Asia-Pacific: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Asia-Pacific

The Asia-Pacific worked wax articles market rose remarkably to $X in 2022, increasing by 5.4% against the previous year. The total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 -9.4% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Production in Asia-Pacific

In value terms, worked wax articles production expanded remarkably to $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 -5.3% against 2020 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 27% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Worked Wax Articles Exports

Exports in Asia-Pacific

In 2022, the amount of worked articles of wax exported in Asia-Pacific expanded rapidly to X units, picking up by 8.1% against the year before. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% 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 +57.6% against 2016 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 32%. The volume of export peaked in 2022 and is likely to continue growth in years to come.

In value terms, worked wax articles exports rose remarkably to $X in 2022. Over the period under review, exports recorded prominent growth. The most prominent rate of growth was recorded in 2013 when exports increased by 59% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to see gradual growth in the near future.

Exports by Country

China (X units) and India (X units) represented the key exporters of worked articles of wax in 2022, resulting at approx. 42% and 31% of total exports, respectively. Vietnam (X units) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (6.6%). Indonesia (X units), Pakistan (X units) and Taiwan (Chinese) (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Pakistan (with a CAGR of +17.2%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2022, together comprising 80% of total exports.

China, with a CAGR of +21.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per thousand units, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +5.0%. The pace of growth appeared the most rapid in 2013 an increase of 32% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in the near future.

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 South Korea ($X per thousand units), while Pakistan ($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 South Korea (+12.5%), while the other leaders experienced more modest paces of growth.

Worked Wax Articles Imports

Imports in Asia-Pacific

In 2022, approx. X units of worked articles of wax were imported in Asia-Pacific; with a decrease of -2.9% compared with the previous year. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when imports increased by 36% against the previous year. Over the period under review, imports reached the peak figure at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, worked wax articles imports stood at $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 51% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, South Korea (X units), distantly followed by India (X units), Bangladesh (X units), Thailand (X units), Pakistan (X units), Australia (X units) and the Philippines (X units) were the main importers of worked articles of wax, together committing 73% of total imports. The following importers - Vietnam (X units), Hong Kong SAR (X units), Indonesia (X units), Japan (X units), China (X units) and Malaysia (X units) - together made up 21% of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +22.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), India ($X) and Thailand ($X) constituted the countries with the highest levels of imports in 2022, together comprising 35% of total imports. Australia, Pakistan, South Korea, Hong Kong SAR, Malaysia, the Philippines, Vietnam, Indonesia, China and Japan lagged somewhat behind, together comprising a further 54%.

Among the main importing countries, South Korea, with a CAGR of +19.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per thousand units in 2022, increasing by 6.1% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 26%. The level of import peaked at $X per thousand units in 2012; however, from 2013 to 2022, import prices stood at a somewhat 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 Australia ($X per thousand units), while South Korea ($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 Pakistan (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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