The Rice Bran Wax Lubricant Market Size is valued at USD 394.6 million in 2023 and is predicted to reach USD 585.3 million by the year 2031 at a 5.2% CAGR during the forecast period for 2024-2031.
Rice bran wax is extracted or pressed after being separated from the grains to produce rice bran oil, which is used to make rice bran wax. During refining, wax is removed from crude rice bran oil by dewaxing. It is mostly made up of fatty acid esters with increased alcohol content, including palmitic, stearic, behenic, and lignoceric acids. Two different processes are used to make rice wax: hydrogenating and deoiling crude rice wax oil. It functions in skincare, hair care, and cosmetic goods as a thickening, binder, plasticizer, and gelling agent. Another raw ingredient for making lubricants is crude rice bran wax. The market for rice bran wax lubricant is expanding due to rising environmental consciousness and the need for sustainable substitutes. It is anticipated that as research and development continue, rice bran wax lubricants will become more accessible, reasonably priced, and perform better, making them a more appealing choice for a range of applications.
The COVID-19 pandemic, along with factors including regulatory compliance, consistency, standardization, restricted supply, and competition from synthetic lubricants, could hinder the target market's growth over the projection period. Furthermore, the market for rice bran wax lubricant is anticipated to rise steadily because of its special qualities, rising consumer demand for natural and biodegradable products, and growing applications in a range of industries.
Competitive Landscape
Some Major Key Players In The Rice Bran Wax Lubricant Market:
- F. SUTER & CO. Ltd.
- Croda International Plc.
- Deqing Weikang
- Frank B. Ross
- H Foster & Co Ltd.
- HUZHOU SHENGTAO BIOTECH LLC
- Huzhou Shuanglin Shengtao Vegetable Fat Factory
- JRS Pharma
- King Rice Oil Group
- Koster Keunen
- Likang Weiye
- Modi Naturals
- Nexira SAS
- Paras Group
- Poth Hille
- Ricela Health Foods Ltd.
- Starlight Products
- Strahl&Pitsch
- The British Wax Refining Company Ltd.
- Other Market Players
Market Segmentation:
The rice bran wax lubricant market is segmented on the basis of grade and end-use. Based on grade category, the market is segmented as food grade, industrial grade, and pharmaceutical grade. The end-use segment includes automotive, food and beverage, cosmetics and personal care, pharmaceuticals, chemicals, and others.
Based On Grade, The Industrial Grade Segment Is Accounted As A Major Contributor To The Rice Bran Wax Lubricant Market.
The industrial grade category is expected to hold a major share of the global rice bran wax lubricant market in 2023. Rice bran wax lubricants of the industrial grade are specially designed to satisfy the rigorous specifications of industrial applications. The market for rice bran wax lubricant is expected to expand significantly as businesses look for high-performance, environmentally friendly lubricating options. The automotive industry is the primary consumer of lubricants. The OICA reports that 8,01,45,988 motor vehicles were produced worldwide in 2021. It is anticipated that rising consumer disposable income will increase the market for lubricants used in car maintenance. The global automotive market climbed to approximately 66.7 million units in 2021 from around 63.8 million units in 2020 as a result of the normalization of conditions following the COVID-19 pandemic. Thus, it is anticipated that the market for industrial-grade rice bran wax lubricants will expand in response to rising automotive demand globally.
The Pharmaceuticals Segment Witnessed A Rapid Growth.
The pharmaceuticals segment is likely to grow at a rapid rate in the global rice bran wax lubricant market owing to rising knowledge of the advantages of using natural and sustainable components in pharmaceutical applications, together with a growing demand for them. The pharmaceutical sector may find new and inventive uses for rice bran wax as research and development continue.
In The Region, The Asia Pacific Rice Bran Wax Lubricant Market Holds A Significant Revenue Share.
The Asia Pacific rice bran wax lubricant market is expected to recordthe highest market share in terms of revenue in the near future. This is explained by consumers' growing inclination for ecological and sustainable goods. The fast growth of the food business, especially in Asia, is pushing up demand for lubricants that adhere to stringent food safety standards. Because it is edible and non-toxic, rice bran wax is a good option for lubricating food processing equipment, among other uses. A large number of Asian nations have laws and policies that support the use of renewable and natural resources. The use of rice bran wax lubricants in a variety of industries is encouraged by this advantageous environment. Rice bran wax is readily available due to the robust rice production in the Asia Pacific region. This promotes local economic growth and lessens reliance on imports.
Rice Bran Wax Lubricant Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 394.6 Mn |
|
Revenue Forecast In 2031 |
USD 585.3 Mn |
|
Growth Rate CAGR |
CAGR of 5.2% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn, Volume (Tons) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Grade And End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
JRS Pharma, Poth Hille, Ricela Health Foods Ltd., HUZHOU SHENGTAO BIOTECH LLC, and The British Wax Refining Company Ltd., Koster Keunen, King Rice Oil Group, Strahl&Pitsch, Modi Naturals, Frank B. Ross, Starlight Products, Deqing Weikang |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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