The Rice Bran Wax is obtained from rice bran oil by mostly two processes, deoiling of crude wax oil and the other by hydrogenation of the crude wax oil. The rice bran wax has a high melting point and hard in nature.
Future Market Insights' research indicates that during the estimated period, the rice bran wax market is expected to grow at a CAGR of 6.2%. Forecasts predict that the market will increase in value from 924.1 million dollars in 2023 to 1,686.4 million dollars in 2033.
Many different products employ rice bran wax because it improves the hardness, texture, and strength of the finished goods. It functions well as an oil gelling agent in low concentrations and is used as a binder, thickener, etc. Because of its emollient qualities, rice bran wax is utilised in cosmetic formulations. During the forecast period, the market expansion is anticipated to be driven by the variety of uses for rice bran wax.
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Rice Bran Wax Market Segmentation:
Rice bran wax is segmented on the basis of application as cosmetic, pharmaceutical, industrial and food additive. It is used as food additive in preparation of candy, confectionery, chewing gum and also used to preserve fruits and vegetables by applying thin coating of rice bran wax. In cosmetics, rice bran wax is used as an exfoliating agent and has emollient properties. In pharmaceuticals it is used as an excipient as thickening agent, binding agent, coating, plasticizer and gelling agent. It is mostly used in topical pharmaceutical formulations such as ointments. Rice bran wax has variety of industrial applications including uses in paper coatings, candle manufacturing, electric insulation, waterproofing, carbon paper, printing inks, lubricants, adhesives etc.
Depending upon the suitability in use, different forms can be put into use by different end users. Rice bran wax is thus segmented on the basis of form as powder, beads and solid.
Rice Bran Wax Market Regional Outlook:
Rice bran wax has been used to make candles in the Traditional Japanese culture, the candles are mostly handmade and used as a decorative. The raw material required for the manufacturing of this wax is rice bran which is abundantly grown in the Asia Pacific region, India being the second largest producer of rice after China, but the use of rice for oil and further wax extraction is far much more in China. Furthermore the industrial application of rice bran wax is further expected to see an upsurge in demand in certain rising economies such as Tanzania, Maldives, Myanmar, Cambodia, Bangladesh etc. backed up by high industrialization schemes in the respective countries.
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Rice Bran Wax Market Drivers and Trends
Substantial application in cosmetic products, rice bran wax is used in several cosmetic products, and due to its plant based nature has gained significant attraction. Products such as natural berry lip mask by Primera, mascara by eye of the hour, parlor conditioner by Jeff Chastain uses rice bran wax to increase body, suppleness, and sheen of the product.
Rice bran provides a renewable alternative to certain products of petroleum origin. Rice bran, which is derived from rice is cultivated on a large scale all over the globe, by the use of this natural renewable source a wide range of products can be derived. The wax derived from rice bran is already being used in cosmetics, confectionaries, fruits and vegetables preservation etc. There is further a scope to meet the increasing demand of products used for surface coatings, lubricants etc., by the use of renewable sources. The concerns on finding renewable products is on the factor expected to drive the market growth.
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Rice Bran Wax Market Key Players:
Some of the key manufacturers providing rice bran wax include; Poth Hille & Co Ltd., A.F. SUTER & CO. Ltd., Paras Group (Paras Vanaspati Pvt.Ltd.), Croda International Plc., H Foster & Co Ltd., Strahl & Pitsch, Inc., Nexira SAS (Starlight Products SA).
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Feb 03, 2023
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