South-Eastern Asia: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in South-Eastern Asia

The Southeast Asian plastic furniture fittings market fell to $X in 2021, waning by -7.6% against the previous year. Overall, consumption, however, saw a buoyant increase. Over the period under review, the market hit record highs at $X in 2020, and then declined in the following year.

Plastic Furniture Fittings Production in South-Eastern Asia

In value terms, plastic furniture fittings production contracted to $X in 2021 estimated in export price. The total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +5.9% 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 -3.6% against 2016 indices. The most prominent rate of growth was recorded in 2016 with an increase of 35% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Plastic Furniture Fittings Exports

Exports in South-Eastern Asia

In 2021, overseas shipments of plastic fittings for furniture increased by 32% to X tons for the first time since 2016, thus ending a four-year declining trend. In general, exports saw a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 137% against the previous year. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, plastic furniture fittings exports surged to $X in 2021. Overall, exports saw resilient growth. The pace of growth appeared the most rapid in 2016 with an increase of 61%. Over the period under review, the exports reached the peak figure in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Vietnam (X tons) and Thailand (X tons) were the main exporters of plastic fittings for furniture in 2021, resulting at approx. 42% and 34% of total exports, respectively. Malaysia (X tons) ranks next in terms of the total exports with a 13% share, followed by Indonesia (6.1%). Singapore (X tons) took a little share of total exports.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +39.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Thailand ($X) and Malaysia ($X) were the countries with the highest levels of exports in 2021, with a combined 93% share of total exports.

Vietnam, with a CAGR of +38.3%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, which is down by -6.1% against the previous year. Export price indicated a notable increase from 2012 to 2021: its price 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. The most prominent rate of growth was recorded in 2017 when the export price increased by 45%. The level of export peaked at $X per ton in 2020, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+5.8%), while the other leaders experienced more modest paces of growth.

Plastic Furniture Fittings Imports

Imports in South-Eastern Asia

Plastic furniture fittings imports contracted slightly to X tons in 2021, approximately mirroring 2020. In general, imports, however, continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2017 when imports increased by 118%. Over the period under review, imports attained the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, plastic furniture fittings imports rose notably to $X in 2021. Over the period under review, imports, however, enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2017 with an increase of 278%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Vietnam represented the key importer of plastic fittings for furniture in South-Eastern Asia, with the volume of imports finishing at X tons, which was near 59% of total imports in 2021. Indonesia (X tons) took the second position in the ranking, followed by Thailand (X tons), Malaysia (X tons) and the Philippines (X tons). All these countries together held approx. 37% share of total imports. Singapore (X tons) took a relatively small share of total imports.

Vietnam was also the fastest-growing in terms of the plastic fittings for furniture imports, with a CAGR of +11.7% from 2012 to 2021. At the same time, the Philippines (+11.5%), Malaysia (+10.5%), Indonesia (+8.2%) and Thailand (+3.9%) displayed positive paces of growth. By contrast, Singapore (-7.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Vietnam increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported plastic fittings for furniture in South-Eastern Asia, comprising 77% of total imports. The second position in the ranking was held by Thailand ($X), with a 9.1% share of total imports. It was followed by the Philippines, with a 3.7% share.

From 2012 to 2021, the average annual growth rate of value in Vietnam stood at +16.1%. The remaining importing countries recorded the following average annual rates of imports growth: Thailand (-2.5% per year) and the Philippines (+30.0% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per ton in 2021, with an increase of 7.5% against the previous year. Import price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, plastic furniture fittings import price increased by +4.8% against 2018 indices. The growth pace was the most rapid in 2017 an increase of 73% against the previous year. Over the period under review, import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+16.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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