The global slack wax market was valued US$ 655 Mn in 2019 and is expected to reach 989 Mn by 2027, at a CAGR of 4.5% during a forecast period.
To know about the Research Methodology :- Request Free Sample Report
global slack wax market Definition:
Slack wax is derived from lubricating oils and is less refined high oil products. These high oils have relatively high oil content and processed further to produce more refined waxes. Slack Wax is a translucent crystalline material in the solid-state and a yellow, clear liquid when molten. Slack wax varies from light to heavy grades based on its melting point. Melting point 50-52˚C is categorized in light grades and 53-55 ˚C is the heavy grade, and their oil content ranges from 5.0% to as much as 35%.
The report study has analyzed the revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers, and disrupters in the report, and the same is reflected in our analysis.
global slack wax market Drivers and Restraints:
Growth in the cosmetic industry and high demand for the beauty product by the growing population is expected to drive the market demand in the coming years. The personal care and cosmetic sector are considered as one of the key market drivers and the major applicant of slack wax across the globe. It is widely used as emollient, binder, viscosity agent with the active ingredient at the time of formulation. Bending interest of the adult population will intensify the pressure on the manufacturers to develop new beauty products and attract the consumers towards this advancement and thus is expected to boost the market growth in the coming years.
Moreover, the general characteristic of slack wax offers protection against UV-radiation, water loss, and parasites. The extensive applications of slack wax include beauty masks, solid perfumes, cosmetics creams, antiperspirants, protective creams for industrial workers, hair preparations, facial care, and beauty products in the cosmetic industry are contributing as a driver for the slack wax market growth during the forecast period. Various end-users are widely accepting targeted material as a raw material in different sectors like it is widely utilized by food and paraffin sector. From the technical application sector, slack wax is being used by the rubber industry, PVC industry, candle industry, and match industry. Above mentioned all the major applications and wide usage of slack wax in various industries act as a driver for the global slack wax market during the forecast period.However, available substitutes and high refining cost of slack wax is expected to hinder the market growth.
global slack wax market Segment Analysis:
By Applications, the paraffin wax application segment is projected to expand at a constant rate. The same segment is also composed to acquire a share of 45% by the end of 2027. this application segment holds the largest share. The essential application of slack wax is observed as the slack wax market in 2019 is growing at a CAGR of 4.3% due to extensive usage of slack wax as a key raw material to manufacture paraffin wax and expected to register a steady growth during the forecasted period. The demand for the global slack wax market is increasing as the demand for paraffin wax is increasing from various industries. Paraffin wax is extensively used in the manufacture of various products such as candles, polishes, wax papers, cosmetics, and electrical insulators. Hence, the growth in demand for the above-mentioned properties and application is expected to have a positive impact on the demand for slack wax in the coming years.
global slack wax market Regional Analysis:
Regionally, Asia Pacific is expected to dominate the global slack wax market and is expected to grow at a CAGR of XX % during the forecast period. Developing regions like India, China, and Japan are considered major contributors to the slack wax market growth in the Asia Pacific region. India, China, and Brazil are focusing mainly on improving their infrastructure and promoting their manufacturing industry, which will increase the construction boards’ demand and ultimately driving the slack wax market size by 2027. Increase in the usage of industrial products such as scented candles, matchstick boxes, moisture vapor barriers, rust protective products, polishes, inks, and carbon paper is projected to drive the demand for paraffin wax, thus pushing the slack wax market in the Asia Pacific.
North America will also generate several incredible growth openings to the overall market in the coming years though, the cosmetic industry in North America is expected to be the key growth driver for the regional market.
The objective of the report is to present a comprehensive analysis of the Global Slack Wax Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
Technology Launches and Industrial News:
• 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 encounter the increasing demand for higher quality motor oils for improved engine performance from the North American and European base oil buyers.
• In January 2020, Awax Group announced its acquisition of the Alpha Wax to improvise the service platforms in the United States and Europe.
The report also helps in understanding Global Slack Wax Market dynamics, structure by analyzing the market segments and project the Global Slack Wax Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Slack Wax Market make the report investor’s guide.
Scope of global slack wax market: Inquire before buying
Global Slack Wax market, By Grade
Global Slack Wax market, By Application
• Construction Boards
• Candle Manufacturing
• Paraffin Wax
Global Slack Wax Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
Key Players Operating the Slack Wax Market,
• Exxon Mobil
• HandR Gruppe
• American Refining Group
• Iranol Oil
• Thai Oil
• Exxon Mobil Corporation
• Royal Dutch Shell plc.
• Sasol Limited
• RAHA Paraffin Company
• American Refining Group, Inc
For More Information Visit @:https://www.maximizemarketresearch.com/market-report/global-slack-wax-market/65974/
This Report Is Submitted By : Maximize Market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high gr owth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.