Southern Asia: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Southern Asia

The South Asian plastic furniture fittings market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, showed a resilient expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Plastic Furniture Fittings Production in Southern Asia

In value terms, plastic furniture fittings production expanded significantly to $X in 2021 estimated in export price. Overall, production, however, showed a resilient expansion. The pace of growth was the most pronounced in 2016 with an increase of 42% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Plastic Furniture Fittings Exports

Exports in Southern Asia

In 2021, approx. X tons of plastic fittings for furniture were exported in Southern Asia; picking up by 56% on the previous year's figure. Overall, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2015 when exports increased by 107%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, plastic furniture fittings exports surged to $X in 2021. In general, exports recorded significant growth. The pace of growth was the most pronounced in 2015 with an increase of 189% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

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

India was also the fastest-growing in terms of the plastic fittings for furniture exports, with a CAGR of +16.4% from 2012 to 2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, India ($X) also remains the largest plastic furniture fittings supplier in Southern Asia.

In India, plastic furniture fittings exports expanded at an average annual rate of +21.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, rising by 9.6% against the previous year. Over the period under review, the export price recorded a temperate expansion. The pace of growth appeared the most rapid in 2016 an increase of 64%. The level of export peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for India amounted to +4.3% per year.

Plastic Furniture Fittings Imports

Imports in Southern Asia

After two years of decline, overseas purchases of plastic fittings for furniture increased by 55% to X tons in 2021. In general, imports, however, recorded a relatively flat trend pattern. Over the period under review, imports reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, plastic furniture fittings imports soared to $X in 2021. Over the period under review, imports continue to indicate strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India was the key importer of plastic fittings for furniture in Southern Asia, with the volume of imports finishing at X tons, which was approx. 78% of total imports in 2021. Bangladesh (X tons) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Sri Lanka (5.4%).

India experienced a relatively flat trend pattern with regard to volume of imports of plastic fittings for furniture. At the same time, Sri Lanka (+4.3%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +4.3% from 2012-2021. Bangladesh experienced a relatively flat trend pattern. Sri Lanka (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while India saw its share reduced by -2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported plastic fittings for furniture in Southern Asia, comprising 86% of total imports. The second position in the ranking was held by Bangladesh ($X), with a 5.4% share of total imports.

In India, plastic furniture fittings imports expanded at an average annual rate of +7.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Bangladesh (+4.3% per year) and Sri Lanka (+7.2% per year).

Import Prices by Country

In 2021, the import price in Southern Asia amounted to $X per ton, surging by 20% against the previous year. Import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +7.1% over the last nine-year period. 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 +102.6% against 2015 indices. The most prominent rate of growth was recorded in 2017 an increase of 29% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($X per ton), while Bangladesh ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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