Asia: Plastic Furniture Market 2024

Plastic Furniture Market Size in Asia

The Asian plastic furniture market totaled $X in 2021, stabilizing at the previous year. The total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -6.1% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Plastic Furniture Production in Asia

In value terms, plastic furniture production amounted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 with an increase of 14% against the previous year. The level of production peaked at $X in 2019; afterwards, it flattened through to 2021.

Plastic Furniture Exports

Exports in Asia

For the seventh year in a row, Asia recorded growth in shipments abroad of furniture of plastic, which increased by 10% to X units in 2021. Total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +78.2% against 2012 indices. The pace of growth was the most pronounced in 2015 when exports increased by 18%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, plastic furniture exports soared to $X in 2021. Total exports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +79.2% against 2016 indices. The pace of growth appeared the most rapid in 2020 with an increase of 26%. Over the period under review, the exports reached the maximum in 2021 and are likely to continue growth in years to come.

Exports by Country

China prevails in exports structure, resulting at X units, which was approx. 84% of total exports in 2021. Turkey (X units), Vietnam (X units) and Israel (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +7.3% from 2012 to 2021. At the same time, Vietnam (+21.5%), Turkey (+9.5%) and Israel (+2.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia, with a CAGR of +21.5% from 2012-2021. From 2012 to 2021, the share of China and Vietnam increased by +4.8 and +2.3 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest plastic furniture supplier in Asia, comprising 79% of total exports. The second position in the ranking was held by Vietnam ($X), with a 5.1% share of total exports. It was followed by Israel, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +8.8%. In the other countries, the average annual rates were as follows: Vietnam (+25.2% per year) and Israel (+2.4% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per unit, increasing by 9% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2020 an increase of 18%. The level of export peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Israel ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+3.1%), while the other leaders experienced mixed trends in the export price figures.

Plastic Furniture Imports

Imports in Asia

In 2021, the amount of furniture of plastic imported in Asia surged to X units, with an increase of 17% compared with the year before. Total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 20%. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, plastic furniture imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +5.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X units) and Indonesia (X units) represented roughly 27% of total imports in 2021. It was distantly followed by Malaysia (X units), the Philippines (X units), South Korea (X units), the United Arab Emirates (X units), Taiwan (Chinese) (X units) and Vietnam (X units), together making up a 33% share of total imports. The following importers - Thailand (X units), Kazakhstan (X units), India (X units), Iraq (X units) and Kuwait (X units) - together made up 18% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +44.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the Philippines ($X) and Vietnam ($X) appeared to be the countries with the highest levels of imports in 2021, together comprising 28% of total imports.

Vietnam, with a CAGR of +49.6%, saw 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 2021, the import price in Asia amounted to $X per unit, with an increase of 3.3% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 5.1% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2015; however, from 2016 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 ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+17.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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