ALBANY, N.Y, Nov. 18, 2020 /PRNewswire/ -- Transparency Market Research has now published a new research report that offers a detailed information about the global slack wax market. The research report tries to offer meaningful and actionable insights about the key segments, prominent growth drivers, restraining factors, geographical outlook, and the current situation of the vendor landscape of the global market.
According to the research report, the global slack wax market is projected grow at slow CAGR of ~2% over the course of the given forecast period of 2019 to 2027. The market was expected to produce ~4 thousand kilo tons in 2019. With the given rate of growth, the global slack wax market is projected to reach a valuation worth US$4.3 Bn by the end of 2027.
There are several factors that are responsible for the growth of the global slack wax market. One of the key factors has been the increasing use of slack wax as a raw material for manufacturing natural cosmetics.
In recent years, people are trying to move on from synthetic cosmetics and switch to natural ones. As such, there has been growing demand for their production, and thus making a positive impact on the overall growth of the global slack wax market.
Slack wax reduces the fragility of stick products by enhancing their strength and stability. Besides this, the desirable qualities of slack wax that offer protection against water loss, UV-radiation, and parasites have been gaining ground in the industry for the formulation of cleansers, conditioners, emulsifiers, and solubilizing agents.
The implementation of stringent government regulations on the emission of carbon dioxide, carbon monoxide, sulfur, and other particulate matter has compelled oil & gas companies to invest in better technologies for the production of efficient and cleaner group II and group III base oils.
Thus, decline in the production capacity of group I base oils, high prices of raw materials because of strict government policies on sulfur emissions, and concentrated focus on natural wax and synthetic paraffin wax are likely to restrain the global slack wax market.
Global Slack Wax Market – Geographical Segmentation
There are five key regions of the global slack wax market. These regions are North America, Latin America, Asia Pacific, Europe, the Middle East and Africa.
In terms of value, Asia Pacific held a major share of more than 30% of the global slack wax market in 2018.
China, Japan, and some countries in the ASEAN region are leading markets in Asia Pacific.
Rise in the usage of scented candles, construction boards, matchstick boxes, moisture vapor barriers, polishes, inks, and carbon paper is expected to drive the demand for paraffin wax, thus, fueling the slack wax market in Asia Pacific.
Global Slack Wax Market – Key Players
Exxon Mobil Corporation, Royal Dutch Shell plc. Sasol Limited, Polwax S.A., PT PERTAMINA, HollyFrontier Corporation, RAHA Paraffin Company, and IRANOL Oil Co are some of the key players in the global market.
Polyethylene Wax Market - In terms of value, the global polyethylene wax market was stood around US$ 300 Mn in 2018 and is anticipated to expand at a CAGR of more than to 3.0% from 2019 to 2027. In terms of application, plastic additives & lubricants segment held a major share of the market in 2018 owing to the wide application of plastics in various end-use industries where plastic additives such as plasticizers, flame retardants, antioxidants are widely used in making plastics for various application. Based on region, Asia Pacific held major share in 2018 and is expected to grow at significant rate of more than 3% compared to other region between 2019 and 2027. Presence of various end-user industries such as packaging, rubber, plastics, cosmetics and others where polyethylene wax are majorly utilized is the major factor which drives the demand for polyethylene wax in Asia Pacific.
Wax Market - In terms of product types, the report segments the global wax market into petroleum and mineral wax, synthetic wax, and natural wax. Petroleum and mineral wax has been sub-segmented into microcrystalline wax, paraffin wax, and other petroleum and mineral waxes. Synthetic wax has been categorized into polymer wax, GTL wax, and others. Natural wax has been segmented into vegetable wax, bee wax, and other natural wax. In 2018, petroleum and mineral wax was the largest product segment in the market. However, during the forecast period, synthetic wax is expected to be the fastest growing product type as it resembles petroleum to a large extent and can be used as a substitute for petroleum wax across a number of applications. Synthetic wax held a share of 11% in the market in 2018. In the coming years, the natural wax segment is expected to register moderate growth.
Chlorinated Paraffin Wax Market - The growing prospect in the market has been underpinned to a substantial extent by the strides made the flame retardant industry. The market has contributed to a significant share of about 12% in the industry. The demand dynamics is influenced by the rapid uptake of low-cost flame retardant additives for a wide range of materials in various industries around the world. Moreover, the chlorinated paraffin wax market has seen new potential from advances being witnessed in the synthesis of the various formulations as well as the adoption of better manufacturing technologies.
Montan Wax Market - Increase in usage of montan wax in coating agents is estimated to propel the montan wax market during the forecast period. Demand for montan wax is rising, as it constantly delivers outstanding performance and benefits in the coating agents segment. Montan wax is widely used as coating agents in automotive coatings, furniture coatings, and fruit coating. The lubricants segment also holds significant share of the global montan wax market, as this wax is used as lubricant in various machinery and plastic processes, especially for engineering plastics.
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