Australia: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Australia

The Australian worked wax articles market expanded remarkably to $X in 2022, with an increase of 14% against the previous year. Over the period under review, consumption showed a prominent increase. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Worked Wax Articles Production in Australia

In value terms, worked wax articles production rose rapidly to $X in 2022 estimated in export price. Overall, production showed strong growth. The pace of growth was the most pronounced in 2019 with an increase of 89%. Worked wax articles production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Australia

In 2022, worked wax articles exports from Australia soared to X units, growing by 132% against 2021 figures. Over the period under review, exports posted a resilient expansion. The growth pace was the most rapid in 2018 when exports increased by 141%. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, worked wax articles exports skyrocketed to $X in 2022. Overall, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2018 when exports increased by 169% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

South Korea (X units) was the main destination for worked wax articles exports from Australia, with a 67% share of total exports. Moreover, worked wax articles exports to South Korea exceeded the volume sent to the second major destination, the United States (X units), sevenfold. The third position in this ranking was held by New Zealand (X units), with a 9.4% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at +31.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+73.3% per year) and New Zealand (-14.4% per year).

In value terms, South Korea ($X) emerged as the key foreign market for worked articles of wax exports from Australia, comprising 67% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.5% share of total exports. It was followed by New Zealand, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea amounted to +52.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+91.5% per year) and New Zealand (-4.8% per year).

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, with an increase of 5.5% against the previous year. In general, the export price showed a resilient increase. The growth pace was the most rapid in 2015 an increase of 118%. Over the period under review, the average export prices hit record highs at $X per thousand units in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Japan ($X per thousand units) and South Korea ($X per thousand units), while the average price for exports to Singapore ($X per thousand units) and New Zealand ($X per thousand units) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+15.9%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Australia

In 2022, overseas purchases of worked articles of wax increased by 27% to X units, rising for the third consecutive year after two years of decline. In general, imports posted a notable expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 102% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, worked wax articles imports surged to $X in 2022. Over the period under review, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.6% 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 +76.3% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of worked wax articles to Australia, accounting for a 53% share of total imports. Moreover, worked wax articles imports from China exceeded the figures recorded by the second-largest supplier, India (X units), sixfold. The United States (X units) ranked third in terms of total imports with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +22.1%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-5.2% per year) and the United States (-7.9% per year).

In value terms, China ($X) constituted the largest supplier of worked articles of wax to Australia, comprising 53% of total imports. The second position in the ranking was taken by India ($X), with a 9.5% share of total imports. It was followed by the United States, with an 8.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +30.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+3.1% per year) and the United States (-8.4% per year).

Import Prices by Country

The average worked wax articles import price stood at $X per thousand units in 2022, growing by 1.6% against the previous year. Overall, import price indicated a perceptible increase from 2012 to 2022: its price 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, worked wax articles import price increased by +97.0% against 2016 indices. The pace of growth was the most pronounced in 2018 an increase of 50% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per thousand units) and Colombia ($X per thousand units), while the price for Mexico ($X per thousand units) and the United States ($X per thousand units) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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