Thailand: Wadding Market 2024

Wadding Market Size in Thailand

The Thai wadding market reached $X in 2021, increasing by 7.8% against the previous year. In general, the total consumption indicated moderate growth from 2012 to 2021: its value increased at an average annual rate of +4.6% 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 decreased by -16.8% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Wadding Production in Thailand

In value terms, wadding production surged to $X in 2021 estimated in export price. Over the period under review, the total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.7% 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 -12.1% against 2019 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 27%. Wadding production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Wadding Exports

Exports from Thailand

In 2021, overseas shipments of wadding were finally on the rise to reach X tons after two years of decline. The total export volume increased at an average annual rate of +4.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 27% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, wadding exports surged to $X in 2021. Over the period under review, total exports indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -18.7% against 2017 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 25%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for wadding exports from Thailand, with a 29% share of total exports. Moreover, wadding exports to South Korea exceeded the volume sent to the second major destination, Vietnam (X tons), threefold. The third position in this ranking was taken by Myanmar (X tons), with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume to South Korea totaled +29.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+10.0% per year) and Myanmar (+105.2% per year).

In value terms, South Korea ($X) remains the key foreign market for wadding exports from Thailand, comprising 37% of total exports. The second position in the ranking was taken by the Philippines ($X), with an 8.8% share of total exports. It was followed by Vietnam, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea amounted to +25.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+6.4% per year) and Vietnam (+8.6% per year).

Export Prices by Country

The average wadding export price stood at $X per ton in 2021, shrinking by -2.5% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 18% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was South Korea ($X per ton), while the average price for exports to Myanmar ($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 India (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Wadding Imports

Imports into Thailand

Wadding imports into Thailand contracted modestly to X tons in 2021, therefore, remained relatively stable against the previous year's figure. In general, imports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of 59%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, wadding imports skyrocketed to $X in 2021. Over the period under review, imports, however, posted a resilient increase. The growth pace was the most rapid in 2013 with an increase of 115%. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest wadding supplier to Thailand, accounting for a 53% share of total imports. Moreover, wadding imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. The third position in this ranking was held by Malaysia (X tons), with a 9.8% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+5.0% per year) and Malaysia (+105.4% per year).

In value terms, the largest wadding suppliers to Thailand were China ($X), Japan ($X) and Malaysia ($X), together accounting for 71% of total imports. Vietnam, South Korea, Taiwan (Chinese) and India lagged somewhat behind, together accounting for a further 20%.

Among the main suppliers, India, with a CAGR of +89.9%, saw the highest growth rate of 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 wadding import price stood at $X per ton in 2021, rising by 24% against the previous year. In general, the import price, however, saw a mild decrease. The growth pace was the most rapid in 2013 when the average import price increased by 39%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+10.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform