Singapore: Wooden Furniture Treatments Market 2024

Wooden Furniture Treatments Market Size in Singapore

The Singaporean wooden furniture treatments market declined remarkably to $X in 2022, dropping by -21.3% against the previous year. Over the period under review, consumption continues to indicate a pronounced setback. Wooden furniture treatments consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Wooden Furniture Treatments Production in Singapore

In value terms, wooden furniture treatments production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 26% against the previous year. Wooden furniture treatments production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Wooden Furniture Treatments Exports

Exports from Singapore

In 2022, shipments abroad of polishes and creams for wooden furniture and floors increased by 44% to X tons, rising for the second consecutive year after two years of decline. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by 51% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, wooden furniture treatments exports skyrocketed to $X in 2022. In general, exports saw a measured increase. The most prominent rate of growth was recorded in 2014 with an increase of 48%. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Brunei Darussalam (X tons), Malaysia (X tons) and Vietnam (X tons) were the main destinations of wooden furniture treatments exports from Singapore, together accounting for 79% of total exports.

From 2012 to 2022, the biggest increases were recorded for Brunei Darussalam (with a CAGR of +64.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Brunei Darussalam ($X) remains the key foreign market for polishes and creams for wooden furniture and floors exports from Singapore, comprising 44% of total exports. The second position in the ranking was held by Indonesia ($X), with a 16% share of total exports. It was followed by Malaysia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Brunei Darussalam stood at +82.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-5.3% per year) and Malaysia (-6.6% per year).

Export Prices by Country

The average wooden furniture treatments export price stood at $X per ton in 2022, standing approx. at the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The growth pace was the most rapid in 2013 an increase of 21% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Brunei Darussalam (+11.3%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports into Singapore

In 2022, approx. X tons of polishes and creams for wooden furniture and floors were imported into Singapore; waning by -36.5% compared with the previous year. In general, imports faced a deep reduction. The pace of growth appeared the most rapid in 2021 with an increase of 115%. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, wooden furniture treatments imports contracted to $X in 2022. Over the period under review, imports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2021 when imports increased by 92%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Malaysia (X tons), Germany (X tons) and the Philippines (X tons) were the main suppliers of wooden furniture treatments imports to Singapore, together comprising 53% of total imports. The United States, Indonesia, the Netherlands, Sweden, China and the UK lagged somewhat behind, together accounting for a further 44%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +27.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wooden furniture treatments suppliers to Singapore were Germany ($X), the United States ($X) and the Netherlands ($X), together accounting for 61% of total imports.

The Netherlands, with a CAGR of +29.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average wooden furniture treatments import price stood at $X per ton in 2022, increasing by 36% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wooden furniture treatments import price increased by +63.9% against 2016 indices. The most prominent rate of growth was recorded in 2020 an increase of 37%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+25.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :