Global slack wax market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Escalating Adoption in Cosmetics Industry, and Other Application Areas to Bolster Slack Wax Market Growth
Slack wax is widely used in personal care and cosmetic products. Its application as a binder, an emollient and as viscosity agent in these products to thicken their formulations is expected to bode well for the slack wax market. Moreover, with growing number of new cosmetic products backed by inclination of individuals towards good appearance has triggered the growth of the beauty products market on the global front, especially across developing nations. This has led to the increasing use of slack wax for production of cosmetic creams, lotions, and lipsticks among others. Furthermore, increasing use of paraffin wax in other applications such as packaging, furniture and construction is also expected to augment the growth of the slack wax market. Slack wax is used in hot melt adhesives to control flow, viscosity and adhesive strength while providing elongation, and flexibility. It also improves temperature resistance, and bonding strength.
Moreover, aromatherapy has been gaining significance since past several years. This has spurred the demand for fragrance wax for manufacturing fragrance candles. This is expected to further boost the demand and sales of slack wax. In this backdrop, increasing use across a myriad of industries is expected to complement the revenue growth of the slack wax market. In addition, slack wax is used as processing aid in the manufacturing of rubber as it provides internal lubrication and an improved compound flow. Rubber products containing slack wax show less surface cracking when exposed to extreme outdoor conditions. In addition, slack wax also acts as an antiozonant that provides improved ozone resistance and reduction in the tackiness thus extending the life off the product. This factor coupled with stable growth in the rubber industry is likely to augur well for the slack wax market.
Use of Slack Wax in the Manufacturing of Paraffin Wax to Augur Well for the Market
Slack wax is the primary raw material used in the manufacturing of paraffin wax by employing hydro-finishing and solvent de-oiling. Paraffin wax is used in manufacturing of several products including wax paper, candles, fertilizers, wood impregnation products, anti-corrosion agents, anti-caking agents, electrical insulators, and polishes among others. Moreover, paraffin wax is gaining high traction in spa treatments where it is used in skin softening agents. It also helps in reducing pain in sore muscles and joints and removes dead cells, carries out skin hydration and opens blocked pores when applied on skin. That said, increasing applications of paraffin wax has spurred its production worldwide, in turn giving an impetus to the slack wax market.
Asia Pacific to Present Momentous Growth Opportunities for the Slack Wax Market
Emerging economies in Asia Pacific region are poised to hold a significant value and volume share in the slack wax market. This can be attributed towards momentous growth observed in the personal care sector, cosmetics industry, and packaging industry among others. Slack wax is largely used as emulsifying agent in cosmetic formulations, and products. Being a cost effective alternative to paraffin wax, it is used in the manufacturing of candles, matches, cable filing compounds, medium density fibreboard and in rust protective barriers. Developing nations such as China, and India are poised to showcase high growth potential with regards to use of slack wax across these sectors. Moreover, owing to presence of a large customer pool backed by growing population rate, the demand for cosmetic products in the region has been on an upswing. In addition, rising geriatric population in India, and China is also expected to drive the personal care and cosmetics industries, thus paving potential avenues for the growth of the slack wax market in the Asia Pacific region. For instance, according to Ministry of Economy and Industry, the beauty and personal sector in India in 2017 stood at around US$8 Bn and touched a valuation of more than US$9.5 Bn in 2021 with a year-on-year growth rate of over 6%.
Furthermore, as per National Investment Promotion and Facilitation Agency, the personal hygiene market in India is poised to touch US$15 Bn by end of 2023 and the beauty and personal care sector is expected to cross US$37 Bn by end of 2025. In addition, the per capita spend on these products in India is increasing in line with the country’s GDP growth. This has fuelled the manufacturing of cosmetic and personal care products in the country. Manufacturers of slack wax have been leveraging the untapped potential of the region and are establishing their footprint across Asian countries. This is also due to the region’s business-friendly environment coupled with stable and strong growth prospects for the slack wax market from an economy standpoint.
Slack Wax Market: Competitive Landscape
Key players in the slack wax market have been focusing on growth strategies such as mergers, collaborations, and acquisitions to consolidate their position. For instance, in January 2020, Alpha Wax was acquired by Awax Group to expand its presence and service platforms across United States and European countries. Likewise, in March 2022, another acquisition of Sasol Wax GmbH was carried out by Awax Group. The objective of this acquisition was to expand wax portfolio of Awax while strengthening the company’s technological leadership in wax industry.
A few of the major players in the global slack wax market include Sasol Limited, Thai Oil Public Company Limited, Exxon Mobil Corporation, Carmel Industries, Persol Corporation, American Refining Group, Shell Plc, and Polwax S.A.
The Global Slack Wax Market is Segmented as Below:
Key Elements Included In The Study: Global Slack Wax Market
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