Thailand: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Thailand

In 2021, after two years of growth, there was decline in the Thai plastic furniture fittings market, when its value decreased by -1.6% to $X. In general, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +71.7% against 2012 indices. Plastic furniture fittings consumption peaked at $X in 2020, and then shrank in the following year.

Plastic Furniture Fittings Production in Thailand

In value terms, plastic furniture fittings production fell modestly to $X in 2021 estimated in export price. Overall, the total production indicated a remarkable increase from 2012 to 2021: its value 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, production increased by +80.7% against 2012 indices. The growth pace was the most rapid in 2017 when the production volume increased by 19% against the previous year. Over the period under review, production reached the peak level at $X in 2020, and then contracted in the following year.

Plastic Furniture Fittings Exports

Exports from Thailand

After two years of decline, overseas shipments of plastic fittings for furniture increased by 12% to X tons in 2021. In general, exports posted a buoyant expansion. The growth pace was the most rapid in 2016 with an increase of 38% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in years to come.

In value terms, plastic furniture fittings exports surged to $X in 2021. Overall, exports saw a prominent expansion. The pace of growth was the most pronounced in 2016 with an increase of 39% against the previous year. 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

Japan (X tons), Vietnam (X tons) and Argentina (X tons) were the main destinations of plastic furniture fittings exports from Thailand, together comprising 41% of total exports. These countries were followed by Indonesia, Malaysia, Brazil, South Africa, China, India, Pakistan and the Philippines, which together accounted for a further 47%.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +27.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for plastic furniture fittings exported from Thailand were Japan ($X), Vietnam ($X) and Indonesia ($X), together comprising 41% of total exports. These countries were followed by Argentina, Malaysia, Brazil, India, South Africa, Pakistan, China and the Philippines, which together accounted for a further 45%.

Pakistan, with a CAGR of +29.2%, saw the highest growth rate of 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 plastic furniture fittings export price amounted to $X per ton, picking up by 8.1% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2019 an increase of 14% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Plastic Furniture Fittings Imports

Imports into Thailand

After two years of decline, purchases abroad of plastic fittings for furniture increased by 45% to X tons in 2021. Overall, total imports indicated a perceptible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, plastic furniture fittings imports soared to $X in 2021. Over the period under review, imports, however, showed a pronounced descent. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of plastic furniture fittings to Thailand, with a 52% share of total imports. Moreover, plastic furniture fittings imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. India (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +11.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.1% per year) and India (+56.9% per year).

In value terms, Japan ($X), China ($X) and India ($X) appeared to be the largest plastic furniture fittings suppliers to Thailand, together accounting for 80% of total imports. These countries were followed by Germany, Romania and Malaysia, which together accounted for a further 12%.

Romania, with a CAGR of +256.2%, recorded the highest growth rate of the value of imports, among 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 plastic furniture fittings import price stood at $X per ton in 2021, almost unchanged from the previous year. Overall, the import price, however, saw a drastic downturn. The pace of growth was the most pronounced in 2019 when the average import price increased by 19% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 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 Japan ($X per ton), while the price for China ($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 (+7.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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