Eastern Asia: Plastic Furniture Market 2024

Plastic Furniture Market Size in Eastern Asia

In 2021, the East Asian plastic furniture market decreased by -4% to $X, falling for the second consecutive year after two years of growth. The total consumption indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -10.7% against 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Plastic Furniture Production in Eastern Asia

In value terms, plastic furniture production amounted to $X in 2021 estimated in export price. The total production indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.1% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 21%. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2021.

Plastic Furniture Exports

Exports in Eastern Asia

For the seventh year in a row, Eastern Asia recorded growth in shipments abroad of furniture of plastic, which increased by 8.4% to X units in 2021. Total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +83.8% against 2014 indices. The most prominent rate of growth was recorded in 2015 with an increase of 23% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, plastic furniture exports skyrocketed to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +92.9% against 2016 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 23%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

The shipments of the one major exporters of furniture of plastic, namely China, represented more than two-thirds of total export.

China was also the fastest-growing in terms of the furniture of plastic exports, with a CAGR of +7.3% from 2012 to 2021. China (+4.3 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest plastic furniture supplier in Eastern Asia.

In China, plastic furniture exports expanded at an average annual rate of +8.8% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, rising by 8.2% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2020 when the export price increased by 18%. Over the period under review, the export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to +1.4% per year.

Plastic Furniture Imports

Imports in Eastern Asia

In 2021, the amount of furniture of plastic imported in Eastern Asia amounted to X units, with an increase of 13% compared with 2020. The total import volume increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 when imports increased by 18% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, plastic furniture imports skyrocketed to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.2% 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 +61.9% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan was the key importer of furniture of plastic in Eastern Asia, with the volume of imports reaching X units, which was approx. 47% of total imports in 2021. It was distantly followed by South Korea (X units), Taiwan (Chinese) (X units), Hong Kong SAR (X units) and China (X units), together constituting a 50% share of total imports. Democratic People's Republic of Korea (X units) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to plastic furniture imports into Japan stood at +2.9%. At the same time, Taiwan (Chinese) (+13.6%), South Korea (+8.6%), China (+5.3%) and Democratic People's Republic of Korea (+4.3%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +13.6% from 2012-2021. By contrast, Hong Kong SAR (-5.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Taiwan (Chinese) and South Korea increased by +8.6 and +6.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported furniture of plastic in Eastern Asia, comprising 45% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 20% share of total imports. It was followed by South Korea, with an 18% share.

In Japan, plastic furniture imports expanded at an average annual rate of +4.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (+20.4% per year) and South Korea (+10.9% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, rising by 6% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The pace of growth appeared the most rapid in 2020 when the import price increased by 6.9% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was China ($X per unit), while Democratic People's Republic of Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+6.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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