Global Worked Wax Articles Market 2024

Worked Wax Articles Market Size

In 2022, after three years of growth, there was decline in the global worked wax articles market, when its value decreased by -4.2% to $X. Overall, consumption, however, continues to indicate a drastic downturn. Over the period under review, the global market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Worked Wax Articles Production

In value terms, worked wax articles production expanded markedly to $X in 2022 estimated in export price. In general, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.0% 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 -6.7% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of 36% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, global production growth remained at a lower figure.

Worked Wax Articles Exports

Exports

In 2022, overseas shipments of worked articles of wax increased by 6.5% to X units, rising for the third consecutive year after two years of decline. The total export volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 28% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, worked wax articles exports amounted to $X in 2022. The total export value increased at an average annual rate of +3.5% 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 2013 with an increase of 22% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

The biggest shipments were from China (X units), India (X units), the United States (X units), Belgium (X units) and Mexico (X units), together resulting at 65% of total export. It was distantly followed by Vietnam (X units), making up a 4.8% share of total exports. South Korea (X units), the Netherlands (X units), Italy (X units), Germany (X units), Croatia (X units), Canada (X units) and France (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Italy (with a CAGR of +17.1%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest worked wax articles supplying countries worldwide were China ($X), Belgium ($X) and India ($X), together accounting for 50% of global exports.

China, with a CAGR of +21.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average worked wax articles export price amounted to $X per thousand units, which is down by -4.2% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average export price increased by 6.4% against the previous year. The global export price peaked at $X per thousand units in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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 South Korea (+12.5%), while the other global leaders experienced more modest paces of growth.

Worked Wax Articles Imports

Imports

For the fourth consecutive year, the global market recorded growth in supplies from abroad of worked articles of wax, which increased by 2.9% to X units in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 21%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of global imports remained at a lower figure.

In value terms, worked wax articles imports stood at $X in 2022. The total import value increased at an average annual rate of +3.2% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 17%. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X units) was the main importer of worked articles of wax, generating 26% of total imports. Spain (X units) took a 6.2% share (based on physical terms) of total imports, which put it in second place, followed by Germany (5.4%) and France (5.3%). South Korea (X units), Romania (X units), Brazil (X units), Russia (X units), the UK (X units), India (X units), Mexico (X units), Canada (X units) and the Netherlands (X units) took a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to worked wax articles imports into the United States stood at +13.7%. At the same time, Romania (+23.2%), South Korea (+22.1%), Russia (+13.2%), Brazil (+9.8%), Canada (+3.5%) and France (+2.0%) displayed positive paces of growth. Moreover, Romania emerged as the fastest-growing importer imported in the world, with a CAGR of +23.2% from 2012-2022. Mexico and India experienced a relatively flat trend pattern. By contrast, Spain (-1.1%), the Netherlands (-1.8%), the UK (-7.9%) and Germany (-10.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United States, South Korea, Romania, Brazil and Russia increased by +19, +3.4, +2.9, +2 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported worked articles of wax worldwide, comprising 32% of global imports. The second position in the ranking was held by Germany ($X), with a 6.3% share of global imports. It was followed by Spain, with a 5% share.

In the United States, worked wax articles imports expanded at an average annual rate of +11.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (-7.5% per year) and Spain (+3.7% per year).

Import Prices by Country

In 2022, the average worked wax articles import price amounted to $X per thousand units, growing by 2.6% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The growth pace was the most rapid in 2014 when the average import price increased by 31% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per thousand units), while South Korea ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+10.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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