Increase in environmental concerns and emphasis on human health are the major factors driving the usage of vegetable waxes in major industrial processes. Vegetable waxes are natural occurring substances that do not contain toxins causing health hazards. Increase in cost of paraffin waxes is also encouraging the usage of natural waxes in most industries. Natural waxes can be utilized in various fields such as pharmaceuticals, inks, cosmetics, polishes, foods, candles, paper surface coatings, polymer processing, and fruit surface coatings. Chemical composition of most natural wax consists of oleic acid, stearic acid, palmitic acid, and triglycerides. Vegetable waxes used in major industrial processes include carnauba wax, Candelilla wax, soya wax, sunflower, and other vegetable waxes.
Carnauba wax, one of the important vegetable waxes, is widely utilized in the manufacture of various end products. Carnauba wax is obtained from the leaves of a palm tree, which grows in the equatorial climate. Leaves from the palm trees are dried and thrashed mechanically to remove crude wax. The separated wax is then purified by heating it over the water to obtain pure carnauba wax. Carnauba wax is generally known as one of the hardest natural waxes with highest melting point.
Candelilla wax is another type of vegetable wax, which has resin content of 20% and hydrocarbon content of 45%. The thin waxy layer covers the surface of Candelilla plant, which yields a hard and brittle wax as by-product. Plant leaves are treated with sulfuric acid and boiled in open vessels to obtain the purified form of the wax. Soya wax is produced from the catalytic hydrogenation of soya oil at high temperature. This causes poly and monounsaturated oils to become more viscous. They also solidify to produce soya wax. Soya wax is widely used in inks, candles, soaps, dental floss, and lotions.
Unrefined flower oil produces a creamy white wax, when it is subjected to crystallization process. Sunflower wax is non-hydrogenated wax with high fatty acid. It is used in emulsifiers, cosmetics, and foods. Ouricury wax is another type of vegetable wax obtained from feather palms. It is widely used in making carbon paper coloring agents and polishes. Other vegetable waxes include raffia wax, caranday wax, esparto wax, alfalfa wax, columbia wax, bamboo wax, flax wax, cotton wax, hemp wax, rice wax, and rapeseed oil wax. Rise in environmental concerns around the world and increase in cost of waxy raw materials in various industries such as olefins are the major factors driving the vegetable wax market. Fluctuation in prices of crude oil, difficulty in the management of plantation, and the long time required for plantation are the major factors restraining the vegetable wax market. Major countries in Latin America offer significant potential for the production of vegetable waxes, due to the presence of abundant resources and vegetation.
The vegetable wax market is projected substantially to expand in countries in Southeast Asia and North America. Demand for vegetable waxes in matured economies such as North America and Europe is driven by the rapid expansion of food & beverages, pharmaceuticals, and cosmetics industries in these regions. Brazil, Argentina, India, and China are the major potential suppliers of vegetable waxes as new market centric policies and government outlook support the production of vegetable waxes in these countries.
Major global producers of vegetable wax are Cargill, Kline & Company, Faith Industries, Dow Corning, BASF SE, and Akzo Nobel. Cargill is one of the key global players in the vegetable wax market. Changing environmental norms and rising demand for cleaner raw materials are likely to boost the market for vegetable wax in the near future.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.