Asia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Asia

In 2022, the Asian worked wax articles market decreased by -7.8% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, recorded a abrupt setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Worked Wax Articles Production in Asia

In value terms, worked wax articles production rose rapidly to $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 -5.2% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of 25% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports in Asia

In 2022, shipments abroad of worked articles of wax increased by 8.1% to X units, rising for the sixth consecutive year after three years of decline. 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 +57.5% 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 see steady growth in the immediate term.

In value terms, worked wax articles exports rose markedly to $X in 2022. In general, exports posted a strong expansion. The pace of growth appeared the most rapid in 2013 with an increase of 59% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Exports by Country

China (X units) and India (X units) represented roughly 73% of total exports in 2022. Vietnam (X units) held the next position in the ranking, followed by South Korea (X units). All these countries together took near 17% share of total exports. The following exporters - Indonesia (X units), Pakistan (X units) and Taiwan (Chinese) (X units) - together made up 7.9% of total exports.

From 2012 to 2022, the biggest increases were recorded for Pakistan (with a CAGR of +17.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles supplying countries in Asia were China ($X), India ($X) and Vietnam ($X), with a combined 80% share of total exports.

Among the main exporting countries, China, with a CAGR of +21.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per thousand units in 2022, approximately reflecting the previous year. Over the last decade, it increased at an average annual rate of +5.0%. The pace of growth was the most pronounced in 2013 an increase of 31%. Over the period under review, the export prices hit record highs in 2022 and is likely to continue 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 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

In 2022, approx. X units of worked articles of wax were imported in Asia; falling by -1.7% on the year before. Total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +12.0% against 2020 indices. The growth pace was the most rapid in 2014 when imports increased by 33% against the previous year. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, worked wax articles imports reduced modestly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when imports increased by 47%. Over the period under review, imports attained the maximum 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), Turkey (X units) and Pakistan (X units) were the largest importers of worked articles of wax, together comprising 61% of total imports. The Philippines (X units), Vietnam (X units), Hong Kong SAR (X units), Indonesia (X units), Japan (X units), Lebanon (X units) and Iran (X units) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Lebanon (with a CAGR of +25.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Bangladesh ($X) and India ($X) were the countries with the highest levels of imports in 2022, with a combined 32% share of total imports. Thailand, Pakistan, South Korea, Hong Kong SAR, the Philippines, Vietnam, Indonesia, Iran, Japan and Lebanon lagged somewhat behind, together comprising a further 43%.

Iran, with a CAGR of +21.4%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per thousand units, remaining stable against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the import price increased by 24%. Over the period under review, import prices reached the peak figure 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 Turkey ($X per thousand units), while Lebanon ($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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