Vietnam: Wooden Furniture Treatments Market 2024

Wooden Furniture Treatments Market Size in Vietnam

The Vietnamese wooden furniture treatments market stood at $X in 2022, increasing by 9.6% against the previous year. In general, consumption, however, continues to indicate a slight descent. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Wooden Furniture Treatments Production in Vietnam

In value terms, wooden furniture treatments production expanded remarkably to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a slight downturn. The growth pace was the most rapid in 2020 with an increase of 54%. Wooden furniture treatments production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Wooden Furniture Treatments Exports

Exports from Vietnam

In 2022, approx. X tons of polishes and creams for wooden furniture and floors were exported from Vietnam; growing by 168% against 2021. Overall, exports, however, saw a deep reduction. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, wooden furniture treatments exports skyrocketed to $X in 2022. In general, exports, however, showed a pronounced contraction. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Denmark (X tons), Sweden (X tons) and Bulgaria (X tons) were the main destinations of wooden furniture treatments exports from Vietnam, together accounting for 46% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +39.2%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for polishes and creams for wooden furniture and floors exports from Vietnam, comprising 38% of total exports. The second position in the ranking was held by Denmark ($X), with a 12% share of total exports. It was followed by the Philippines, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia stood at +45.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+6.2% per year) and the Philippines (+29.4% per year).

Export Prices by Country

In 2022, the average wooden furniture treatments export price amounted to $X per ton, shrinking by -10.2% against the previous year. Over the last decade, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2021 when the average export price increased by 14% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Malaysia ($X per ton), while the average price for exports to Slovenia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+47.8%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports into Vietnam

In 2022, imports of polishes and creams for wooden furniture and floors into Vietnam soared to X tons, growing by 39% against the previous year. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 132%. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, wooden furniture treatments imports surged to $X in 2022. Over the period under review, imports continue to indicate a tangible increase. The pace of growth was the most pronounced in 2018 with an increase of 116%. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

China (X tons), Malaysia (X tons) and the UK (X tons) were the main suppliers of wooden furniture treatments imports to Vietnam, with a combined 62% share of total imports. Denmark, Italy, Thailand, Germany and the Netherlands lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +35.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Denmark ($X) and Malaysia ($X) appeared to be the largest wooden furniture treatments suppliers to Vietnam, together accounting for 57% of total imports. The UK, Italy, Germany, Thailand and the Netherlands lagged somewhat behind, together accounting for a further 36%.

In terms of the main suppliers, Italy, with a CAGR of +43.2%, 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 wooden furniture treatments import price stood at $X per ton in 2022, leveling off at the previous year. Over the period under review, the import price continues to indicate a pronounced increase. The most prominent rate of growth was recorded in 2016 an increase of 45%. The import price peaked in 2022 and is likely to see gradual 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 Denmark ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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