, also known as the Copernicia cerifera. Its colour can range from a pale yellow to white, depending on how much it has been refined. It has a high melting point, is hydrophobic, and hypoallergenic in nature. Carnauba provides a high gloss finish in formulations, makes products waterproof and wear resistant. Due to its properties, it can be used as a key ingredient in varied applications which include, cosmetics, car polishes, hard wood floor polishes, release agents and tablet coatings for food and pharmaceutical products.
Carnauba Wax Market Outlook
- The consumption of carnauba wax has been witnessing a surge in the recent years. This is in line with the growing demand for the key end products like personal care and cosmetics, thus covering a wide range including most consumer goods. This is indicative of the diversity of the product and is a key factor driving its growth.
- Further, the recovery in the global economy forecast for the coming years would increase the value of carnauba wax used in other applications like automotive.
- Growing consumer interest in products with natural ingredients as well as awareness about its health benefits would drive growth in the market. Likewise, a growing body of evidence suggests the harmful effects of chemicals widely present in a large number of regular use products has on the body. This has driven consumers to opt for products with natural ingredients like carnauba wax.
Carnauba Wax Market Regional Highlights
- Growing disposable income in the emerging regions of Asia Pacific and Latin America on the back of an economic expansion would bring hitherto unaffordable products within reach. These include a range of premium personal care items which use carnauba wax. This would lead to the region witnessing the fastest growth over the forecast period from 2020 to 2026 among its global peers with regard to the value of carnauba wax consumed.
- Further, North America and Europe dominate the market currently in 2019 owing to the favorable economic and demographic conditions.
Carnauba Wax Market Segmental Overview
- The T1 grade of carnauba wax is used in cosmetic products. Its hardness is particularly advantageous as it can be used to raise the melting point of the final product, has moisturizing and hypoallergenic properties and also produces a glossy finish. It is widely used in a range of cosmetic and personal care formulations like lipsticks and mascaras.
- Carnauba powder is widely used in the confectionery and pharmaceutical sectors as a coating on sweets and tablets. Another type of carnauba powder is a multipurpose one which can be spray-dried and can be used towards imparting gloss and hardness to tablets and candies.
- Carnauba wax is widely used and preferred for making car polishes and is said to be superior to the regular paint sealants for the same purpose as carnauba wax as the latter produces a better and a more durable shine. When used in formulations for stick products, for instance deodorants, lipsticks, or stick foundations, the combination of carnauba wax with any other wax helps to boost the density of the lipids. This allows the products to retain their solid structures as they glide across the skin.
Carnauba Wax Market Key Players
The major companies operating in the carnauba wax market include Akrochem Corporation, Brasil Ceras, Carnaúba do Brasil, KahlWax, Koster Keunen, NOREVO, Pontes Industria, Poth Hille, PVP Sociedade Anônima, Strahl & Pitsch, Inc, TENZI Sp. z o.o., TER HELL & Co. GmbH, and The International Group, Inc. among others.
The key players in the carnauba wax market are keeping their ears to the ground so as to not miss out on any upcoming market developments. Keeping a pulse of the rapidly changing consumer behavior would benefit the makers and would enable them to stay ahead of the curve to obtain a competitive edge in a dynamic market. In this regard, new product development and adopting sustainable manufacturing practices is a leading strategy being adopted by the manufacturers given the nature of the market.
