Global Shellac Market: Overview
Shellac is obtained from the secretions of resins. They appear in the form of dry flakes which can be dissolved in ethanol to obtain liquid shellac. It is a type of natural plastic and can be easily shaped underweight and heat techniques. It is yellow or brownish-orange in color and has properties of being translucent and shiny. Shellac has varied uses in various sectors such as pharmaceutical, food, and cosmetics industry.
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Global Shellac Market: Segmentation
The global shellac market is segmented into its functional uses, nature of the treatment of crude secretion, end use, application, and geography. On the basis of functional uses of shellac, the market is divided into surface finishing agent, coating agent, and glazing agent. Based on the nature of the treatment of crude secretion, the market is classified into dewaxed shellac, bleached shellac and wax containing shellac. On the basis of end use, the market is segregated into cosmetic industry, the pharmaceutical industry, and food industry. On the basis of applications, the market is divided into abrasives, fruit coating, shellac wax, wood polishing, cosmetics and pharmaceutical applications. Based on geography, the market is diversified into North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa.
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Global Shellac Market: Growth Factors
The shellac market is a growing market owing to macroeconomic factors such as a rise in per capita income, growing young generation population, a rapid rate of urbanization, changes in the lifestyle, and increasing employment rate. Also, the market growth is driven by the rising demand for confectionery products and processed food. In order to increase the application of shellac, there has been an increase in research and development activities which may boost the growth opportunities. However, shortage of shellac, the rise in the price of the products, and high investment costs may cause a hindrance to the growth rate. Also, some people face allergic reactions due to shellac which may further hamper the growth of the market.
Global Shellac Market: Regional Analysis
Geographically, the shellac market is divided into North America, Asia-Pacific, Latin America, Europe and the Middle East and Africa of which the largest share of the market is held by Asia Pacific. This growth can be attributed to the rapidly developing population mostly of young age across the region. China, Japan, India, Australia, and New Zealand are among the countries showing steady growth in Asia Pacific. Following the growth in Asia Pacific is North America. Growth in this region is mainly due to the changing lifestyle of the consumers. European regions account for moderate growth whereas the Latin American and the Middle East and African regions exhibit a generous market growth during the forecast period.
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Global Shellac Market: Competitive Players
Some of the major market players of the shellac market include Ferrotex Ltd., Excom Europe Ltd., Stroever GmbH. & Co. KG, Tawheed Usmani Production Co. Ltd., Licorice Extract Co. Ltd., D. Manoharlal (Shellac) Pvt. Ltd., and Vishnu Shellac Factory.
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