Asia-Pacific: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Asia-Pacific

The Asia-Pacific plastic furniture fittings market shrank to $X in 2021, with a decrease of -5.2% against the previous year. The total consumption indicated a resilient expansion from 2012 to 2021: its value 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. Based on 2021 figures, consumption increased by +2.6% against 2019 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Plastic Furniture Fittings Production in Asia-Pacific

In value terms, plastic furniture fittings production declined slightly to $X in 2021 estimated in export price. The total production indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +4.2% against 2019 indices. The most prominent rate of growth was recorded in 2016 with an increase of 24%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Plastic Furniture Fittings Exports

Exports in Asia-Pacific

In 2021, overseas shipments of plastic fittings for furniture increased by 13% to X tons, rising for the sixth consecutive year after two years of decline. Overall, exports posted strong growth. The most prominent rate of growth was recorded in 2018 with an increase of 55%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, plastic furniture fittings exports skyrocketed to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +109.8% against 2012 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, accounting for X tons, which was approx. 78% of total exports in 2021. It was distantly followed by South Korea (X tons), committing a 6.9% share of total exports. Japan (X tons), Vietnam (X tons), Thailand (X tons) and Taiwan (Chinese) (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to plastic furniture fittings exports from China stood at +12.3%. At the same time, Vietnam (+39.1%), Thailand (+8.3%), Japan (+7.9%) and South Korea (+1.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +39.1% from 2012-2021. By contrast, Taiwan (Chinese) (-5.7%) illustrated a downward trend over the same period. China (+14 p.p.) and Vietnam (+2.7 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and South Korea saw its share reduced by -4.7% and -7.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest plastic furniture fittings supplier in Asia-Pacific, comprising 52% of total exports. The second position in the ranking was taken by South Korea ($X), with a 15% share of total exports. It was followed by Japan, with a 13% share.

In China, plastic furniture fittings exports expanded at an average annual rate of +11.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+3.7% per year) and Japan (+5.8% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, increasing by 10% against the previous year. In general, the export price, however, continues to indicate a slight downturn. Over the period under review, the export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

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 Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.9%), while the other leaders experienced more modest paces of growth.

Plastic Furniture Fittings Imports

Imports in Asia-Pacific

In 2021, approx. X tons of plastic fittings for furniture were imported in Asia-Pacific; increasing by 7.8% compared with the year before. In general, imports, however, saw a mild decline. The most prominent rate of growth was recorded in 2017 with an increase of 29% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, plastic furniture fittings imports totaled $X in 2021. Over the period under review, imports showed a resilient expansion. The pace of growth was the most pronounced in 2017 with an increase of 77%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

Vietnam was the key importer of plastic fittings for furniture in Asia-Pacific, with the volume of imports finishing at X tons, which was approx. 34% of total imports in 2021. Japan (X tons) ranks second in terms of the total imports with a 12% share, followed by Indonesia (8.3%), China (6.8%), South Korea (6.3%), Taiwan (Chinese) (5.6%), Thailand (5%) and Malaysia (4.8%).

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, Malaysia (+10.5%), Indonesia (+8.2%), South Korea (+7.0%), Japan (+6.3%), Taiwan (Chinese) (+4.9%) and Thailand (+3.9%) displayed positive paces of growth. China experienced a relatively flat trend pattern. From 2012 to 2021, the share of Vietnam, Japan, Indonesia, South Korea, Malaysia, Taiwan (Chinese) and Thailand increased by +23, +5.9, +4.8, +3.4, +3.1, +2.5 and +2 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported plastic fittings for furniture in Asia-Pacific, comprising 39% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam amounted to +16.1%. In the other countries, the average annual rates were as follows: China (+4.4% per year) and Japan (+4.4% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, growing by 5.8% against the previous year. In general, the import price continues to indicate prominent growth. The pace of growth appeared the most rapid in 2017 an increase of 37%. Over the period under review, import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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