ASEAN: Hairpin Market 2024

Hairpin Market Size in ASEAN

The ASEAN hairpin market soared to $X in 2021, rising by 32% against the previous year. Over the period under review, consumption continues to indicate a strong increase. The level of consumption peaked in 2021 and is likely to see steady growth in the near future.

Hairpin Production in ASEAN

In value terms, hairpin production contracted sharply to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +57.2% against 2018 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 48%. As a result, production reached the peak level of $X, and then contracted remarkably in the following year.

Hairpin Exports

Exports in ASEAN

In 2021, shipments abroad of hairpins, curling pins, curling grips and hair-curlers decreased by -42.4% to X tons, falling for the seventh consecutive year after three years of growth. Over the period under review, exports continue to indicate a abrupt downturn. The pace of growth was the most pronounced in 2013 when exports increased by 12%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, hairpin exports soared to $X in 2021. In general, exports recorded a relatively flat trend pattern. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Thailand dominates exports structure, resulting at X tons, which was approx. 76% of total exports in 2021. Vietnam (X tons) ranks second in terms of the total exports with an 8% share, followed by the Philippines (5.3%). The following exporters - Lao People's Democratic Republic (X tons) and Malaysia (X tons) - each finished at an 8.4% share of total exports.

Exports from Thailand decreased at an average annual rate of -13.2% from 2012 to 2021. At the same time, Lao People's Democratic Republic (+92.7%) and the Philippines (+8.8%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +92.7% from 2012-2021. By contrast, Vietnam (-7.0%) and Malaysia (-18.5%) illustrated a downward trend over the same period. The Philippines (+4.6 p.p.), Lao People's Democratic Republic (+4.3 p.p.) and Vietnam (+3.3 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia and Thailand saw its share reduced by -3.7% and -6.7% from 2012 to 2021, respectively.

In value terms, the Philippines ($X) emerged as the largest hairpin supplier in ASEAN, comprising 72% of total exports. The second position in the ranking was taken by Thailand ($X), with an 18% share of total exports. It was followed by Vietnam, with a 6.2% share.

In the Philippines, hairpin exports expanded at an average annual rate of +36.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-14.8% per year) and Vietnam (-2.0% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, rising by 122% against the previous year. Over the period under review, the export price continues to indicate buoyant growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the Philippines ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+25.4%), while the other leaders experienced more modest paces of growth.

Hairpin Imports

Imports in ASEAN

In 2021, the amount of hairpins, curling pins, curling grips and hair-curlers imported in ASEAN surged to X tons, jumping by 53% on the year before. Overall, imports enjoyed strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 275% against the previous year. Over the period under review, imports hit record highs at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, hairpin imports soared to $X in 2021. In general, imports showed a resilient expansion. The growth pace was the most rapid in 2018 when imports increased by 84%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in the near future.

Imports by Country

The Philippines represented the key importing country with an import of around X tons, which finished at 72% of total imports. Thailand (X tons) held the second position in the ranking, distantly followed by Indonesia (X tons). All these countries together held near 22% share of total imports. Vietnam (X tons) and Malaysia (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hairpin imports into the Philippines stood at +26.2%. At the same time, Vietnam (+34.1%) and Indonesia (+8.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +34.1% from 2012-2021. By contrast, Malaysia (-1.8%) and Thailand (-2.4%) illustrated a downward trend over the same period. While the share of the Philippines (+47 p.p.) and Vietnam (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-2.9 p.p.), Malaysia (-5.1 p.p.) and Thailand (-35.8 p.p.) displayed negative dynamics.

In value terms, the largest hairpin importing markets in ASEAN were the Philippines ($X), Thailand ($X) and Vietnam ($X), with a combined 73% share of total imports.

In terms of the main importing countries, the Philippines, with a CAGR of +37.7%, recorded the highest rates of growth with regard to the value of imports, 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 ton, dropping by -14.8% against the previous year. In general, the import price saw a perceptible decrease. The pace of growth was the most pronounced in 2020 an increase of 71%. The level of import peaked at $X per ton in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Vietnam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+9.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform