ASEAN: Composition Leather Market 2024

Composition Leather Market Size in ASEAN

The ASEAN composition leather market soared to $X in 2021, increasing by 37% against the previous year. Over the period under review, consumption, however, showed a deep reduction. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Composition Leather Production in ASEAN

In value terms, composition leather production expanded notably to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 190% against the previous year. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production failed to regain momentum.

Composition Leather Exports

Exports in ASEAN

In 2021, approx. X square meters of composition leather were exported in ASEAN; increasing by 30% compared with the previous year. In general, exports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 1,047% against the previous year. The volume of export peaked at X square meters in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, composition leather exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 1,504% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

Vietnam dominates exports structure, reaching X square meters, which was near 93% of total exports in 2021. Indonesia (X square meters) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to composition leather exports from Vietnam stood at +18.6%. At the same time, Indonesia (+40.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +40.2% from 2012-2021. Vietnam (+11 p.p.) and Indonesia (+3.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest composition leather supplier in ASEAN, comprising 90% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 9.2% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam totaled +11.2%.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per square meter, rising by 5.4% against the previous year. Overall, the export price, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2015 an increase of 52%. Over the period under review, the export prices attained the peak figure at $X per square meter in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per square meter), while Vietnam totaled $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-6.2%).

Composition Leather Imports

Imports in ASEAN

In 2021, composition leather imports in ASEAN skyrocketed to X square meters, increasing by 51% on the year before. Overall, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2014 with an increase of 56%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, composition leather imports surged to $X in 2021. Over the period under review, imports saw a strong expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 45% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in the near future.

Imports by Country

Cambodia dominates imports structure, amounting to X square meters, which was near 88% of total imports in 2021. The following importers - Vietnam (X square meters), the Philippines (X square meters) and Thailand (X square meters) - together made up 10% of total imports.

Cambodia was also the fastest-growing in terms of the composition leather imports, with a CAGR of +20.0% from 2012 to 2021. At the same time, the Philippines (+4.8%) and Thailand (+2.0%) displayed positive paces of growth. By contrast, Vietnam (-6.9%) illustrated a downward trend over the same period. While the share of Cambodia (+34 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Thailand (-2.7 p.p.), the Philippines (-4.4 p.p.) and Vietnam (-22.7 p.p.) displayed negative dynamics.

In value terms, Cambodia ($X) constitutes the largest market for imported composition leather in ASEAN, comprising 88% of total imports. The second position in the ranking was held by Vietnam ($X), with a 3.6% share of total imports. It was followed by the Philippines, with a 3.6% share.

In Cambodia, composition leather imports increased at an average annual rate of +21.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (-7.1% per year) and the Philippines (-4.9% per year).

Import Prices by Country

The import price in ASEAN stood at $X per square meter in 2021, declining by -7.2% against the previous year. Overall, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the import price increased by 15%. Over the period under review, import prices reached the maximum at $X per square meter in 2020, and then contracted in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Cambodia ($X per square meter), while Thailand ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform