Asia: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Asia

The Asian plastic furniture fittings market reduced modestly to $X in 2021, flattening at the previous year. The total consumption indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +3.4% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Plastic Furniture Fittings Production in Asia

In value terms, plastic furniture fittings production reduced modestly to $X in 2021 estimated in export price. The total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -14.4% against 2018 indices. The growth pace was the most rapid in 2016 with an increase of 24% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Plastic Furniture Fittings Exports

Exports in Asia

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. Over the period under review, exports saw a resilient expansion. The growth pace was the most rapid in 2018 with an increase of 50%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, plastic furniture fittings exports surged to $X in 2021. Total exports indicated a strong expansion 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 +24.5% against 2018 indices. The growth pace was the most rapid in 2013 with an increase of 25%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

China prevails in exports structure, resulting at X tons, which was near 75% of total exports in 2021. It was distantly followed by South Korea (X tons), achieving a 6.6% share of total exports. Japan (X tons), Turkey (X tons), Vietnam (X tons), Thailand (X tons) and Taiwan (Chinese) (X tons) held a little share of total exports.

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%), Turkey (+8.4%), 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, 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 (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and South Korea saw its share reduced by -4.5% and -7.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest plastic furniture fittings supplier in Asia, comprising 50% of total exports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total exports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +11.1%. In the other countries, the average annual rates were as follows: South Korea (+3.7% per year) and Japan (+5.8% per year).

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, increasing by 10% against the previous year. In general, the export price, however, saw a slight contraction. The level of export peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

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

Plastic furniture fittings imports expanded remarkably to X tons in 2021, increasing by 13% on the year before. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +86.7% against 2014 indices. The pace of growth appeared the most rapid in 2017 with an increase of 42% against the previous year. The volume of import peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, plastic furniture fittings imports soared to $X in 2021. In general, imports posted a remarkable increase. The growth pace was the most rapid in 2017 with an increase of 63% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the near future.

Imports by Country

In 2021, Vietnam (X tons), distantly followed by Saudi Arabia (X tons), Japan (X tons), Indonesia (X tons), the United Arab Emirates (X tons), China (X tons) and Turkey (X tons) were the largest importers of plastic fittings for furniture, together comprising 62% of total imports. South Korea (X tons), Taiwan (Chinese) (X tons), Thailand (X tons), Malaysia (X tons), Hong Kong SAR (X tons) and Iraq (X tons) took a little share of total imports.

Imports into Vietnam increased at an average annual rate of +11.7% from 2012 to 2021. At the same time, Saudi Arabia (+17.3%), Iraq (+11.2%), Malaysia (+10.5%), the United Arab Emirates (+8.9%), Indonesia (+8.2%), South Korea (+7.0%), Japan (+6.3%), Taiwan (Chinese) (+4.9%), Thailand (+3.9%) and Turkey (+2.9%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in Asia, with a CAGR of +17.3% from 2012-2021. China and Hong Kong SAR experienced a relatively flat trend pattern. While the share of Vietnam (+8.9 p.p.) and Saudi Arabia (+5.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Hong Kong SAR (-2.4 p.p.) and China (-2.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported plastic fittings for furniture in Asia, comprising 34% of total imports. The second position in the ranking was taken by China ($X), with a 12% share of total imports. It was followed by Japan, with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam stood at +16.1%. The remaining importing countries recorded the following average annual rates of imports growth: China (+4.4% per year) and Japan (+4.4% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, picking up by 2.3% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 15%. Over the period under review, import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

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