Non-vegetable waxes market in Western Asia

Earlier Report Observations

From 2018 to 2019, the non-vegetable wax market volume in Western Asia grew from 4 824 t to 4 896 t, supported by rapid regional industrialization and the expansion of end-use sectors like packaging and cosmetics. Increasing consumer preference for natural and bio-based waxes, such as beeswax, began shaping market trends. However, in 2020, the COVID-19 pandemic caused global supply chain disruptions, leading to a decline in market volume to 4 751 t, despite rising demand for natural ingredients in personal care products.

After 2020, the market stabilized around 4 600 t in 2021-2022. Policy shifts toward stricter regulations on petroleum-based waxes encouraged manufacturers to increase the use of natural alternatives. In 2023, the launch of Exxon Mobil Corporation's new wax product brand, Prowaxx, reflected sector innovation and contributed to a recovery in market volume to 4 820 t. Heightened demand for spermaceti and beeswax in pharmaceutical and cosmetic applications further supported this growth.

Production non-vegetable waxes in Western Asia

In kind, 2017-2020, t

Top producers of non-vegetable waxes, 2017-2020

World map of production of non-vegetable waxes, 2017-2020

Production of non-vegetable waxes in Western Asia declined for the third consecutive year. In 2019, the region produced 4 112 tonnes, which fell to 3 915 tonnes in 2020, marking a decrease of 4.8%. Over the period from 2017 to 2020, production dropped by 16.1%, with a compound annual growth rate of -5.7%.

Annual dynamics of production in Western Asia in kind, 2017-2020, t

Exports non-vegetable waxes from Western Asia

Exports in kind, t

The market exhibited volatility during the observed period. In 2018, exports reached their lowest point at 17 tonnes, then surged by 272.5% in 2019 to 65 tonnes, before peaking in 2020 at 193 tonnes, a 198.9% increase from the previous year. This resulted in an 11.1-fold variation between the minimum in 2018 and the maximum in 2020. The largest decline occurred in 2018, with a drop of 13.3%.

Annual dynamics of product's exports from Western Asia in kind, 2017-2020, t

From 2017 to 2020, non-vegetable waxes from Western Asia were exported to numerous markets. The top destinations—South Korea, China, and Iran—collectively accounted for only 16.8% of total exports in volume.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Western Asia in kind, 2017-2020

Exports in value, K $ US

Export value of non-vegetable waxes from Western Asia increased for the third consecutive year. In 2019, exports stood at 515 thousand US dollars, rising to 650 thousand US dollars in 2020, a gain of 26.3%. Between 2017 and 2020, export value grew by 524.8%, with a compound annual growth rate of 84.2%.

Annual dynamics of product's exports from Western Asia in value, 2017-2020, K $ US

During 2017–2020, exports in value terms of non-vegetable waxes from Western Asia were distributed across many countries. Iran, Libya, and the United States were the leading markets, but together they represented only 15.3% of total export value, with shares of 8.7%, 3.5%, and 3.2%, respectively.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Western Asia in value, 2017-2020

Imports non-vegetable waxes to Western Asia

Imports in kind, t

Imports of non-vegetable waxes into Western Asia rose for the third consecutive year. In 2019, imports were 847 tonnes, increasing to 1 028 tonnes in 2020, a strong growth of 21.4%. From 2017 to 2020, import volume expanded by 99.3%, equivalent to an annualized rate of 25.8%.

Annual dynamics of product's imports to Western Asia in kind, 2017-2020, t

Between 2017 and 2020, the main sources for imports in volume of non-vegetable waxes to Western Asia were China, Egypt, and Germany. Together, they accounted for 66.7% of total imports, with China leading at 52.5%, followed by Egypt at 8.2% and Germany at 6.1%.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Western Asia in kind, 2017-2020

Imports in value, K $ US

Import value of non-vegetable waxes into Western Asia grew for the third consecutive year. In 2019, imports were valued at 4 146 thousand US dollars, reaching 4 283 thousand US dollars in 2020, a modest increase of 3.3%. Over the period 2017-2020, import value increased by 34.4%, with a compound annual growth rate of 10.4%.

Annual dynamics of product's imports to Western Asia in value, 2017-2020, K $ US

From 2017 to 2020, the primary markets for imports in value terms of non-vegetable waxes into Western Asia were China, Germany, and the United States. Collectively, they made up 58.1% of total import value, with China contributing 35.9%, Germany 13.1%, and the United States 9.1%.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Western Asia in value, 2017-2020