Global Slack Wax Market is envisioned to surpass ~US$ 4.3 Bn by 2027: TMR

Global Slack Wax Market is envisioned to surpass ~US$ 4.3 Bn by 2027: TMR

Slack Wax Market: Key Highlights  

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In terms of value, the global slack wax market is anticipated to expand at a CAGR of ~2% from 2019 to 2027.

Slack wax is a petroleum product that is used as a key raw material in the production of paraffin wax. Slack wax is derived from lubricating oils, which possess high oil content. The oil content in slack wax ranges from 5.0% to 35%.

In terms of grade, the light segment accounted for a major share of the slack wax market in 2018.

Slack wax is primarily used in the production of paraffin wax. Paraffin wax is expected to remain the dominant application segment in the slack wax market during the forecast period. Rise in the demand for paraffin wax in various applications such as candle making, anti-caking agents for fertilizers, and wood impregnation products is a key factor that drives the slack wax market.

The slack wax market in Asia Pacific is estimated to expand at a comparatively higher CAGR during the forecast period, owing to the large presence of production facilities of paraffin wax in the region.

Stringent Government Regulations on Group I Base Oil Hamper Demand for Slack Wax  

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Group I base oils are major sources of slack wax. Slack wax is produced by solvent refining, which is the simplest and low-cost refining process.

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 due to stringent government regulations on sulfur emissions, and increased focus on natural wax and synthetic paraffin wax are likely to restrain the global slack wax market.

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Asia Pacific to be Highly Lucrative Slack Wax Market   

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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 countries in the slack wax market 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, thereby propelling the slack wax market in Asia Pacific.

Asia Pacific is a major producer of paraffin wax. This is also a prominent factor which makes Asia Pacific a highly attractive and dominant region in the global slack wax market.

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In February 2019, Poland-based Polwax SA, a manufacturer and distributor of refined deodorized paraffin wax and industrial paraffin products, decided to install a slack wax solvent de-oiling unit by using ThyssenKrupp’s UHDE technology. The company invested approximately US$ 40 Mn in the de-oiling unit to produce paraffin wax. The facility is expected to produce 30,000 tons of slack wax per year.

In 2018, HollyFrontier Corporation announced its decision to acquire Sonneborn US Holdings Inc. (Sonneborn) for US$ 655 Mn. Sonneborn is a leading supplier of white oils, wax, and petrolatum, based in the U.S. HollyFrontier Corporation acquired Sonneborn in February 2019. Through this acquisition, HollyFrontier Corporation is expected to integrate downward toward high margin specialty products. The acquisition is also anticipated to expand the company’s geographical footprint and product portfolio.

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Competition in the slack wax market is sustained due to the varying market shares of major, well-established players.

Key players operating in the global slack wax market are Exxon Mobil Corporation, Royal Dutch Shell plc. Sasol Limited, Polwax S.A., PT PERTAMINA, HollyFrontier Corporation, RAHA Paraffin Company, and IRANOL Oil Co.

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