Slack Wax Market: Overview
Slack wax is a complex combination of hydrocarbons that are obtained from a petroleum fraction through the process of solvent crystallization or as a distillation fraction from waxy crude. Slack wax is a petroleum product, which is also a raw material used in the manufacture of paraffin wax. Slack wax is a mixture of oil and wax, which is brown and yellow in color. In order to produce paraffin wax, slack wax is processed by pressing (so as to decrease the oil content) and discoloring by using a special powder. Slack wax has 5% to 30% of the oil content, depending on type of the product. Slack wax is available with a wide range of congealing and melting points.
Slack Wax Market: Drivers & Restraints
The slack wax market is driven by rise in the demand for paraffin wax in the cosmetics & personal care industry. Slack wax provides advantages such as rust protection and turf protection. This is expected to provide growth opportunity to the slack wax market during the forecast period. Slack wax is largely produced and consumed for the production of paraffin wax. However, high refinery costs involved in the production of slack wax hampers the slack wax market.
Slack Wax Market: Key Segments
Based on application, the slack wax market can be segmented into cosmetics, candles, polishes, canvas coatings, carbon paper, paraffin manufacturing, fuel industries, construction boards, emulsions, and inks. Slack wax is most commonly used in wax emulsions and as a binder and waterproofing agent in artificial wood. It is also used as a packaging material in steel and plastic drums.
Based on grade, the slack wax market can be segregated into light grade and heavy grade. Slack wax is extracted from refinery raffinate, after processing this product with solvents they are used for various application, these are mostly obtained from lubricating oils. Slack wax has up to 35% of the oil content. Heavy-grade slack wax is usually processed into semi-refined paraffin wax. It contains oil in high weight percentage. It is employed in candles, rubbers, adhesives, and hot melts. Light-grade slack wax is used in cosmetics and food industries.
Slack Wax Market: Regional Outlook
Based on region, the global slack wax market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is the leading market for slack wax and the region is expected to continue its dominance throughout the forecast period. The increasing number of new beauty products and rising concerns regarding good looks and appearance have led to significant rise in the demand for beauty products and cosmetics in the region. Asia Pacific has become a major consumer and producer of slack wax. The production of slack wax in the region has increase significantly. The region has become a hub for exports of cosmetics and personal care products to developed nations such as the U.S. North America and Europe are expected to dominate the global slack wax market throughout the forecast period. Countries such as South Korea and Indonesia are expected to witness rapid rise in the demand for personal care products, due to growth of the cosmetics industry in these countries. The slack wax market in Middle East & Africa is expected to expand at a steady pace during the forecast period.
Slack Wax Market: Key Players
Key players operating in the global slack wax market are CNPC, Sinopec, Thai Oil, Pertamina, Iranol Oil, American Refining Group, IRPC, BP, H&R Gruppe, Shell, and Exxon Mobil.