Asia: Sewing Machine Needle Market 2024

Sewing Machine Needle Market Size in Asia

The Asian sewing machine needle market was estimated at $X in 2022, leveling off at the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the market value increased by 3.3%. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Sewing Machine Needle Production in Asia

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 most prominent rate of growth was recorded in 2016 when the production volume increased by 11%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Sewing Machine Needle Exports

Exports in Asia

In 2022, the amount of sewing machine needles exported in Asia shrank to X units, declining by -7.6% compared with 2021 figures. In general, exports showed a slight curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 21% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

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 throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 35% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual 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 creating 91% of total exports. The following exporters - Taiwan (Chinese) (X units) and South Korea (X units) - together made up 7.5% of total exports.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +11.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X) emerged as the largest sewing machine needle supplier in Asia, comprising 49% of total exports. The second position in the ranking was held by Vietnam ($X), with a 20% share of total exports. It was followed by India, with an 11% share.

In Singapore, sewing machine needle exports expanded at an average annual rate of +15.4% over the period from 2012-2022. 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

The export price in Asia stood at $X per thousand units in 2022, surging by 37% against the previous year. Over the last decade, it increased at an average annual rate of +4.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, 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

In 2022, purchases abroad of sewing machine needles increased by 50% to X units, rising for the second year in a row after two years of decline. Total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +118.7% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, sewing machine needle imports expanded significantly to $X in 2022. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 27%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Kyrgyzstan (X units), distantly followed by the United Arab Emirates (X units), Hong Kong SAR (X units), Singapore (X units), China (X units) and India (X units) represented the main importers of sewing machine needles, together committing 71% of total imports. The following importers - Indonesia (X units), Japan (X units), Bangladesh (X units), Turkey (X units), South Korea (X units), Taiwan (Chinese) (X units) and Pakistan (X units) - together made up 22% of total imports.

Kyrgyzstan was also the fastest-growing in terms of the sewing machine needles imports, with a CAGR of +116.7% from 2012 to 2022. At the same time, China (+17.3%), the United Arab Emirates (+15.4%), Pakistan (+5.9%), Singapore (+5.8%) and Turkey (+4.4%) displayed positive paces of growth. Bangladesh experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.3%), Indonesia (-3.6%), India (-4.5%), Hong Kong SAR (-4.9%), South Korea (-4.9%) and Japan (-8.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Kyrgyzstan, the United Arab Emirates, China and Singapore increased by +28, +8.9, +5.3 and +2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X), Hong Kong SAR ($X) and China ($X) were the countries with the highest levels of imports in 2022, together comprising 52% of total imports. India, Turkey, Japan, Bangladesh, the United Arab Emirates, Taiwan (Chinese), South Korea, Indonesia, Pakistan and Kyrgyzstan lagged somewhat behind, together accounting for a further 36%.

Kyrgyzstan, with a CAGR of +81.6%, recorded the highest rates of growth with regard to 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 stood at $X per thousand units in 2022, falling by -29.6% against the previous year. In general, the import price recorded a perceptible slump. The most prominent rate of growth was recorded in 2020 an increase of 25% against the previous year. Over the period under review, import prices attained the maximum at $X per thousand units in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per thousand units), while Kyrgyzstan ($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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