Asia: Tufted Carpet Market 2024

Tufted Carpet Market Size in Asia

The Asian tufted carpet market reduced remarkably to $X in 2022, which is down by -28.4% against the previous year. In general, consumption, however, saw buoyant growth. As a result, consumption attained the peak level of $X, and then dropped dramatically in the following year.

Tufted Carpet Production in Asia

In value terms, tufted carpet production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed strong growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 42%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Tufted Carpet Exports

Exports in Asia

In 2022, overseas shipments of tufted carpets and other tufted textile floor coverings decreased by -11.8% to X square meters for the first time since 2018, thus ending a three-year rising trend. Total exports indicated a prominent increase from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +75.3% against 2012 indices. The pace of growth appeared the most rapid in 2017 when exports increased by 27% against the previous year. The volume of export peaked at X square meters in 2021, and then fell in the following year.

In value terms, tufted carpet exports reduced to $X in 2022. The total export value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 23%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

In 2022, China (X square meters), distantly followed by Turkey (X square meters), India (X square meters), Vietnam (X square meters) and the United Arab Emirates (X square meters) represented the largest exporters of tufted carpets and other tufted textile floor coverings, together constituting 95% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Vietnam (with a CAGR of +30.9%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the largest tufted carpet supplier in Asia, comprising 49% of total exports. The second position in the ranking was held by India ($X), with a 20% share of total exports. It was followed by Turkey, with a 13% share.

From 2012 to 2022, the average annual growth rate of value in China stood at +4.0%. In the other countries, the average annual rates were as follows: India (+5.0% per year) and Turkey (+9.0% per year).

Export Prices by Country

The export price in Asia stood at $X per square meter in 2022, approximately reflecting the previous year. Over the period under review, the export price, however, continues to indicate a mild setback. The pace of growth appeared the most rapid in 2021 when the export price increased by 6.8%. The level of export peaked at $X per square meter in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Tufted Carpet Imports

Imports in Asia

In 2022, the amount of tufted carpets and other tufted textile floor coverings imported in Asia shrank slightly to X square meters, reducing by -3% against the previous year. Total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +4.0% 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 +15.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. As a result, imports reached the peak of X square meters, and then reduced slightly in the following year.

In value terms, tufted carpet imports shrank slightly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 13%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

The purchases of the three major importers of tufted carpets and other tufted textile floor coverings, namely Japan, Iraq and India, represented more than third of total import. Malaysia (X square meters) took a 6.8% share (based on physical terms) of total imports, which put it in second place, followed by the United Arab Emirates (5.3%) and Thailand (5%). Israel (X square meters), Kuwait (X square meters), South Korea (X square meters), Vietnam (X square meters), Singapore (X square meters), Qatar (X square meters) and Pakistan (X square meters) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Iraq (with a CAGR of +18.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported tufted carpets and other tufted textile floor coverings in Asia, comprising 21% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with an 8.2% share of total imports. It was followed by India, with a 7.6% share.

In Japan, tufted carpet imports decreased by an average annual rate of -2.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (+4.6% per year) and India (+7.7% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per square meter, waning by -2.1% against the previous year. In general, the import price continues to indicate a perceptible downturn. The growth pace was the most rapid in 2014 an increase of 8.2%. As a result, import price attained the peak level of $X per square meter. From 2015 to 2022, the import prices failed to regain momentum.

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 the United Arab Emirates ($X per square meter), while Pakistan ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (-0.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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