Shellac Market: Overview
Shellac is a resin used in wood finishes and food glaze. It is also used as colorant in various applications such as hair spray, sealing wax, and abrasives. Shellac is environmental-friendly solvent, as it is highly soluble in ethyl or denatured alcohol. It has quick dry time compared to oil-based wood finishes. Shellac has limited shelf life and does not fade under UV rays or oxidize over time. It is also used in industrial applications such as inks, floor polishes, leather dressings, and electrical insulation. According to the U.S. Federal Drug Administration (FDA), shellac is proven to be environmentally safe. Thus, it can be used to coat candies, fruits, pharmaceutical drugs, etc.
Shellac Market: Key Segments
The global shellac market can be segmented based on product, functionality, and application. Based on product, the shellac market can be divided into wax containing shellac, bleached shellac, and de-waxed shellac. In terms of functionality, the shellac market can be segregated into glazing agent, coating agent, and surface finishing agent. Glazing agents are widely used in confectionary, chocolates, wood treatment, and nail paints. Based on application, the shellac market can be classified into paints & coatings, food & beverages, cosmetics, pharmaceutical, and industrial. Rise in demand for processed food and confectionary products is boosting the demand for shellac in the food & beverages industry.
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Shellac Market: Trends & Demands
Increase in demand for glazing agents in the food & beverages industry for various applications such as coffee beans, bread, nuts, and citrus fruits is driving the global shellac market. Growth in urbanization, changing lifestyle, and increase in per capita income in developing economies such as India, China, Vietnam, and Mexico is expected to propel the global shellac market during the forecast period. Rise in demand for shellac with improved luster in various applications is compelling manufacturers to develop shellac with improved properties. This is estimated to boost the shellac market in the near future. For instance, in 2016, manufacturers improved the quality of shellac by blending it with novolac, typically for the metal industry. Shellac offers improved dirt and moisture resistance. Low production volume and high investment cost are estimated to restrain the shellac market during the forecast period. However, rise in demand for shellac in other applications such as nail paints and wood vanishes is projected to provide lucrative opportunities to shellac manufacturers across the globe.
Shellac Market: Regional Outlook
In terms of region, the global shellac market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is the leading consumer of shellac, followed by Europe and North America. Increase in urbanization and industrialization across ASEAN, India, and China is likely to propel the demand for shellac in Asia Pacific. Rapid growth in the paints & coatings industry, typically in China, India, and Vietnam, is expected to provide lucrative opportunities to manufacturers of shellac in Asia Pacific. Increase in demand for confectionary products and processed food in the U.S. and countries in Europe such as France, the U.K., Italy, and Germany is anticipated to drive the shellac market during the forecast period. Middle East & Africa and Latin America are highly dependent on import of shellac. Low product awareness and high manufacturing costs are likely to affect the shellac market in these regions during the forecast period. However, rise in demand for shellac in cosmetics and paints & coatings industries in Middle East & Africa and Latin America is anticipated to boost the shellac market during the forecast period.
Shellac Market: Key Players
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Key players operating in the global shellac market are Ferrotex Ltd., Excom Europe Ltd., Stroever GmbH. & Co. KG, Tawheed Usmani Production Co. Ltd., Licorice Extract Co. Ltd.
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