Worked Wax Articles Market

The global worked wax articles market is forecasted to increase in volume and value from 2022 to 2030, with an anticipated CAGR of +2.3% and +4.0% respectively. Consumption, production, and imports showed growth trends, with notable increases in certain countries like Spain. The market is dominated by countries like China, the United States, and Spain in terms of consumption and production. Romania emerged as the major exporter of worked wax articles, with significant growth in both volume and value. Overall, the market is predicted to continue its upward trajectory in the coming years.

Market Forecast

Driven by increasing demand for worked articles of wax worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 227M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $6.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Worked Articles Of Wax

Global worked wax articles consumption rose significantly to 189M units in 2022, growing by 5.2% against the previous year's figure. The total consumption volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption attained the maximum volume at 202M units in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

The global worked wax articles market value expanded modestly to $4.8B in 2022, increasing by 3.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a relatively flat trend pattern. Global consumption peaked at $5.1B in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (28M units), the United States (19M units) and Spain (18M units), with a combined 35% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Spain (with a CAGR of +29.3%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($730M), the United States ($672M) and Russia ($593M) appeared to be the countries with the highest levels of market value in 2022, with a combined 42% share of the global market. China, Pakistan, India, Spain, Nigeria, Brazil, Indonesia, Ethiopia, Germany and Italy lagged somewhat behind, together accounting for a further 33%.

Spain, with a CAGR of +21.0%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of worked wax articles per capita consumption was registered in Spain (381 units per 1000 persons), followed by Germany (80 units per 1000 persons), Italy (74 units per 1000 persons) and the United States (57 units per 1000 persons), while the world average per capita consumption of worked wax articles was estimated at 24 units per 1000 persons.

In Spain, worked wax articles per capita consumption increased at an average annual rate of +29.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (+8.0% per year) and Italy (+7.2% per year).

Production

World Production of Worked Articles Of Wax

For the fourth consecutive year, the global market recorded growth in production of worked articles of wax, which increased by 6.5% to 4.2B units in 2022. In general, production posted a significant increase. The pace of growth appeared the most rapid in 2021 when the production volume increased by 2,027% against the previous year. Global production peaked in 2022 and is expected to retain growth in the near future.

In value terms, worked wax articles production reached $5.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 22%. Over the period under review, global production hit record highs at $5.3B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

Romania (4.1B units) constituted the country with the largest volume of worked wax articles production, accounting for 96% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Romania amounted to +128.9%.

Imports

World Imports of Worked Articles Of Wax

For the fourth consecutive year, the global market recorded growth in overseas purchases of worked articles of wax, which increased by 6.2% to 66M units in 2022. The total import volume increased at an average annual rate of +3.2% 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 38%. As a result, imports reached the peak of 66M units. From 2014 to 2022, the growth of global imports remained at a lower figure.

In value terms, worked wax articles imports stood at $1.2B in 2022. The total import 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 in certain years. The pace of growth was the most pronounced in 2014 when imports increased by 16%. Global imports peaked in 2022 and are expected to retain growth in years to come.

Imports By Country

In 2022, Spain (17M units), distantly followed by the United States (10M units) and Poland (3M units) were the largest importers of worked articles of wax, together generating 46% of total imports. The following importers - Germany (2.6M units), France (2M units), Russia (1.8M units), South Korea (1.7M units), Slovakia (1.6M units), India (1.3M units), the UK (1.3M units), Pakistan (1M units) and Brazil (1M units) - together made up 22% of total imports.

From 2012 to 2022, the biggest increases were recorded for Slovakia (with a CAGR of +48.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($366M) constitutes the largest market for imported worked articles of wax worldwide, comprising 31% of global imports. The second position in the ranking was taken by Germany ($73M), with a 6.1% share of global imports. It was followed by Spain, with a 4.8% share.

In the United States, worked wax articles imports expanded at an average annual rate of +11.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Germany (-7.4% per year) and Spain (+3.7% per year).

Import Prices By Country

In 2022, the average worked wax articles import price amounted to $18 per unit, remaining constant against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 42%. Over the period under review, average import prices attained the peak figure at $19 per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($36 per unit), while Slovakia ($0.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+11.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Worked Articles Of Wax

In 2022, shipments abroad of worked articles of wax increased by 6.5% to 4.1B units, rising for the third year in a row after two years of decline. Overall, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 9,478%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, worked wax articles exports expanded markedly to $1.2B in 2022. The total export value increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 22% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, Romania (4.1B units) was the major exporter of worked articles of wax in the world, creating 99% of total export.

Romania was also the fastest-growing in terms of the worked articles of wax exports, with a CAGR of +145.4% from 2012 to 2022. While the share of Romania (+97 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Romania ($22M) also remains the largest worked wax articles supplier worldwide.

From 2012 to 2022, the average annual rate of growth in terms of value in Romania stood at +2.7%.

Export Prices By Country

In 2022, the average worked wax articles export price amounted to $0.3 per unit, approximately equating the previous year. Over the period under review, the export price, however, recorded a sharp contraction. The pace of growth was the most pronounced in 2018 when the average export price increased by 8% against the previous year. The global export price peaked at $28 per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Romania.

From 2012 to 2022, the rate of growth in terms of prices for Romania amounted to -58.1% per year.

Source: IndexBox Market Intelligence Platform