Sugarcane Wax Market By End Use Industry (Pharmaceutical, Food, Cosmetics, Paper, Textile and leather, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global sugarcane wax market was valued at $34.5 billion in 2021, and is projected to reach $48.6 billion by 2031, growing at a CAGR of 3.6% from 2022 to 2031.
Sugar cane wax is extracted from bagasse, a by-product filter residue from the production of sugar from stalks of the sugar cane plant. Sugar cane wax comprises mostly of long chain fatty alcohols and some fatty acids also. The wax in its refined form has a light yellowish color, is relatively hard, and has a melting point around 80°C. Historically sugar cane wax was popular as a religious candle wax component but now it is also used in food and cosmetics.
Growing demand for sugarcane wax in the pharmaceutical industry is expected to drive the market expansion over the upcoming years due owing to its favorable pharmacological and biological properties. Sugarcane wax contains long-chain carbohydrates with an OH radical or CHO radical, often known as octacosanal and octocosanol. The lipid content, which is sugarcane wax, is extracted from cane molasses. The wax is hard, but oily to touch, and is devoid of taste or smell, making it very useful as an ingredient in food and as a pharmaceutical excipient, especially in cerates. This factor is anticipated to drive the market growth during the forecast period.
Moreover, sugarcane wax can be applied as a protective coating for leather goods such as shoes, handbags, jackets, belts, and wallets among the others, which helps prevent them from drying out or cracking due to exposure to sunlight or heat; it also helps maintain their original appearance by protecting them against dirt and dust particles that may cause discoloration of the surface of these items over time; it also provides protection against water damage caused by rain or snow when applied on leather goods such as shoes that are not fully waterproofed. These advantages of sugarcane wax in the textile industry will boost the market growth over the projection period.
The sugarcane wax market is segmented on the basis of end-use industry and region. On the basis of end-use industry, the sugarcane market is segmented into pharmaceutical, food, cosmetics, taper, Textile and leather, and others. The regional market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the industry include Huzhou Shengtao Biotech LLC, Cerax, Urikas, Deurex AG, Origen Chemicals, Pharma Base S.A., Azelis, Technochem Projects, Godavari Biorefieneries LTD., Sinova Development CO., LTD. These players have adopted product launch, acquisition, and business expansion as their key strategies to increase their market shares.
IMPACT OF COVID-19 ON THE GLOBAL MINERAL TURPENTINE MARKET
COVID-19 has been spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020. Due to COVID-19 pandemic, transport limitations were implemented, which resulted in reduced industrial production and disrupted supply chains. Thus, affecting the global economic growth by a substantial proportion and severely impacting the personal care ingredient market growth. Companies were not earning any profit as a result of the work stoppage and not only the companies lost the money but they also lost suppliers who were providing the required materials to various companies to be used in the construction sector. All those suppliers also faced huge losses.
There is uneven impact of COVID-19 pandemic on the personal care ingredients market, due to the lockdown implemented in almost every economy across the globe to break the chain of spreading of coronavirus. This resulted in shutting off the operations, manufacturing, distribution, and beauty shops. Thus, there is decrease in demand for cosmetic products from the beauty shops, institutes, salons, and others, which in turn resulted in the sluggish growth in the 2020.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sugarcane wax market analysis from 2021 to 2031 to identify the prevailing sugarcane wax market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the sugarcane wax market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global sugarcane wax market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End Use Industry
Pharmaceutical
Food
Cosmetics
Paper
Textile and leather
Others
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
HUZHOU SHENGTAO BIOTECH LLC
Cerax
EURIKAS
DEUREX AG
Origen Chemicals
Pharma Base S.A.
Azelis
Technochem Projects
GODAVARI BIOREFINERIES LTD.
Sinova Development Co., Ltd
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