China: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in China

The Chinese worked wax articles market reached $X in 2022, picking up by 4.7% against the previous year. The market value increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Worked wax articles consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Production in China

In value terms, worked wax articles production expanded sharply to $X in 2022 estimated in export price. In general, the total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.3% 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 -4.9% against 2020 indices. The pace of growth appeared the most rapid in 2016 with an increase of 34%. Worked wax articles production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Worked Wax Articles Exports

Exports from China

For the sixth year in a row, China recorded growth in shipments abroad of worked articles of wax, which increased by 7.1% to X units in 2022. In general, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2017 when exports increased by 52%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, worked wax articles exports expanded rapidly to $X in 2022. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 55%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

The United States (X units) was the main destination for worked wax articles exports from China, with a 33% share of total exports. Moreover, worked wax articles exports to the United States exceeded the volume sent to the second major destination, South Korea (X units), fourfold. The third position in this ranking was held by the Netherlands (X units), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +17.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+33.7% per year) and the Netherlands (+71.3% per year).

In value terms, the United States ($X) remains the key foreign market for worked articles of wax exports from China, comprising 37% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 9.1% share of total exports. It was followed by Austria, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +24.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+77.8% per year) and Austria (+93.2% per year).

Export Prices by Country

The average worked wax articles export price stood at $X per thousand units in 2022, rising by 7.3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. The most prominent rate of growth was recorded in 2013 an increase of 25%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per thousand units), while the average price for exports to South Korea ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into China

In 2022, approx. X units of worked articles of wax were imported into China; rising by 177% compared with the previous year. In general, imports saw a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, worked wax articles imports soared to $X in 2022. Overall, imports enjoyed strong growth. The pace of growth appeared the most rapid in 2019 when imports increased by 131% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Myanmar (X units), Vietnam (X units) and France (X units) were the main suppliers of worked wax articles imports to China, with a combined 64% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +4,765.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles suppliers to China were Myanmar ($X), France ($X) and Japan ($X), with a combined 68% share of total imports.

In terms of the main suppliers, Myanmar, with a CAGR of +3,139.5%, 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

In 2022, the average worked wax articles import price amounted to $X per thousand units, with a decrease of -45.2% against the previous year. Overall, the import price saw a noticeable contraction. The most prominent rate of growth was recorded in 2016 an increase of 181% against the previous year. Over the period under review, average import prices reached the maximum at $X per thousand units in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per thousand units), while the price for Vietnam ($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 Lithuania (+15.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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