Key Market Indicators
The global wax market is predicted to rise to $2.3 billion by 2026, from $2.2 billion in 2020 - an increase of 1% year on year on average. This is due to a 3.7% year-on-year growth in the market since 2020. China, Japan and Germany were the top three countries in terms of market share. Chinese wax exports are forecasted to dip slightly to 512 million kilograms by 2026, from 518 million kilograms in 2021 - a decrease of 0.2% year on year on average. This is a result of a 4% fall in Chinese supply since 1997. Malaysia, Germany and South Africa were the second, third and fourth largest exporters of wax in 2021. Meanwhile, Chinese wax imports are predicted to fall to 3.4 million kilograms by 2026, from 5.2 million kilograms in 2021 - a decrease of 6.8% year on year on average. Despite this, Chinese demand has risen by 0.4% year on year since 1997. China ranked 31st for wax imports in 2021, with Nigeria coming in first at 5.2 million kilograms. Mexico, Germany and Poland were the second, third and fourth largest importers of wax in 2021.
