Slack Wax Market: Key Highlights
·
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
·
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
·
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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Global Slack Wax Market – Key Developments
·
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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Slack Wax Market: Competition Landscape
·
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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