Middle East: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in the Middle East

In 2022, the Middle Eastern worked wax articles market decreased by -12.1% to $X for the first time since 2018, thus ending a three-year rising trend. In general, consumption, however, showed a abrupt setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Production in the Middle East

In value terms, worked wax articles production rose markedly to $X in 2022 estimated in export price. In general, production posted prominent growth. The pace of growth was the most pronounced in 2019 with an increase of 289% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Worked Wax Articles Exports

Exports in the Middle East

After two years of decline, shipments abroad of worked articles of wax increased by 12% to X units in 2022. Total exports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 28% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

In value terms, worked wax articles exports surged to $X in 2022. Overall, exports showed strong growth. The growth pace was the most rapid in 2018 when exports increased by 62% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

In 2022, Turkey (X units) was the key exporter of worked articles of wax, making up 64% of total exports. Iran (X units) held the second position in the ranking, distantly followed by the United Arab Emirates (X units). All these countries together held near 25% share of total exports. The following exporters - Bahrain (X units), Saudi Arabia (X units), Lebanon (X units) and Kuwait (X units) - each resulted at an 8% share of total exports.

Exports from Turkey increased at an average annual rate of +17.9% from 2012 to 2022. At the same time, Kuwait (+29.2%), Saudi Arabia (+15.6%), Iran (+9.8%), Bahrain (+6.7%) and Lebanon (+6.7%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +29.2% from 2012-2022. By contrast, the United Arab Emirates (-10.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and Iran increased by +40 and +4.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) remains the largest worked wax articles supplier in the Middle East, comprising 63% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 14% share of total exports. It was followed by Iran, with an 8% share.

In Turkey, worked wax articles exports increased at an average annual rate of +26.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United Arab Emirates (-5.8% per year) and Iran (+2.0% per year).

Export Prices by Country

In 2022, the export price in the Middle East amounted to $X per thousand units, increasing by 28% against the previous year. Export price indicated a modest increase from 2012 to 2022: its price 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, worked wax articles export price increased by +99.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the export price increased by 56% against the previous year. Over the period under review, the export prices attained the peak figure at $X per thousand units in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per thousand units), while Lebanon ($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 Turkey (+7.2%), while the other leaders experienced more modest paces of growth.

Worked Wax Articles Imports

Imports in the Middle East

In 2022, supplies from abroad of worked articles of wax increased by 4.9% to X units, rising for the fourth consecutive year after three years of decline. Total imports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.6% 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 +56.8% against 2018 indices. The pace of growth was the most pronounced in 2021 when imports increased by 27%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.

In value terms, worked wax articles imports dropped to $X in 2022. The total import value increased at an average annual rate of +3.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 27% against the previous year. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Turkey (X units) was the main importer of worked articles of wax, making up 35% of total imports. Lebanon (X units) ranks second in terms of the total imports with a 16% share, followed by Iran (15%), the United Arab Emirates (10%), Israel (5.9%) and Iraq (5.4%). Jordan (X units) and Syrian Arab Republic (X units) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to worked wax articles imports into Turkey stood at +9.8%. At the same time, Lebanon (+25.7%), Iraq (+19.9%), Iran (+9.3%) and the United Arab Emirates (+5.7%) displayed positive paces of growth. Moreover, Lebanon emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +25.7% from 2012-2022. Syrian Arab Republic experienced a relatively flat trend pattern. By contrast, Israel (-4.1%) and Jordan (-12.2%) illustrated a downward trend over the same period. While the share of Lebanon (+13 p.p.), Turkey (+11 p.p.), Iran (+4.2 p.p.) and Iraq (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Syrian Arab Republic (-1.7 p.p.), Israel (-9.5 p.p.) and Jordan (-19.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported worked articles of wax in the Middle East, comprising 46% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 11% share of total imports. It was followed by Iran, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Turkey totaled +6.1%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+8.3% per year) and Iran (+21.4% per year).

Import Prices by Country

The import price in the Middle East stood at $X per thousand units in 2022, declining by -12% against the previous year. Overall, the import price continues to indicate a mild setback. The most prominent rate of growth was recorded in 2013 when the import price increased by 5.3%. The level of import peaked at $X per thousand units in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Jordan ($X per thousand units), while Lebanon ($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 Jordan (+24.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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