ASEAN: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in ASEAN

The ASEAN worked wax articles market expanded markedly to $X in 2022, increasing by 8.5% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -5.5% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Worked Wax Articles Production in ASEAN

In value terms, worked wax articles production rose modestly to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.0% against 2020 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 44%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Worked Wax Articles Exports

Exports in ASEAN

After two years of growth, overseas shipments of worked articles of wax decreased by -16% to X units in 2022. Total exports indicated a temperate increase from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +14.9% against 2019 indices. The pace of growth was the most pronounced in 2013 with an increase of 88% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, worked wax articles exports reduced to $X in 2022. Overall, exports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2013 when exports increased by 117%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Vietnam was the main exporter of worked articles of wax in ASEAN, with the volume of exports reaching X units, which was near 71% of total exports in 2022. It was distantly followed by Indonesia (X units), creating a 20% share of total exports. The Philippines (X units), Singapore (X units) and Malaysia (X units) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the worked articles of wax exports, with a CAGR of +10.2% from 2012 to 2022. At the same time, the Philippines (+3.6%) and Malaysia (+2.5%) displayed positive paces of growth. Indonesia experienced a relatively flat trend pattern. By contrast, Singapore (-19.1%) illustrated a downward trend over the same period. Vietnam (+35 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia and Singapore saw its share reduced by -6.6% and -25.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest worked wax articles supplier in ASEAN, comprising 72% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 22% share of total exports. It was followed by Singapore, with a 3.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam totaled +14.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+4.5% per year) and Singapore (-18.8% per year).

Export Prices by Country

The export price in ASEAN stood at $X per thousand units in 2022, growing by 2.2% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2013 when the export price increased by 15%. Over the period under review, the export prices attained the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per thousand units), while the Philippines ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.5%), while the other leaders experienced more modest paces of growth.

Worked Wax Articles Imports

Imports in ASEAN

In 2022, overseas purchases of worked articles of wax decreased by -13.8% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 32%. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, worked wax articles imports shrank modestly to $X in 2022. Over the period under review, imports continue to indicate a pronounced downturn. The most prominent rate of growth was recorded in 2020 with an increase of 22% against the previous year. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X units), distantly followed by the Philippines (X units), Vietnam (X units), Indonesia (X units), Malaysia (X units) and Singapore (X units) represented the main importers of worked articles of wax, together constituting 96% of total imports. Myanmar (X units) took a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +20.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constitutes the largest market for imported worked articles of wax in ASEAN, comprising 34% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of total imports. It was followed by the Philippines, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand stood at -3.3%. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+1.3% per year) and the Philippines (+0.4% per year).

Import Prices by Country

The import price in ASEAN stood at $X per thousand units in 2022, surging by 14% against the previous year. Overall, the import price, however, continues to indicate a mild reduction. The level of import peaked at $X per thousand units in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per thousand units), while the Philippines ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+7.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform