Asia-Pacific: Wood Tool Market 2024

Wood Tool Market Size in Asia-Pacific

After five years of growth, the Asia-Pacific wood tool market decreased by -6.6% to $X in 2021. Overall, consumption recorded a strong expansion. The level of consumption peaked at $X in 2020, and then fell in the following year.

Wood Tool Production in Asia-Pacific

In value terms, wood tool production reduced to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 39%. The level of production peaked at $X in 2020, and then reduced in the following year.

Wood Tool Exports

Exports in Asia-Pacific

After two years of decline, shipments abroad of tools of wood increased by 15% to X tons in 2021. In general, exports showed a moderate expansion. The pace of growth was the most pronounced in 2015 with an increase of 53%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, wood tool exports skyrocketed to $X in 2021. Overall, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 75% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

China dominates exports structure, accounting for X tons, which was approx. 86% of total exports in 2021. It was distantly followed by Vietnam (X tons), achieving a 4.9% share of total exports. Sri Lanka (X tons), Indonesia (X tons) and India (X tons) took a minor share of total exports.

Exports from China increased at an average annual rate of +4.5% from 2012 to 2021. At the same time, Vietnam (+10.4%) and India (+5.3%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +10.4% from 2012-2021. By contrast, Sri Lanka (-2.6%) and Indonesia (-7.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China and Vietnam increased by +7.6 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest wood tool supplier in Asia-Pacific, comprising 84% of total exports. The second position in the ranking was held by India ($X), with a 7.1% share of total exports. It was followed by Vietnam, with a 4% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +29.6%. In the other countries, the average annual rates were as follows: India (+22.6% per year) and Vietnam (+19.4% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, rising by 19% against the previous year. In general, the export price recorded a resilient expansion. The growth pace was the most rapid in 2020 an increase of 64%. 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, amid the top suppliers, the country with the highest price was India ($X per ton), while Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+24.1%), while the other leaders experienced more modest paces of growth.

Wood Tool Imports

Imports in Asia-Pacific

In 2021, overseas purchases of tools of wood increased by 26% to X tons, rising for the fifth consecutive year after two years of decline. Total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +77.9% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, wood tool imports soared to $X in 2021. The total import value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Sri Lanka (X tons) and India (X tons) represented roughly 52% of total imports in 2021. Malaysia (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (9.5%), South Korea (9.4%) and Japan (7.5%). Indonesia (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Sri Lanka (with a CAGR of +45.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wood tool importing markets in Asia-Pacific were Japan ($X), Sri Lanka ($X) and South Korea ($X), together accounting for 57% of total imports.

Among the main importing countries, Sri Lanka, with a CAGR of +53.0%, recorded the highest growth rate of the value of imports, 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-Pacific amounted to $X per ton, approximately equating the previous year. In general, the import price recorded a pronounced setback. The most prominent rate of growth was recorded in 2013 an increase of 9.5% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+15.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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