Slack Wax Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Slack Wax Market Analysis
The global slack wax market is estimated to witness a healthy growth, at an estimated CAGR of over 3%, over the forecast period. The major factor driving the growth of the market studied is increasing usage of wax emulsions in various end-user industries.
- Replacement of paraffin wax in candles manufacturing is likely to create opportunities for the market in the coming years.
- By application segment, emulsion is expected to dominate the market during the forecast period.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Slack Wax Market Trends
This section covers the major market trends shaping the Slack Wax Market according to our research experts:
Increasing Demand for Emulsions in Personal Care Industry
- Cosmetics and personal care are one of the major applications of slack wax. Slack wax is used in cosmetics and personal care products as a viscosity agent, binder, and emollient to thicken the formulations.
- With the increasing number of new beauty products and the concern for good appearance, has led to the significant rise in the market for beauty products and cosmetics. The Asia-Pacific region has become the largest consumer and producer of slack wax. The production has reached high levels, and the region has become a significant hub for exporting cosmetics and personal care products to developed nations, such as the United States.
- The market in the countries, such as South Korea and Indonesia, are expected to witness a rapid rise in the demand for personal care products, due to growth in the cosmetics market.
- The global skin care market is expected to grow at an average rate of around 5% annually. The industry has witnessed a shift from demand from older consumers to a growing younger consumer base. People are increasingly becoming more self-aware about themselves has hence started using skin care at an increasingly young age in order to delay the signs of aging.
- Owing to all these factors, the market for slack wax is likely to grow across the world during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific dominated the global market with a share of more than 45%. With growing packaging and personal industries in countries like China, India, Japan, and South Korea, the consumption of slack wax is increasing in the region.
- China, one of the largest pharmaceutical markets in the world, is not yet mature. The combined forces of economic and demographic development, government stimulus, enhanced health awareness among the public, market consolidation, and improved R&D capabilities may help the country in maturing into a sophisticated market within the next decade.
- At present, penetration of personal care products in India is comparatively lower when compared to developed or even other developing economies. However, improving economic environment and increasing purchasing power of the Indian population is expected to increase the adoption of personal care products in the country, thereby driving the demand for slack wax.
- According to a report published by the Ministry of Economy and Industry, the beauty and personal care (BPC) industry in the country is expected to reach more than USD 10 billion by 2021, at an estimated growth rate of 5%-6% annually. The personal care and cosmetics sector in India is expected to register continuous growth, with increasing shelf space in retail stores and boutiques in India.
- Due to all such factors, the market for slack wax in the region is expected to have a steady growth during the forecast period.
Slack Wax Industry Overview
The slack wax market is partially consolidated in nature. Some of the major players in the market include American Refining Group, Inc., Exxon Mobil Corporation, Persol Corporation, Royal Dutch Shell plc, and Carmel Industries LLC, among others.
Slack Wax Market Leaders
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American Refining Group, Inc.
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Exxon Mobil Corporation
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Persol Corporation
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Royal Dutch Shell plc
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Carmel Industries
*Disclaimer: Major Players sorted in no particular order
Slack Wax Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Increasing Usage of Wax Emulsions in Various End-user Industries
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4.1.2 Other Drivers
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4.2 Restraints
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4.3 Industry Value-Chain Analysis
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4.4 Porters Five Force Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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4.5 Price Analysis
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4.6 Trade Analysis
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5. MARKET SEGMENTATION
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5.1 Type
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5.1.1 Light
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5.1.2 Heavy
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5.2 Application
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5.2.1 Emulsions
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5.2.2 Candles
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5.2.3 Construction Boards
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5.2.4 Polishes
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5.2.5 Rust Protection
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5.2.6 Paraffin Manufacturing
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5.2.7 Other Applications
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 ASEAN Countries
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5.3.1.6 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 Italy
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5.3.3.4 France
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 American Refining Group, Inc.
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6.4.2 Carmel Industries
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6.4.3 Exxon Mobil Corporation
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6.4.4 Industrial Raw Materials LLC
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6.4.5 IRANOL
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6.4.6 IRPC Public Company Limited
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6.4.7 Meade-King, Robinson & Co. Ltd
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6.4.8 Panama Petrochem Ltd
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6.4.9 Persol Corporation
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6.4.10 Royal Dutch Shell plc
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6.4.11 THAI OIL
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Replacement of Paraffin Wax in Candles Manufacturing
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Slack Wax Industry Segmentation
The global slack wax market report includes:
| Type | |
| Light | |
| Heavy |
| Application | |
| Emulsions | |
| Candles | |
| Construction Boards | |
| Polishes | |
| Rust Protection | |
| Paraffin Manufacturing | |
| Other Applications |
| Geography | ||||||||
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Slack Wax Market Research FAQs
What is the current Slack Wax Market size?
The Slack Wax Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Slack Wax Market?
American Refining Group, Inc., Exxon Mobil Corporation, Persol Corporation, Royal Dutch Shell plc and Carmel Industries are the major companies operating in the Slack Wax Market.
Which is the fastest growing region in Slack Wax Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Slack Wax Market?
In 2024, the Asia Pacific accounts for the largest market share in Slack Wax Market.
What years does this Slack Wax Market cover?
The report covers the Slack Wax Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Slack Wax Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Slack Wax Industry Report
Statistics for the 2024 Slack Wax market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Slack Wax analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
