Vietnam: Plastic Furniture Fittings Market 2024

Plastic Furniture Fittings Market Size in Vietnam

In 2021, the Vietnamese plastic furniture fittings market decreased by -3.6% to $X, falling for the third consecutive year after three years of growth. Overall, consumption, however, recorded a perceptible increase. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Plastic Furniture Fittings Production in Vietnam

In value terms, plastic furniture fittings production fell to $X in 2021 estimated in export price. Overall, production recorded a mild shrinkage. The pace of growth appeared the most rapid in 2018 when the production volume increased by 342% against the previous year. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Plastic Furniture Fittings Exports

Exports from Vietnam

In 2021, shipments abroad of plastic fittings for furniture increased by 47% to X tons, rising for the third year in a row after two years of decline. Overall, exports saw a significant increase. The pace of growth appeared the most rapid in 2013 with an increase of 761%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

In value terms, plastic furniture fittings exports soared to $X in 2021. In general, exports saw a significant expansion. The pace of growth was the most pronounced in 2013 with an increase of 661%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Japan (X tons) was the main destination for plastic furniture fittings exports from Vietnam, accounting for a 27% share of total exports. Moreover, plastic furniture fittings exports to Japan exceeded the volume sent to the second major destination, the United States (X tons), twofold. The Philippines (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled +29.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+41.9% per year) and the Philippines (+74.7% per year).

In value terms, Japan ($X) remains the key foreign market for plastic fittings for furniture exports from Vietnam, comprising 27% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by the Philippines, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +28.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+41.2% per year) and the Philippines (+73.7% per year).

Export Prices by Country

The average plastic furniture fittings export price stood at $X per ton in 2021, declining by -16.4% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 12% against the previous year. The export price peaked at $X per ton in 2020, and then contracted rapidly in the following year.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per ton) and Mexico ($X per ton), while the average price for exports to China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to France (+2.3%), while the prices for the other major destinations experienced a decline.

Plastic Furniture Fittings Imports

Imports into Vietnam

In 2021, imports of plastic fittings for furniture into Vietnam rose modestly to X tons, growing by 3.9% compared with 2020. In general, imports saw a resilient expansion. The pace of growth was the most pronounced in 2017 when imports increased by 1,525%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, plastic furniture fittings imports stood at $X in 2021. Overall, imports enjoyed strong growth. The pace of growth appeared the most rapid in 2017 when imports increased by 1,965% against the previous year. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest plastic furniture fittings supplier to Vietnam, with a 49% share of total imports. Moreover, plastic furniture fittings imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Thailand (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+27.7% per year) and Thailand (+22.1% per year).

In value terms, Japan ($X) constituted the largest supplier of plastic fittings for furniture to Vietnam, comprising 49% of total imports. The second position in the ranking was held by China ($X), with a 21% share of total imports. It was followed by Thailand, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan totaled +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+32.8% per year) and Thailand (+26.9% per year).

Import Prices by Country

The average plastic furniture fittings import price stood at $X per ton in 2021, surging by 4.9% against the previous year. Over the period under review, import price indicated a tangible increase from 2012 to 2021: its price 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. Based on 2021 figures, plastic furniture fittings import price increased by +101.9% against 2014 indices. The pace of growth was the most pronounced in 2016 an increase of 35% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Japan ($X per ton) and Thailand ($X per ton), while the price for China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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