ASEAN: Tufted Carpet Market 2024

Tufted Carpet Market Size in ASEAN

The ASEAN tufted carpet market rose notably to $X in 2022, growing by 9.4% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in the near future.

Tufted Carpet Production in ASEAN

In value terms, tufted carpet production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Tufted Carpet Exports

Exports in ASEAN

In 2022, after ten years of growth, there was significant decline in overseas shipments of tufted carpets and other tufted textile floor coverings, when their volume decreased by -17.6% to X square meters. Overall, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 45% against the previous year. Over the period under review, the exports reached the maximum at X square meters in 2021, and then reduced remarkably in the following year.

In value terms, tufted carpet exports fell notably to $X in 2022. Over the period under review, exports, however, enjoyed a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 33% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then reduced markedly in the following year.

Exports by Country

Vietnam dominates exports structure, accounting for X square meters, which was near 85% of total exports in 2022. It was distantly followed by Indonesia (X square meters), committing a 5.2% share of total exports. The following exporters - Thailand (X square meters) and Malaysia (X square meters) - each accounted for an 8.1% share of total exports.

Vietnam was also the fastest-growing in terms of the tufted carpets and other tufted textile floor coverings exports, with a CAGR of +30.9% from 2012 to 2022. Indonesia (-1.9%), Malaysia (-2.1%) and Thailand (-17.3%) illustrated a downward trend over the same period. Vietnam (+73 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia, Indonesia and Thailand saw its share reduced by -6%, -8% and -57.8% from 2012 to 2022, respectively.

In value terms, Vietnam ($X) remains the largest tufted carpet supplier in ASEAN, comprising 79% of total exports. The second position in the ranking was taken by Thailand ($X), with a 10% share of total exports. It was followed by Indonesia, with a 6.9% share.

In Vietnam, tufted carpet exports increased at an average annual rate of +29.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (-12.2% per year) and Indonesia (-1.4% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per square meter, leveling off at the previous year. Over the period under review, the export price, however, saw a slight shrinkage. The growth pace was the most rapid in 2021 when the export price increased by 3.9% against the previous year. The level of export peaked at $X per square meter in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per square meter), while Malaysia ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.2%), while the other leaders experienced more modest paces of growth.

Tufted Carpet Imports

Imports in ASEAN

In 2022, purchases abroad of tufted carpets and other tufted textile floor coverings increased by 5.8% to X square meters, rising for the second year in a row after two years of decline. Total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% 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 +26.4% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 35% against the previous year. The volume of import peaked at X square meters in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, tufted carpet imports reached $X in 2022. In general, imports, however, showed a mild downturn. The pace of growth was the most pronounced in 2018 with an increase of 15% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X square meters) and Thailand (X square meters) represented the largest importers of tufted carpets and other tufted textile floor coverings in ASEAN, together reaching approx. 57% of total imports. Vietnam (X square meters) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (13%), the Philippines (6.4%) and Myanmar (6%). Indonesia (X square meters) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +39.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tufted carpet importing markets in ASEAN were Malaysia ($X), Vietnam ($X) and Singapore ($X), with a combined 70% share of total imports. Thailand, the Philippines, Indonesia and Myanmar lagged somewhat behind, together accounting for a further 28%.

Myanmar, with a CAGR of +12.8%, recorded 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 2022, the import price in ASEAN amounted to $X per square meter, falling by -5.4% against the previous year. Overall, the import price showed a drastic downturn. The growth pace was the most rapid in 2014 when the import price increased by 12% against the previous year. As a result, import price attained the peak level of $X per square meter. From 2015 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per square meter), while Myanmar ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform