Asia-Pacific: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Asia-Pacific

In 2022, the Asia-Pacific sewing machine needle market decreased by -4.6% to $X, falling for the third year in a row after three years of growth. Overall, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the market value increased by 3.5%. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Sewing Machine Needle Production in Asia-Pacific

In value terms, sewing machine needle production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 9.8% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Sewing Machine Needle Exports

Exports in Asia-Pacific

Sewing machine needle exports dropped to X units in 2022, reducing by -8% on 2021 figures. Overall, exports showed a slight reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 22%. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, sewing machine needle exports surged to $X in 2022. The total export value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

In 2022, China (X units), distantly followed by Singapore (X units), Vietnam (X units), India (X units) and Hong Kong SAR (X units) represented the largest exporters of sewing machine needles, together generating 92% of total exports. The following exporters - Taiwan (Chinese) (X units) and South Korea (X units) - together made up 7.6% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Singapore (with a CAGR of +11.8%), while the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) emerged as the largest sewing machine needle supplier in Asia-Pacific, comprising 50% of total exports. The second position in the ranking was held by Vietnam ($X), with a 20% share of total exports. It was followed by India, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore stood at +15.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+5.9% per year) and India (-2.3% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per thousand units, picking up by 38% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per thousand units), while China ($X per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.9%), while the other leaders experienced more modest paces of growth.

Sewing Machine Needle Imports

Imports in Asia-Pacific

In 2022, approx. X units of sewing machine needles were imported in Asia-Pacific; reducing by -7.1% compared with the previous year. Over the period under review, imports showed a slight reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 42%. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, sewing machine needle imports amounted to $X in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 26%. The level of import peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The purchases of the ten major importers of sewing machine needles, namely Hong Kong SAR, Singapore, China, India, Indonesia, Japan, Bangladesh, South Korea, Taiwan (Chinese) and Pakistan, represented more than two-thirds of total import.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by China (with a CAGR of +17.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest sewing machine needle importing markets in Asia-Pacific were Singapore ($X), Hong Kong SAR ($X) and China ($X), with a combined 58% share of total imports.

China, with a CAGR of +13.1%, 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

The import price in Asia-Pacific stood at $X per thousand units in 2022, rising by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2020 when the import price increased by 27% against the previous year. The level of import peaked at $X per thousand units in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+15.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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