Slack Wax Global Market Report 2024

The slack wax market size has grown marginally in recent years. It will grow from $3.96 billion in 2023 to $4.03 billion in 2024 at a compound annual growth rate (CAGR) of 1.9%. The expansion during the historical period can be attributed to global demand for candles and polishes, trends in petroleum refining, economic growth, and industrialization, regulatory changes in the wax industry, as well as global supply chain dynamics.

The slack wax market size is expected to see steady growth in the next few years. It will grow to $4.48 billion in 2028 at a compound annual growth rate (CAGR) of 2.6%. The anticipated growth in the forecast period can be attributed to renewable and sustainable trends, emerging market demand, a focus on specialty wax products, stringent environmental regulations, and the emphasis on global trade and supply chain resilience. Key trends expected in the forecast period involve increasing demand for high-quality slack wax grades, a focus on supply chain optimization and logistics, market expansion in emerging economies, stringent regulatory compliance in production, and application development for new end-use industries.

The slack wax market is expected to witness growth driven by the increasing demand from the cosmetic industry. The cosmetic industry involves the design, production, and sale of cosmetic products to enhance beauty. Slack wax is a vital raw material in the production of paraffin wax, widely used in various cosmetic preparations. A survey conducted by Catalina in 2022 revealed that approximately 52% of respondents planned to spend on beauty products, with about 19% increasing their expenditure on beauty products in 2022. The rising demand from the cosmetic industry is driving the growth of the slack wax market.

The slack wax market is expected to grow with the increasing demand for construction activities. Construction involves assembling materials to create structures, and slack wax is used as a cost-effective and versatile material for various construction applications. Reports from the United States Census Bureau in April 2023 indicate that the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. This surge in construction activities contributes to the growth of the slack wax market.

Product innovation is a key trend in the slack wax market, with major companies concentrating on developing new and environmentally friendly products. Natura-Tec, a France-based personal care cosmetics company, launched the Natural Candle Wax Base in May 2022. This upcycled candle wax base is 100% vegan and palm-free, created from salvaged components during the processing of locally produced olive oil, contributing to a circular economy.

The prominent companies in the slack wax market are focusing on developing innovative products, such as 'eco-bio' chlorinated paraffin, to meet the growing demand for sustainable and environmentally friendly offerings. Altair Chimica S.p.A., an Italy-based chemicals company, installed a fourth reactor for the production of 'eco-bio' chlorinated paraffin in January 2022. This reactor, dedicated to producing ESSEBIOCHLOR, represents a significant step in eco-bio chlorinated paraffins, maximizing innovation, biodegradability, and environmental sustainability.

In March 2022, Awax Group, an Italy-based chemical company specializing in wax production and distribution, acquired Sasol Wax GmbH for an undisclosed amount. Through this acquisition, Awax Group aims to strengthen its technological leadership in the wax sector and broaden its range of wax products. Sasol Wax GmbH, a Germany-based company operating in natural and synthetic paraffin waxes, becomes part of Awax Group.

Major companies operating in the slack wax market report are China Petroleum & Chemical Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC, BP PLC, PT Pertamina, Veolia Environnement SA, HF Sinclair Corporation, Daikin Industries Ltd., Johnson Controls International PLC, Carrier Global Corporation, Sasol Limited, Thai Oil Public Company Limited, IRPC Public Company Limited, Persol Corporation, Suez SA, KLK Oleo, Endress+Hauser Management AG, Eagle Petrochem Company, ALS Limited, NSF International, Panama Petrochem Ltd., American Refining Group Inc., Meade-King Robinson & Co. Ltd., Polwax S A, Iranol Company, RAHA Paraffin Co., ATDM Co. Ltd., Industrial Raw Materials LLC, Hase Petroleum Wax Co. Ltd., Carmel Industries.

Asia-Pacific was the largest region in the slack wax market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global slack wax market report during the forecast period. The regions covered in the slack wax market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the slack wax market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of slack wax include slack wax LMO, slack wax SPO, slack wax DAO, and slack wax MMO. Slack Wax LMO, also known as lubricating oil, consists of hydrocarbon chains in a range of 20 to 50 carbon atoms, used to lubricate machine parts and reduce friction, providing a layer of protection against corrosion. Major grades of slack waxes, both light and heavy, find applications in candles, polishes, carbon paper, canvas coatings, composite wood panels, and other areas.

The slack wax market research report is one of a series of new reports that provides slack wax market statistics, including slack wax industry global market size, regional shares, competitors with a slack wax market share, detailed slack wax market segments, market trends and opportunities, and any further data you may need to thrive in the slack wax industry. This slack wax market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The slack wax market consists of sales of low-neutral, medium-neutral, and heavy-neutral slack waxes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.