Asia: Wooden Furniture Treatments Market 2023

Wooden Furniture Treatments Market Size in Asia

The Asian wooden furniture treatments market contracted slightly to $X in 2021, declining by -2.9% against the previous year. In general, consumption, however, continues to indicate a perceptible reduction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Wooden Furniture Treatments Production in Asia

In value terms, wooden furniture treatments production fell to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2016 with an increase of 17% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Wooden Furniture Treatments Exports

Exports in Asia

In 2021, overseas shipments of polishes and creams for wooden furniture and floors decreased by -13.9% to X tons, falling for the second consecutive year after three years of growth. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 41%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, wooden furniture treatments exports contracted to $X in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 31% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, China (X tons), distantly followed by Saudi Arabia (X tons), Turkey (X tons), India (X tons) and Hong Kong SAR (X tons) were the key exporters of polishes and creams for wooden furniture and floors, together constituting 84% of total exports. The United Arab Emirates (X tons) and Thailand (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were in India (with a CAGR of +32.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Saudi Arabia ($X) and Turkey ($X) were the countries with the highest levels of exports in 2021, with a combined 69% share of total exports. Hong Kong SAR, India, Thailand and the United Arab Emirates lagged somewhat behind, together comprising a further 19%.

In terms of the main exporting countries, India, with a CAGR of +16.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, picking up by 4.9% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 17%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.7%), while the other leaders experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports in Asia

In 2021, imports of polishes and creams for wooden furniture and floors in Asia contracted to X tons, shrinking by -7.4% compared with the previous year. Over the period under review, imports saw a pronounced shrinkage. The growth pace was the most rapid in 2014 when imports increased by 5.2%. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, wooden furniture treatments imports fell modestly to $X in 2021. Overall, imports recorded a noticeable descent. The pace of growth was the most pronounced in 2014 with an increase of 9.9% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons), distantly followed by Vietnam (X tons), Hong Kong SAR (X tons), Thailand (X tons) and Oman (X tons) were the main importers of polishes and creams for wooden furniture and floors, together comprising 53% of total imports. The following importers - Singapore (X tons), Israel (X tons), Georgia (X tons), Kuwait (X tons), the United Arab Emirates (X tons), Turkey (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) - each reached a 22% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to wooden furniture treatments imports into China stood at -1.3%. At the same time, Oman (+19.8%), Thailand (+12.7%), Vietnam (+11.0%) and Hong Kong SAR (+5.4%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in Asia, with a CAGR of +19.8% from 2012-2021. Israel experienced a relatively flat trend pattern. By contrast, Kuwait (-1.0%), South Korea (-1.5%), Georgia (-4.0%), Singapore (-4.6%), Taiwan (Chinese) (-8.2%), Turkey (-10.1%) and the United Arab Emirates (-13.1%) illustrated a downward trend over the same period. While the share of Vietnam (+6.5 p.p.), Thailand (+6.4 p.p.), China (+5.5 p.p.), Hong Kong SAR (+4.9 p.p.) and Oman (+4.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Turkey (-1.9 p.p.) and the United Arab Emirates (-3.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported polishes and creams for wooden furniture and floors in Asia, comprising 41% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 9.1% share of total imports. It was followed by South Korea, with a 2.9% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +4.7%. The remaining importing countries recorded the following average annual rates of imports growth: Vietnam (+15.8% per year) and South Korea (-0.5% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, with an increase of 6.3% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2016 when the import price increased by 7.1%. The level of import peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :