Slack Wax Market: Key Highlights
· In termsof value, the global slack wax market is anticipatedto expand at a CAGR of ~2% from 2019 to 2027.
· Slack waxis a petroleum product that is used as a key raw material in the production ofparaffin wax. Slack wax is derived from lubricating oils, which possess highoil content. The oil content in slack wax ranges from 5.0% to 35%.
· In termsof grade, the light segment accounted for a major share of the slack wax marketin 2018.
· Slack waxis primarily used in the production of paraffin wax. Paraffin wax is expectedto remain the dominant application segment in the slack wax market during theforecast period. Rise in the demand for paraffin wax in various applicationssuch as candle making, anti-caking agents for fertilizers, and woodimpregnation products is a key factor that drives the slack wax market.
· The slackwax market in Asia Pacific is estimated to expand at a comparatively higherCAGR during the forecast period, owing to the large presence of productionfacilities of paraffin wax in the region.
Stringent Government Regulations on Group I BaseOil Hamper Demand for Slack Wax
· Group Ibase oils are major sources of slack wax. Slack wax is produced by solventrefining, which is the simplest and low-cost refining process.
· Theimplementation of stringent government regulations on the emission of carbondioxide, carbon monoxide, sulfur, and other particulate matter has compelledoil & gas companies to invest in better technologies for the production ofefficient and cleaner group II and group III base oils.
· Thus,decline in the production capacity of group I base oils, high prices of rawmaterials due to stringent government regulations on sulfur emissions, andincreased focus on natural wax and synthetic paraffin wax are likely torestrain the global slack wax market.
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Asia Pacific to be Highly Lucrative Slack WaxMarket
· In termsof value, Asia Pacific held a major share of more than 30% of the global slackwax market in 2018.
· China,Japan, and some countries in the ASEAN region are leading countries in theslack wax market in Asia Pacific.
· Rise inthe usage of scented candles, construction boards, matchstick boxes, moisturevapor barriers, polishes, inks, and carbon paper is expected to drive thedemand for paraffin wax, thereby propelling the slack wax market in AsiaPacific.
· AsiaPacific is a major producer of paraffin wax. This is also a prominent factorwhich makes Asia Pacific a highly attractive and dominant region in the globalslack wax market.
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Global Slack Wax Market – Key Developments
· In February2019, Poland-based Polwax SA, a manufacturer and distributor of refineddeodorized paraffin wax and industrial paraffin products, decided to install aslack wax solvent de-oiling unit by using ThyssenKrupp’s UHDE technology. Thecompany invested approximately US$ 40 Mn in the de-oiling unitto produce paraffin wax. The facility is expected to produce 30,000 tons ofslack wax per year.
· In 2018,HollyFrontier Corporation announced its decision to acquire Sonneborn USHoldings Inc. (Sonneborn) for US$ 655 Mn. Sonneborn is a leadingsupplier of white oils, wax, and petrolatum, based in the U.S. HollyFrontierCorporation acquired Sonneborn in February 2019. Through thisacquisition, HollyFrontier Corporation is expected to integrate downward towardhigh margin specialty products. The acquisition is also anticipated to expandthe company’s geographical footprint and product portfolio.
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Slack Wax Market: Competition Landscape
· Competitionin the slack wax market is sustained due to the varying market shares of major,well-established players.
· Keyplayers operating in the global slack wax market are Exxon Mobil Corporation, Royal Dutch Shellplc. Sasol Limited, Polwax S.A., PT PERTAMINA, HollyFrontier Corporation, RAHAParaffin Company, and IRANOL Oil Co.
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