Key Market Indicators
The global wax market is expected to reach a value of $16.3 million by 2026, growing at a rate of 1.6% year on year. In 2020, the market was valued at $14.8 million and grew 2.2%. China, Japan and Germany respectively were the second, third and fourth largest markets. Hungary's wax exports are projected to decrease from 12.0 million kilograms in 2021 to 10.9 million kilograms by 2026, at an average annual rate of 1.7%. Since 1997, Hungarian wax supply has decreased by 1.3%. In 2021, Poland overtook Hungary as the thirteenth largest exporter, with 12.0 million kilograms. Malaysia, Germany and South Africa respectively were the second, third and fourth largest exporters. Hungary's wax imports are forecast to decline from 1.5 million kilograms in 2021 to 1.4 million kilograms by 2026, at an average annual rate of 1.5%. Since 1997, Hungarian wax demand has fallen by 6.2%. In 2021, Ireland overtook Hungary as the fifty-eighth largest importer, with 1.5 million kilograms. Mexico, Germany and Poland respectively were the second, third and fourth largest importers.
