Asia: Composition Leather Market 2024

Composition Leather Market Size in Asia

The Asian composition leather market expanded remarkably to $X in 2021, surging by 12% against the previous year. Over the period under review, consumption, however, showed a noticeable setback. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Composition Leather Production in Asia

In value terms, composition leather production totaled $X in 2021 estimated in export price. The total output value increased at an average annual rate of +2.5% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2014 with an increase of 28%. The level of production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Composition Leather Exports

Exports in Asia

In 2021, shipments abroad of composition leather increased by 11% to X square meters for the first time since 2015, thus ending a five-year declining trend. Over the period under review, exports posted a moderate increase. The pace of growth appeared the most rapid in 2015 with an increase of 145%. As a result, the exports reached the peak of X square meters. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, composition leather exports expanded notably to $X in 2021. Total exports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -6.2% against 2019 indices. The most prominent rate of growth was recorded in 2015 when exports increased by 47% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Vietnam (X square meters) and China (X square meters) were the largest exporters of composition leather in 2021, finishing at near 35% and 25% of total exports, respectively. It was distantly followed by South Korea (X square meters), Hong Kong SAR (X square meters), Taiwan (Chinese) (X square meters) and Turkey (X square meters), together mixing up a 35% share of total exports. Indonesia (X square meters) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +40.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) emerged as the largest composition leather supplier in Asia, comprising 45% of total exports. The second position in the ranking was held by South Korea ($X), with a 20% share of total exports. It was followed by China, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam stood at +11.2%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+7.7% per year) and China (+23.9% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per square meter, waning by -4.2% against the previous year. Overall, the export price, however, continues to indicate a tangible expansion. The most prominent rate of growth was recorded in 2019 when the export price increased by 92%. Over the period under review, the export prices attained the peak figure at $X per square meter in 2020, and then declined slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per square meter), while Turkey ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.7%), while the other leaders experienced mixed trends in the export price figures.

Composition Leather Imports

Imports in Asia

In 2021, approx. X square meters of composition leather were imported in Asia; jumping by 48% compared with the year before. Total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.8% against 2017 indices. Over the period under review, imports reached the peak figure at X square meters in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, composition leather imports surged to $X in 2021. Overall, imports enjoyed a resilient increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Cambodia dominates imports structure, reaching X square meters, which was approx. 66% of total imports in 2021. India (X square meters) ranks second in terms of the total imports with a 6.2% share, followed by China (5.3%). The following importers - Hong Kong SAR (X square meters), Vietnam (X square meters), the Philippines (X square meters) and Turkey (X square meters) - together made up 13% of total imports.

Cambodia was also the fastest-growing in terms of the composition leather imports, with a CAGR of +20.0% from 2012 to 2021. At the same time, India (+15.8%) and the Philippines (+4.8%) displayed positive paces of growth. Turkey experienced a relatively flat trend pattern. By contrast, Vietnam (-6.9%), China (-8.6%) and Hong Kong SAR (-12.8%) illustrated a downward trend over the same period. Cambodia (+46 p.p.) and India (+3.6 p.p.) significantly strengthened its position in terms of the total imports, while Vietnam, China and Hong Kong SAR saw its share reduced by -6.6%, -13.1% and -15.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cambodia ($X) constitutes the largest market for imported composition leather in Asia, comprising 77% of total imports. The second position in the ranking was taken by China ($X), with a 5.2% share of total imports. It was followed by Vietnam, with a 3.1% share.

In Cambodia, composition leather imports expanded at an average annual rate of +21.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (-1.1% per year) and Vietnam (-7.1% per year).

Import Prices by Country

The import price in Asia stood at $X per square meter in 2021, shrinking by -4.6% against the previous year. Import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +3.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, composition leather import price increased by +58.6% against 2015 indices. The pace of growth appeared the most rapid in 2019 an increase of 20% against the previous year. Over the period under review, import prices hit record highs at $X per square meter in 2020, and then fell modestly in the following year.

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 Cambodia ($X per square meter), while India ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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