Thailand: Veneer Sheet Market 2024

Veneer Sheet Market Size in Thailand

The Thai veneer sheet market shrank markedly to $X in 2022, waning by -46.6% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Veneer Sheet Production in Thailand

In value terms, veneer sheet production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed strong growth. The pace of growth was the most pronounced in 2020 with an increase of 49%. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Veneer Sheet Exports

Exports from Thailand

For the seventh year in a row, Thailand recorded growth in overseas shipments of veneer sheets and sheets for plywood and other wood sawn lengthwise, which increased by 25% to X square meters in 2022. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by 687%. Over the period under review, the exports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

In value terms, veneer sheet exports soared to $X in 2022. In general, exports showed a prominent increase. The most prominent rate of growth was recorded in 2014 when exports increased by 252% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

China (X square meters) was the main destination for veneer sheet exports from Thailand, with a 93% share of total exports. Moreover, veneer sheet exports to China exceeded the volume sent to the second major destination, India (X square meters), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to China amounted to +83.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+42.9% per year) and Lao People's Democratic Republic (+13.6% per year).

In value terms, China ($X) remains the key foreign market for veneer sheets and sheets for plywood and other wood sawn lengthwise exports from Thailand, comprising 63% of total exports. The second position in the ranking was taken by India ($X), with a 29% share of total exports.

From 2012 to 2022, the average annual growth rate of value to China totaled +47.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+46.6% per year) and Lao People's Democratic Republic (-0.3% per year).

Export Prices by Country

The average veneer sheet export price stood at less than $X per square meter in 2022, picking up by 12% against the previous year. Overall, the export price, however, showed a sharp curtailment. The most prominent rate of growth was recorded in 2019 an increase of 23%. The export price peaked at $X per square meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+2.6%), while the prices for the other major destinations experienced a decline.

Veneer Sheet Imports

Imports into Thailand

Veneer sheet imports into Thailand dropped modestly to X square meters in 2022, which is down by -4.6% compared with the previous year's figure. Overall, imports recorded a deep contraction. The most prominent rate of growth was recorded in 2016 with an increase of 67% against the previous year. Imports peaked at X square meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, veneer sheet imports rose notably to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 25% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X square meters) constituted the largest veneer sheet supplier to Thailand, accounting for a 76% share of total imports. Moreover, veneer sheet imports from China exceeded the figures recorded by the second-largest supplier, Germany (X square meters), tenfold. Brazil (X square meters) ranked third in terms of total imports with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.7% per year) and Brazil (-0.1% per year).

In value terms, China ($X) constituted the largest supplier of veneer sheets and sheets for plywood and other wood sawn lengthwise to Thailand, comprising 82% of total imports. The second position in the ranking was taken by Germany ($X), with a 7.7% share of total imports. It was followed by Canada, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.6% per year) and Canada (+30.7% per year).

Import Prices by Country

The average veneer sheet import price stood at $X per square meter in 2022, rising by 16% against the previous year. Over the period under review, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, veneer sheet import price increased by +106.5% against 2016 indices. The pace of growth was the most pronounced in 2017 an increase of 34% against the previous year. The import price peaked in 2022 and is expected to retain 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 Indonesia ($X per square meter), while the price for Brazil ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+33.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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