Key Market Indicators
The global wax market value is forecast to reach $714 million by 2026, increasing at an average rate of 0.4% year on year from $697 million in 2020. China, Japan and Germany ranked second, third and fourth, respectively. Japanese wax imports are expected to dip 0.2% year on year to 13.3 million kilograms by 2026, down from 13.5 million kilograms in 2021. This follows a 3.8% decline year on year since 1993. South Korea overtook Japan in 2021, coming in 11th place with 13.5 million kilograms. Mexico, Germany and Poland were ranked second, third and fourth. Japanese wax exports are forecast to fall 0.9% year on year to 33.9 million kilograms by 2026, down from 35.7 million kilograms in 2021. This follows an increase of 0.4% year on year since 1993. Egypt surpassed Japan in 2021, ranking eighth with 35.7 million kilograms. Malaysia, Germany and South Africa were ranked second, third and fourth.
