Thailand: Composition Leather Market 2024

Composition Leather Market Size in Thailand

In 2021, the Thai composition leather market decreased by -17.2% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption, however, enjoyed a moderate expansion. Composition leather consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Composition Leather Exports

Exports from Thailand

In 2021, approx. X square meters of composition leather were exported from Thailand; picking up by 16% on 2020. In general, exports, however, faced a sharp reduction. The most prominent rate of growth was recorded in 2015 with an increase of 102% against the previous year. Over the period under review, the exports reached the maximum at X square meters in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

In value terms, composition leather exports expanded remarkably to $X in 2021. Over the period under review, exports, however, recorded a dramatic slump. The pace of growth appeared the most rapid in 2016 when exports increased by 156%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Maldives (X square meters) was the main destination for composition leather exports from Thailand, with a 44% share of total exports. Moreover, composition leather exports to Maldives exceeded the volume sent to the second major destination, Lao People's Democratic Republic (X square meters), twofold. Vietnam (X square meters) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2021, the average annual growth rate of volume to Maldives amounted to +37.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lao People's Democratic Republic (+10.2% per year) and Vietnam (+28.9% per year).

In value terms, the largest markets for composition leather exported from Thailand were Vietnam ($X), Maldives ($X) and South Korea ($X), together accounting for 60% of total exports.

South Korea, with a CAGR of +30.1%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average composition leather export price amounted to $X per square meter, which is down by -2.4% against the previous year. Over the period under review, the export price showed a perceptible decline. The most prominent rate of growth was recorded in 2020 an increase of 79% against the previous year. The export price peaked at $X per square meter in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per square meter), while the average price for exports to Myanmar ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+7.8%), while the prices for the other major destinations experienced mixed trend patterns.

Composition Leather Imports

Imports into Thailand

In 2021, supplies from abroad of composition leather decreased by -31.1% to X square meters, falling for the second consecutive year after three years of growth. In general, imports, however, showed a noticeable increase. The most prominent rate of growth was recorded in 2019 when imports increased by 109%. As a result, imports reached the peak of X square meters. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, composition leather imports expanded markedly to $X in 2021. Overall, imports, however, posted measured growth. The pace of growth was the most pronounced in 2014 when imports increased by 111%. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X square meters) constituted the largest supplier of composition leather to Thailand, with a 84% share of total imports. Moreover, composition leather imports from China exceeded the figures recorded by the second-largest supplier, Germany (X square meters), more than tenfold. South Korea (X square meters) ranked third in terms of total imports with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-1.2% per year) and South Korea (+17.2% per year).

In value terms, the largest composition leather suppliers to Thailand were China ($X), Germany ($X) and South Korea ($X), with a combined 76% share of total imports.

Among the main suppliers, South Korea, with a CAGR of +34.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average composition leather import price stood at $X per square meter in 2021, surging by 63% against the previous year. In general, the import price recorded mild growth. The import price peaked at $X per square meter in 2015; however, from 2016 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per square meter), while the price for China ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+17.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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