Thailand Slack Wax Market is anticipated to grow due to the growing investments and initiatives toward tire and rubber manufacturing tourist arrivals amid the festival season and growing investments for the development of male cosmetics ID: 903922
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Thailand Slack Wax Market, By Slack Wax Application, Trend Analysis, Competitive Market Share & Forecast, 2021-2027
Slide2Thailand Slack Wax Market- Industry Trends & Forecast Report 2027A recent study, conducted by the strategic consulting and market research firm
BlueWeave
Consulting, revealed that the Thailand slack wax market was worth USD 38.6 million in the year 2020. The data generated by the study reveals that the Thailand slack wax market is estimated to grow at a CAGR of 4.4%, earning revenue of around USD 50.9 million by the end of 2027. The thriving cosmetics and personal care industry is fueling the growth of the Thailand slack wax market. A shift in the consumption of personal care products by men has bolstered the consumption of such products in Thailand, driving market growth.
Slide3Growth Drivers Growing demand for wax from cosmetics industryHydrocarbon waxes like paraffinic wax and slack wax are witnessing increasing demand from the cosmetics industry. Vaseline oil, macro-and micro crystalline paraffin waxes are some of the products manufactured using hydrocarbon waxes. Furthermore, vaseline and
vaseline
oil are prominent ingredients in many cosmetics creams for skin care. The high content of petroleum products (such as Vaseline, Vaseline oil), fatty alcohols (such as acetyl alcohol), and multi-functional alcohols (such as glycerol) in hydrocarbons explains the reason for the growing demand for slack wax from the cosmetics industry. According to the International Trade Administration (ITA), Thailand's beauty and personal care products market was worth USD 6.2 billion in 2018, with skincare being the largest segment.
Slide4Restraints Petroleum-based wax: an environmental concernPetroleum-based products like slack wax are natural but degrade the environment since they are derived from petroleum or refined crude oil. The refining of crude oil degrades the quality of the environment; thus, slack wax also pollutes the environment. Generally, the quantity of hazardous waste produced when refining crude oil and removing contaminants (whether paraffin wax or something else) can pollute the air and water. Furthermore, slack wax emits volatile organic compounds in nature, which further affects people's health. It also contains several toxins that, when inhaled, can cause side effects such as nausea, vomiting, headaches, and even benzene pollution, which can cause lung cancer.
Slide5Impact of COVID-19The novel coronavirus has negatively impacted the Thailand slack wax market which is largely dependent on petroleum refineries. Throughout 2020, the crude oil market was highly volatile, with an average price of 42.1 US dollars per barrel, a decline of 21.4 US dollars per barrel from the previous year's pricing. The COVID-19 pandemic reduced global oil demand by 10-15 million barrels per day (BPD). The lockdown had a significant impact on fuel demand, and refiners such as PTT Global Chemicals, IRPC PCL, and Star Petroleum Refining Corp (SPRC) had to reduce refining capacity. Slack wax is a by-product of refining, so the reduced refining capacity had an impact on it.
Slide6Recent DevelopmentsOn August 2021, ExxonMobil stated that Imperial Oil Ltd., its majority-owned subsidiary, is moving forward to build a new facility at its Strathcona refinery in Edmonton, Canada, to manufacture renewable diesel. Once it is complete, the refinery is planning to produce about 20,000 barrels of renewable diesel per day, reducing emissions in the Canadian transportation sector by nearly 3 million metric
tonnes
per year. The facility will use locally generated plant-based feedstock and hydrogen in its production process and carbon capture and storage (CCS).Sample Copy: https://www.blueweaveconsulting.com/report/thailand-slack-wax-market/report-sample
Slide7Competitive landscapeThe Thailand slack wax market is consolidated, with only a few manufacturers and many importers offering slack wax products around the world. The major companies in the Thailand slack wax market are Exxon Mobil Corporation, Thai Lube Base Public Company Limited (TLB), H & R ChemPharm, Pertamina
Lubricants (Thailand) Co., Ltd., IRPC Public Company Ltd., SQI GROUP CO., LTD, and Royal Dutch Shell PLC. Key players in the Thailand slack wax market are leveraging investments to enter into collaborations and engage in mergers & acquisitions of companies to stop small players from cutting their market shares. The companies are also seeking to expand their distribution network across Thailand to capitalize on the biggest market
.
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