The Slack Wax Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 growth in the historic period can be attributed to global demand for candles and polishes, petroleum refining trends, economic growth and industrialization, regulatory changes in the wax industry, 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 growth in the forecast period can be attributed to renewable and sustainable trends, emerging market demand, focus on specialty wax products, stringent environmental regulations, global trade and supply chain resilience. Major trends in the forecast period include increasing demand for high-quality slack wax grades, focus on supply chain optimization and logistics, market expansion in emerging economies, stringent regulatory compliance in production, application development for new end-use industries.
The increasing demand from the cosmetic industry is expected to propel the growth of the slack wax market going forward. The cosmetic industry refers to an industry involved in designing, producing, and sales of cosmetic products to enhance beauty. Slack wax is a critical raw material in the production of paraffin wax, which is widely used in the production of a variety of cosmetic preparations such as solid perfumes, creams, beauty masks, protective creams, and others due to its viscosity, binding, and softening properties. For instance, according to The 2022 New Year, New You Consumer Survey Report among 1,118 U.S.-based consumers conducted in 2022 by Catalina, a US-based digital media company, around 52% of respondents are planning to spend on beauty and enhancement products and approximately 19% of respondents increased their expenditure on beauty products in the year 2022. Therefore, the increasing demand from the cosmetic industries is driving the growth of the slack wax market.
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The slack wax market covered in this report is segmented –
1) By Type: Slack Wax LMO, Slack Wax SPO, Slack Wax DAO, Slack Wax MMO
2) By Grade: Light, Heavy
3) By Application: Cosmetics, Candles, Polishes, Carbon Paper, Canvas Coatings, Composite Wood Panels, Other Applications
Major companies operating in the slack wax market are focused on developing new and innovative products such as ‘eco-bio’ chlorinated paraffin to cater growing demand for sustainable and environmentally friendly products across industries. The term ‘eco-bio’ chlorinated paraffin refers to a type of chlorinated paraffin that is produced using environmentally friendly and sustainable methods. For instance, in January 2022, Altair Chimica S.p.A., an Italy-based chemicals company, installed a fourth reactor for the production of 'eco-bio' chlorinated paraffin. The new reactor, dedicated to the production of ESSEBIOCHLOR, is the company’s new frontier in eco-bio chlorinated paraffins, maximizing innovation, biodegradability, and environmental sustainability. The installation of this reactor, which operates using LED technology to catalyze the photochlorination reaction, is expected to boost the company's production potential at the photo-chlorination plant by 25%, enabling it to meet its production target of 16,000 tons/year.
The slack wax market report table of contents includes:
1. Executive Summary
2.Slack Wax Market Characteristics
3.Slack Wax Market Trends And Strategies
4.Slack Wax Market analysis
5.Slack Wax Market Size And Growth
6.Slack Wax Segmentation
7. Slack WaxRegional And Country Analysis
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27.Slack Wax Competitive Landscape And Company Profiles
28.Slack Wax Key Mergers And Acquisitions
29.Slack Wax Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- China Petroleum & Chemical Corporation
- ExxonMobil Corporation
- Royal Dutch Shell PLC
- BP PLC
- PT Pertamina
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