ASEAN: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in ASEAN

The ASEAN plastic furniture fittings market declined to $X in 2021, shrinking by -7.6% against the previous year. Over the period under review, consumption, however, enjoyed a prominent expansion. Over the period under review, the market attained the maximum level at $X in 2020, and then dropped in the following year.

Plastic Furniture Fittings Production in ASEAN

In value terms, plastic furniture fittings production declined to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.9% 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 decreased by -3.6% against 2016 indices. The pace of growth was the most pronounced in 2016 with an increase of 35% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted in the following year.

Plastic Furniture Fittings Exports

Exports in ASEAN

In 2021, after four years of decline, there was significant growth in shipments abroad of plastic fittings for furniture, when their volume increased by 32% to X tons. Over the period under review, exports showed strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 137% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, plastic furniture fittings exports surged to $X in 2021. Overall, exports posted a buoyant expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 61% against the previous year. The level of export peaked in 2021 and is expected to retain growth in years to come.

Exports by Country

In 2021, Vietnam (X tons) and Thailand (X tons) were the major exporters of plastic fittings for furniture in ASEAN, together finishing at near 76% of total exports. Malaysia (X tons) took the next position in the ranking, distantly followed by Indonesia (X tons). All these countries together held approx. 19% share of total exports. Singapore (X tons) took a relatively small share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +39.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Thailand ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2021, together comprising 93% of total exports.

Among the main exporting countries, Vietnam, with a CAGR of +38.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, declining by -6.1% against the previous year. Export price indicated a moderate expansion from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the export price increased by 45% against the previous year. The level of export peaked at $X per ton in 2020, and then contracted in the following year.

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 Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.8%), while the other leaders experienced more modest paces of growth.

Plastic Furniture Fittings Imports

Imports in ASEAN

In 2021, the amount of plastic fittings for furniture imported in ASEAN fell modestly to X tons, approximately mirroring the previous year's figure. Over the period under review, imports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2017 when imports increased by 118%. The volume of import peaked at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, plastic furniture fittings imports amounted to $X in 2021. In general, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 278%. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Vietnam was the largest importer of plastic fittings for furniture in ASEAN, with the volume of imports resulting at X tons, which was approx. 59% of total imports in 2021. Indonesia (X tons) ranks second in terms of the total imports with a 15% share, followed by Thailand (8.8%), Malaysia (8.4%) and the Philippines (5.5%). Singapore (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the plastic fittings for furniture imports, with a CAGR of +11.7% from 2012 to 2021. At the same time, the Philippines (+11.5%), Malaysia (+10.5%), Indonesia (+8.2%) and Thailand (+3.9%) displayed positive paces of growth. By contrast, Singapore (-7.6%) illustrated a downward trend over the same period. Vietnam (+12 p.p.) significantly strengthened its position in terms of the total imports, while Thailand and Singapore saw its share reduced by -4.6% and -8.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported plastic fittings for furniture in ASEAN, comprising 77% of total imports. The second position in the ranking was taken by Thailand ($X), with a 9.1% share of total imports. It was followed by the Philippines, with a 3.7% share.

In Vietnam, plastic furniture fittings imports increased at an average annual rate of +16.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (-2.5% per year) and the Philippines (+30.0% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, surging by 7.5% against the previous year. Import price indicated a mild increase from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, plastic furniture fittings import price increased by +4.8% against 2018 indices. The most prominent rate of growth was recorded in 2017 an increase of 73% against the previous year. Over the period under review, import prices hit record highs in 2021 and is likely to see steady growth in the near future.

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 Vietnam ($X per ton), while Indonesia ($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 (+16.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform