ASEAN: Plastic Furniture Market 2024

Plastic Furniture Market Size in ASEAN

In 2021, after three years of growth, there was decline in the ASEAN plastic furniture market, when its value decreased by -3% to $X. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Plastic Furniture Production in ASEAN

In value terms, plastic furniture production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 21% against the previous year. As a result, production attained the peak level of $X, and then reduced in the following year.

Plastic Furniture Exports

Exports in ASEAN

For the third year in a row, ASEAN recorded growth in overseas shipments of furniture of plastic, which increased by 7.5% to X units in 2021. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +94.6% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 71% against the previous year. The volume of export peaked in 2021 and is expected to retain growth in years to come.

In value terms, plastic furniture exports soared to $X in 2021. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2020 with an increase of 91%. The level of export peaked in 2021 and is likely to continue growth in the near future.

Exports by Country

Vietnam dominates exports structure, finishing at X units, which was near 70% of total exports in 2021. Indonesia (X units) took the second position in the ranking, followed by Malaysia (X units), the Philippines (X units) and Singapore (X units). All these countries together took near 27% share of total exports. Thailand (X units) took a relatively small share of total exports.

Vietnam was also the fastest-growing in terms of the furniture of plastic exports, with a CAGR of +21.5% from 2012 to 2021. At the same time, Singapore (+14.4%), the Philippines (+11.9%) and Thailand (+2.1%) displayed positive paces of growth. By contrast, Indonesia (-9.1%) and Malaysia (-9.7%) illustrated a downward trend over the same period. Vietnam (+50 p.p.), Singapore (+2.4 p.p.) and the Philippines (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Indonesia saw its share reduced by -23.6% and -29.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest plastic furniture supplier in ASEAN, comprising 66% of total exports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total exports. It was followed by Thailand, with a 5.4% share.

In Vietnam, plastic furniture exports expanded at an average annual rate of +25.2% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-2.5% per year) and Thailand (+9.1% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, rising by 16% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.9%. The pace of growth was the most pronounced in 2017 when the export price increased by 21%. Over the period under review, the export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Thailand ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+7.2%), while the other leaders experienced more modest paces of growth.

Plastic Furniture Imports

Imports in ASEAN

Plastic furniture imports skyrocketed to X units in 2021, growing by 26% compared with 2020. Overall, imports enjoyed resilient growth. The growth pace was the most rapid in 2017 with an increase of 39%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, plastic furniture imports skyrocketed to $X in 2021. Over the period under review, imports posted a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia represented the main importing country with an import of about X units, which amounted to 34% of total imports. Malaysia (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (16%), Vietnam (13%), Thailand (12%) and Singapore (5.6%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +44.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest plastic furniture importing markets in ASEAN were the Philippines ($X), Vietnam ($X) and Indonesia ($X), together comprising 63% of total imports.

Vietnam, with a CAGR of +49.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per unit, picking up by 13% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 19%. The level of import peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+17.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform