Published on : Nov 15, 2019
Albany, New York, November 15, 2019: Slack wax is used in production of paraffin wax as a key ingredient. It has high oil content of about 5% to 3.5% as it is made from lubricating oils. It is used as raw material in manufacture of variety of products including personal care products such as baby creams, fragrances, sunscreen and lipsticks along with cosmetic products.
Paraffin wax consumes slack wax to a great extent and is expected to dominate the market for the forecast period. Increase in paraffin wax demand for multiple applications including candle making, wood impregnation products and anti-caking agent, drives the global slack wax market.
Although consumption is high, the global market is facing challenges in form of stringent government regulations. Strict regulations on emission of various gases including carbon dioxide, Sulphur and carbon monoxide compel manufacturers and industry heads to use better technologies in group II and group III base oils production to get cleaner products. Such strategies have declined group I base oil’s production which is a major source of slack wax. Declining preference of group I oil has negative impact on global slack wax market. Increase in focus towards other viable alternatives like synthetic paraffin wax and natural wax hinder the growth of global market.
Global slack wax market is expected at a ?2% CAGR for the forecast period 2019-2027. The major global market share was owned by light grade of slack wax in the year 2018.
Asia Pacific leads market
An intelligence report titled, “Slack Wax Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027”is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository
Asia Pacific held the major global market share in 2018 owing to increased use of various products that include scented candles, polishes and carbon paper. Major stake holders of slack wax market are actively expanding their market presence. HollyFrontier Corporation acquired Sonneborn US Holdings Inc. to expand its geographical foot print.
Other key players in global slack wax market include Exxon Mobil Corporation, PT PERTAMINA, RAHA Paraffin Company and Royal Dutch Shell plc. Sasol Limited.
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Global slack wax market: Research Methodology
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