Slack Wax Market size is forecast to reach $857 million by 2025, after growing at a CAGR of 5% during 2020-2025, owing to the rising usage of slack wax in the production of a wide range of products such as emulsions, construction board, matches, candles, glass wool, textile treating, weed bars, matches, soil or turf protection, fireplace products, chemicals, and fertilizers. The demand for slack wax is increasing in varied industries due to its extensive set of characteristics such as high paraffin contents, light color, high flash points, and non-staining properties. On applying externally, the slack waxes functions as dust suppressants or controlled-release agents for rust protective products, and waterproofing agent, which is anticipated to drive the slack wax market substantially during the forecast period.
By Grade – Segment Analysis
The slack wax light grade (50-52o C) segment holds the largest share in the slack wax market in 2019, as they are soft and adheres well to the sides of containers. The slack wax light grade is lighter than heavy slack wax due to which it is preferred over high grade for many products such as wax emulsions, composite wood panels, and paraffin waxes. Also, often slack wax light grades are used in applications such as rust protection products, binders, water-proofing in artificial woods, matches, candles, industrial lubricants, arena footing, soil, or surf protection, and fireplace products. An increase in the consumption of consumer goods such as matchstick boxes and candles are the key factor anticipated to boost the demand for light grade slack wax during the forecast period.
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By Application – Segment Analysis
The paraffin wax application holds the largest share in the slack wax market in 2019 and is growing at a CAGR of 5.4%, owing to the extensive usage of slack wax as a key raw material to manufacture paraffin wax. There is an increasing demand for slack wax for paraffin wax as when applied to the skin, it adds moisture, helps open pores, and removes dead skin cells, which helps in making the skin look fresher, supple and feel smoother. Also, it has therapeutic benefits that help in relieving pain in osteoarthritis, rheumatoid arthritis, fibromyalgia, and other joint mobility issues and acts as a form of heat therapy by relaxing the muscles, increasing the blood flow and decreasing the joint stiffness. Moreover, there is an increasing demand for paraffin wax as they can minimize muscle spasms, inflammation, and sprains, which is anticipated to propel the slack wax market during the forecast period.
By Geography – Segment Analysis
Asia Pacific region holds the largest share in the slack wax market in 2019 up to 45%, owing to the increasing demand of paraffin wax in the region. The demand for paraffin wax is increasing in the region for manufacturing products such as scented candles, construction boards, rust protective products, moisture vapor barriers, carbon paper, matchstick boxes, and more, which is augmenting the slack wax market in the region. According to International Trade Administration China is the 10th largest market for U.S. personal care and cosmetics exports, with U.S. products exports totaling $345.3 million in 2015. According to India Brand Equity Foundation (IBEF), the market size of India’s beauty, cosmetic and grooming market was $6.5 billion in 2016 and it is projected that it will reach $20 billion by 2025. According to Assocham, the rise in the middle-class disposable incomes and people’s growing aspirations to live a good life and look good is increasing the cosmetics market, which is anticipated to further drive the slack wax market in the Asia Pacific during the forecast period.
Drivers – Slack Wax Market
Increasing Demand from the Cosmetic Industries
The consumers are shifting towards the natural cosmetic products for quality beauty products, slack wax is the primary raw material for the manufacturing of cosmetics and personal care products such as baby creams, nail care, lipsticks, fragrances, sunscreen, and facial makeup. Slack wax enhances the strength and stability of stick products by reducing the fragility. Moreover, the extensive characteristic of slack wax offers protection against water loss, UV-radiation, and parasites. The wide applications of slack wax such as solid perfumes, cosmetics creams, beauty masks, protective creams for industrial workers, antiperspirants, hair preparations, facial care, and beauty products in the cosmetic industry acts as driver for the slack wax market during the forecast period.
Increasing Demand for Slack Wax from Various Industries
The Slack Wax has various advantages due to which they are being extensively used as a raw material in different industries. Slack Wax is being widely used in the paraffin wax and food industries. Slack Wax is also being used in various technical applications such as candle industry, rubber industry, match industry, PVC industry, and more. There is an increasing demand for slack wax for manufacturing wax emulsions which is used in the wood composites such as flakeboard, wafer board, particleboard, and strand board. Slack wax is being extensively used to manufacture paraffin wax which on applying provides pain relief to sore joints & muscles and loosen up hand & finger joints before exercise. The wide usage of slack wax in various industries acts as a driver for the slack wax market during the forecast period.
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Challenges – Slack Wax Market
Unfavorable Government Regulations for Slack Wax Market
The slack waxes are obtained from lubricating oil, which possesses high oil content. The group I base oils are a major source of slack wax and are produced through solvent refining of petroleum crude oil, which is a refining process that is simple and cheap. In 2019, the Environmental Protection Agency (EPA) issued a decision to retain the existing primary National Ambient Air Quality Standard (NAAQS) for sulfur dioxide (SO2). The base oil industry has experienced fundamental changes since the last few years, owing to the stringent government regulations on sulfur emission. The group I base oils has greater than 0.03 percent sulfur, which has resulted in a decline of group I oils demand and a rapid increase in group II, III, IV base oils production. Thus, the consistent decrease in the production capacity of group I oils may act as a restrain for the slack wax market during the forecast period.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the slack wax market. Major players in the slack wax market are Exxon Mobil Corporation, PT Pertamina, ATDM Co. Ltd., Industrial Raw Materials LLC, Hase Petroleum Wax Co. Ltd., Alpha Wax, Royal Dutch Shell PLC, BP PLC, IRPC Public Company Limited, and China Petroleum & Chemical Corporation.
In January 2020, Awax Group announced its acquisition of the Alpha Wax to boost the service platforms in the Europe and United States.
In September 2019, Alpha Wax started supply of group II “Fenix Process Oils” and group III ”Siren Baseoils” from its tank storage in Rotterdam to meet the increasing demand for higher quality motor oils for improved engine performance from the North American and European base oil buyers.
Asia Pacific dominates the slack wax market, owing to the increasing demand from personal care and cosmetics products in the region because of strengthened safety regulations on cosmetic products by the government such as Hygienic Standard for Cosmetics (2007) and Guideline of Cosmetic Ingredients Application and Review (2011).
Slack wax is a blend of oil and wax, derived from lubricating oils. It is a crude wax formed by chilling and solvent filter-pressing the wax distillates. Also, slack wax serves as feedstock and is also refined and blended to form value-added petroleum wax products.
The slack wax might cause cancer, according to the harmonized classification and labeling (CLP00) approved by the European Union, which is anticipated to be a hindrance to the slack wax market during the forecast period.
Due to the COVID-19 Pandemic, most of the countries have gone under lockdown, due to which operations of various industries such as cosmetic and oil & gas has been negatively affected, which is hampering the slack wax growth.
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