Turkey: Worked Wax Articles Market 2024

Worked Wax Articles Market Size in Turkey

After two years of decline, the Turkish worked wax articles market increased by 292% to $X in 2022. Overall, consumption saw a remarkable increase. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Worked Wax Articles Production in Turkey

In value terms, worked wax articles production fell to $X in 2022 estimated in export price. In general, production, however, faced a sharp decline. The pace of growth was the most pronounced in 2021 when the production volume increased by 37% against the previous year. Worked wax articles production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Worked Wax Articles Exports

Exports from Turkey

In 2022, exports of worked articles of wax from Turkey skyrocketed to X units, growing by 33% on the previous year. Over the period under review, exports enjoyed a prominent increase. The growth pace was the most rapid in 2021 when exports increased by 154% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, worked wax articles exports skyrocketed to $X in 2022. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 256% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

Exports by Country

Algeria (X units), Azerbaijan (X units) and Hong Kong SAR (X units) were the main destinations of worked wax articles exports from Turkey, with a combined 57% share of total exports. Israel, South Africa, Qatar, France, Russia, Egypt, Oman, Jordan, Austria and India lagged somewhat behind, together comprising a further 31%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Oman (with a CAGR of +195.2%), while the other leaders experienced more modest paces of growth.

In value terms, Algeria ($X) remains the key foreign market for worked articles of wax exports from Turkey, comprising 42% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with an 18% share of total exports. It was followed by Azerbaijan, with a 5.7% share.

From 2012 to 2022, the average annual growth rate of value to Algeria stood at +205.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+86.6% per year) and Azerbaijan (+43.4% per year).

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, rising by 34% against the previous year. Overall, the export price saw a prominent expansion. The pace of growth appeared the most rapid in 2015 an increase of 191%. As a result, the export price reached the peak level of $X per thousand units. From 2016 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per thousand units), while the average price for exports to South Africa ($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 France (+36.1%), while the prices for the other major destinations experienced more modest paces of growth.

Worked Wax Articles Imports

Imports into Turkey

In 2022, imports of worked articles of wax into Turkey soared to X units, growing by 18% against the year before. In general, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 31%. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, worked wax articles imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +6.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 34%. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

Belgium (X units), Italy (X units) and Germany (X units) were the main suppliers of worked wax articles imports to Turkey, together accounting for 75% of total imports. Romania, Vietnam, Spain, Croatia, South Korea, India and China lagged somewhat behind, together comprising a further 19%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +66.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) constituted the largest supplier of worked articles of wax to Turkey, comprising 66% of total imports. The second position in the ranking was taken by Romania ($X), with a 6.2% share of total imports. It was followed by Vietnam, with a 5.4% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+0.3% per year) and Vietnam (+64.4% per year).

Import Prices by Country

In 2022, the average worked wax articles import price amounted to $X per thousand units, reducing by -3.3% against the previous year. Overall, the import price showed a perceptible descent. The most prominent rate of growth was recorded in 2014 an increase of 13% against the previous year. As a result, import price reached the peak level of $X per thousand units. From 2015 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Croatia ($X per thousand units), while the price for Italy ($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 China (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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