Asia: Metal Office Furniture Market 2024

Metal Office Furniture Market Size in Asia

In 2022, the Asian metal office furniture market was finally on the rise to reach $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption posted notable growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Metal Office Furniture Production in Asia

In value terms, metal office furniture production shrank to $X in 2022 estimated in export price. Over the period under review, production showed buoyant growth. The pace of growth appeared the most rapid in 2018 with an increase of 51% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Metal Office Furniture Exports

Exports in Asia

In 2022, metal office furniture exports in Asia dropped modestly to X tons, approximately equating the year before. The total export volume increased at an average annual rate of +3.4% 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 2015 when exports increased by 16% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then fell slightly in the following year.

In value terms, metal office furniture exports totaled $X in 2022. The total export value increased at an average annual rate of +4.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 14% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Exports by Country

China was the main exporter of metal office furniture in Asia, with the volume of exports recording X tons, which was approx. 72% of total exports in 2022. It was distantly followed by Turkey (X tons) and Taiwan (Chinese) (X tons), together mixing up an 18% share of total exports. Malaysia (X tons) and India (X tons) took a little share of total exports.

Exports from China increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Turkey (+7.7%), Taiwan (Chinese) (+5.0%) and India (+4.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +7.7% from 2012-2022. By contrast, Malaysia (-4.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey and China increased by +3.8 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest metal office furniture supplier in Asia, comprising 65% of total exports. The second position in the ranking was held by Turkey ($X), with a 9.9% share of total exports. It was followed by Taiwan (Chinese), with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +5.5%. In the other countries, the average annual rates were as follows: Turkey (+8.2% per year) and Taiwan (Chinese) (+6.2% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, growing by 6.4% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2013 an increase of 11%. The level of export peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.9%), while the other leaders experienced more modest paces of growth.

Metal Office Furniture Imports

Imports in Asia

In 2022, the amount of metal office furniture imported in Asia declined to X tons, shrinking by -9% against the previous year's figure. Over the period under review, imports continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 14% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, metal office furniture imports shrank slightly to $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 24%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Saudi Arabia (X tons), Indonesia (X tons), Singapore (X tons), Japan (X tons), the United Arab Emirates (X tons), Hong Kong SAR (X tons), Malaysia (X tons), South Korea (X tons), India (X tons), Qatar (X tons), Kuwait (X tons) and Israel (X tons) represented roughly 78% of total imports in 2022. China (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Israel (with a CAGR of +19.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Saudi Arabia ($X) and the United Arab Emirates ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 32% share of total imports. Indonesia, Japan, South Korea, Malaysia, India, Hong Kong SAR, Israel, Qatar, China and Kuwait lagged somewhat behind, together accounting for a further 45%.

Israel, with a CAGR of +19.1%, recorded the highest growth rate of the value of imports, among 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

The import price in Asia stood at $X per ton in 2022, rising by 6.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2021 when the import price increased by 8.3% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

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 Israel ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Kuwait (+9.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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