ASEAN: Metal Office Furniture Market 2024

Metal Office Furniture Market Size in ASEAN

The ASEAN metal office furniture market reduced to $X in 2022, which is down by -6% against the previous year. The total consumption indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -10.0% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Metal Office Furniture Production in ASEAN

In value terms, metal office furniture production reduced to $X in 2022 estimated in export price. The total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -9.4% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 26% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Metal Office Furniture Exports

Exports in ASEAN

In 2022, overseas shipments of metal office furniture increased by 4.9% to X tons, rising for the second year in a row after five years of decline. In general, exports, however, continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 15%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, metal office furniture exports rose notably to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when exports increased by 13%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia represented the key exporter of metal office furniture in ASEAN, with the volume of exports finishing at X tons, which was approx. 59% of total exports in 2022. Vietnam (X tons) held the second position in the ranking, followed by Singapore (X tons) and Indonesia (X tons). All these countries together held approx. 38% share of total exports. Thailand (X tons) followed a long way behind the leaders.

Exports from Malaysia decreased at an average annual rate of -4.0% from 2012 to 2022. At the same time, Vietnam (+10.3%) and Indonesia (+6.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +10.3% from 2012-2022. By contrast, Singapore (-1.2%) and Thailand (-13.8%) illustrated a downward trend over the same period. While the share of Vietnam (+11 p.p.), Indonesia (+4.8 p.p.) and Singapore (+1.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-5.6 p.p.) and Malaysia (-11.8 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) remains the largest metal office furniture supplier in ASEAN, comprising 46% of total exports. The second position in the ranking was held by Singapore ($X), with a 20% share of total exports. It was followed by Indonesia, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Malaysia amounted to -2.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (+0.1% per year) and Indonesia (+12.0% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, rising by 3.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2017 an increase of 12%. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+10.3%), while the other leaders experienced more modest paces of growth.

Metal Office Furniture Imports

Imports in ASEAN

In 2022, the amount of metal office furniture imported in ASEAN shrank dramatically to X tons, dropping by -19.1% against the previous year's figure. Total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +3.1% against 2020 indices. The growth pace was the most rapid in 2016 when imports increased by 34% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then declined notably in the following year.

In value terms, metal office furniture imports fell to $X in 2022. Total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +64.5% against 2013 indices. The pace of growth appeared the most rapid in 2021 with an increase of 37%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

In 2022, Indonesia (X tons) and Singapore (X tons) represented the largest importers of metal office furniture in ASEAN, together finishing at approx. 67% of total imports. Malaysia (X tons) took the next position in the ranking, distantly followed by the Philippines (X tons) and Cambodia (X tons). All these countries together took near 27% share of total imports. The following importers - Thailand (X tons) and Myanmar (X tons) - each recorded a 3.5% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Cambodia (with a CAGR of +24.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Indonesia ($X) and Malaysia ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 75% of total imports. Thailand, the Philippines, Cambodia and Myanmar lagged somewhat behind, together accounting for a further 22%.

In terms of the main importing countries, Cambodia, with a CAGR of +22.2%, saw the highest growth rate of 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

The import price in ASEAN stood at $X per ton in 2022, increasing by 11% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 13% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+19.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform