Asia-Pacific: Wooden Furniture Treatments Market 2024

Wooden Furniture Treatments Market Size in Asia-Pacific

The Asia-Pacific wooden furniture treatments market rose to $X in 2022, growing by 2.3% against the previous year. In general, consumption recorded a pronounced descent. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Wooden Furniture Treatments Production in Asia-Pacific

In value terms, wooden furniture treatments production reached $X in 2022 estimated in export price. Overall, production saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 16%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Wooden Furniture Treatments Exports

Exports in Asia-Pacific

In 2022, overseas shipments of polishes and creams for wooden furniture and floors decreased by -20.6% to X tons, falling for the third year in a row after four years of growth. Overall, exports continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2019 with an increase of 40%. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a lower figure.

In value terms, wooden furniture treatments exports shrank to $X in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 33%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, China (X tons) was the largest exporter of polishes and creams for wooden furniture and floors, making up 56% of total exports. It was distantly followed by India (X tons), Hong Kong SAR (X tons) and Thailand (X tons), together generating a 25% share of total exports. Taiwan (Chinese) (X tons), Vietnam (X tons) and Malaysia (X tons) followed a long way behind the leaders.

China experienced a relatively flat trend pattern with regard to volume of exports of polishes and creams for wooden furniture and floors. At the same time, India (+25.1%) and Malaysia (+4.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +25.1% from 2012-2022. By contrast, Taiwan (Chinese) (-2.7%), Vietnam (-6.0%), Hong Kong SAR (-7.0%) and Thailand (-11.9%) illustrated a downward trend over the same period. While the share of India (+13 p.p.) and China (+8.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-2.3 p.p.), Hong Kong SAR (-5 p.p.) and Thailand (-9.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest wooden furniture treatments supplier in Asia-Pacific, comprising 57% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 7.5% share of total exports. It was followed by India, with a 7.2% share.

In China, wooden furniture treatments exports increased at an average annual rate of +4.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (-4.6% per year) and India (+9.2% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, surging by 11% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2020 when the export price increased by 19%. Over the period under review, the export prices hit record highs in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+5.1%), while the other leaders experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports in Asia-Pacific

Wooden furniture treatments imports reached X tons in 2022, with an increase of 12% against 2021 figures. Overall, imports, however, recorded a pronounced decline. The most prominent rate of growth was recorded in 2014 when imports increased by 12%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, wooden furniture treatments imports expanded to $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of 16%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X tons), distantly followed by Hong Kong SAR (X tons), Australia (X tons), Thailand (X tons), the Philippines (X tons) and South Korea (X tons) represented the largest importers of polishes and creams for wooden furniture and floors, together comprising 74% of total imports. Vietnam (X tons), Japan (X tons), Taiwan (Chinese) (X tons), New Zealand (X tons), Malaysia (X tons) and Singapore (X tons) followed a long way behind the leaders.

Imports into China decreased at an average annual rate of -1.9% from 2012 to 2022. At the same time, Thailand (+10.1%), Hong Kong SAR (+6.4%), New Zealand (+4.4%) and South Korea (+3.0%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +10.1% from 2012-2022. Vietnam experienced a relatively flat trend pattern. By contrast, the Philippines (-3.8%), Australia (-4.0%), Malaysia (-4.6%), Taiwan (Chinese) (-8.0%), Japan (-9.4%) and Singapore (-12.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Hong Kong SAR, Thailand and South Korea increased by +7.6, +7.1 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported polishes and creams for wooden furniture and floors in Asia-Pacific, comprising 43% of total imports. The second position in the ranking was taken by Australia ($X), with a 12% share of total imports. It was followed by Japan, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +3.1%. In the other countries, the average annual rates were as follows: Australia (+6.0% per year) and Japan (-4.2% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, reducing by -7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.3%. The pace of growth appeared the most rapid in 2013 when the import price increased by 13% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2021, and then fell in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+10.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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