Europe: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Europe

The Europe worked wax articles market rose notably to $X in 2022, surging by 6.8% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Production in Europe

In value terms, worked wax articles production expanded rapidly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 38%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Worked Wax Articles Exports

Exports in Europe

In 2022, overseas shipments of worked articles of wax increased by 6.9% to X units, rising for the third consecutive year after two years of decline. In general, exports, however, recorded a mild contraction. The volume of export peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, worked wax articles exports fell to $X in 2022. Overall, exports, however, continue to indicate a mild descent. The most prominent rate of growth was recorded in 2013 when exports increased by 15% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Belgium (X units) was the major exporter of worked articles of wax, committing 37% of total exports. The Netherlands (X units) held the second position in the ranking, followed by Italy (X units), Germany (X units), Croatia (X units), France (X units), Romania (X units) and Spain (X units). All these countries together held near 54% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to worked wax articles exports from Belgium stood at -1.8%. At the same time, Italy (+17.1%), Croatia (+11.7%) and Romania (+5.6%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing exporter exported in Europe, with a CAGR of +17.1% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Spain (-1.2%), France (-6.1%) and the Netherlands (-10.1%) illustrated a downward trend over the same period. Italy (+6.9 p.p.), Croatia (+5.9 p.p.) and Romania (+3.5 p.p.) significantly strengthened its position in terms of the total exports, while Belgium, France and the Netherlands saw its share reduced by -1.9%, -4.7% and -13.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($X) remains the largest worked wax articles supplier in Europe, comprising 50% of total exports. The second position in the ranking was taken by France ($X), with an 11% share of total exports. It was followed by Croatia, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Belgium stood at -1.3%. In the other countries, the average annual rates were as follows: France (-2.6% per year) and Croatia (+13.0% per year).

Export Prices by Country

In 2022, the export price in Europe amounted to $X per thousand units, with a decrease of -15.3% against the previous year. In general, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 16% against the previous year. Over the period under review, the export prices reached the maximum at $X per thousand units in 2021, and then contracted dramatically in the following year.

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 France ($X per thousand units), while Italy ($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 the Netherlands (+7.4%), while the other leaders experienced more modest paces of growth.

Worked Wax Articles Imports

Imports in Europe

Worked wax articles imports dropped modestly to X units in 2022, falling by -2.7% on 2021. Overall, imports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2013 when imports increased by 27% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports failed to regain momentum.

In value terms, worked wax articles imports shrank slightly to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 10% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Spain (X units), Germany (X units) and France (X units) represented roughly 42% of total imports in 2022. Romania (X units) ranks next in terms of the total imports with an 8.3% share, followed by Russia (7%) and the UK (6.4%). The Netherlands (X units), Italy (X units), Belgium (X units), Poland (X units), Ireland (X units), Hungary (X units) and Portugal (X units) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Romania (with a CAGR of +23.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles importing markets in Europe were Germany ($X), Spain ($X) and France ($X), together accounting for 39% of total imports. The UK, Italy, Russia, Ireland, Poland, the Netherlands, Hungary, Romania, Belgium and Portugal lagged somewhat behind, together comprising a further 41%.

In terms of the main importing countries, Romania, with a CAGR of +18.7%, recorded the highest rates of growth with regard to 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 Europe stood at $X per thousand units in 2022, remaining relatively unchanged against the previous year. Import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% 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 +74.3% against 2017 indices. The pace of growth was the most pronounced in 2018 when the import price increased by 45% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($X per thousand units), while Romania ($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 Ireland (+33.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform