Asia-Pacific: Cushion Cover Market 2022

Cushion Cover Market Size in Asia-Pacific

In 2021, the Asia-Pacific cushion cover market decreased by -1% to $X, falling for the second year in a row after three years of growth. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Cushion Cover Production in Asia-Pacific

In value terms, cushion cover production stood at $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 13%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Cushion Cover Exports

Exports in Asia-Pacific

In 2021, shipments abroad of furnishing articles for car seats was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +4.2% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cushion cover exports soared to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +64.4% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) represented the major exporter of furnishing articles for car seats, committing 68% of total exports. It was distantly followed by India (X tons), achieving a 25% share of total exports. Vietnam (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to cushion cover exports from China stood at +4.3%. At the same time, India (+6.9%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +6.9% from 2012-2021. Vietnam experienced a relatively flat trend pattern. India (+5.2 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam saw its share reduced by -2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), India ($X) and Vietnam ($X) were the countries with the highest levels of exports in 2021, together comprising 97% of total exports.

India, with a CAGR of +8.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, increasing by 13% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.6%. The pace of growth appeared the most rapid in 2019 an increase of 16% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was India ($X per ton), while Vietnam ($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 (+1.2%), while the other leaders experienced more modest paces of growth.

Cushion Cover Imports

Imports in Asia-Pacific

In 2021, purchases abroad of furnishing articles for car seats increased by 9.1% to X tons, rising for the second year in a row after three years of decline. Over the period under review, imports showed a relatively flat trend pattern. Over the period under review, imports reached the maximum at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, cushion cover imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) was the key importer of furnishing articles for car seats, making up 30% of total imports. It was distantly followed by South Korea (X tons), Australia (X tons), Malaysia (X tons), Thailand (X tons) and China (X tons), together committing a 46% share of total imports. India (X tons), New Zealand (X tons), Vietnam (X tons), the Philippines (X tons), Taiwan (Chinese) (X tons), Indonesia (X tons) and Singapore (X tons) held a relatively small share of total imports.

Imports into Japan decreased at an average annual rate of -1.3% from 2012 to 2021. At the same time, Vietnam (+21.1%), China (+9.9%), Malaysia (+8.6%), Indonesia (+7.4%), New Zealand (+7.4%), Thailand (+6.8%) and South Korea (+5.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +21.1% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Australia (-2.2%), India (-3.1%), the Philippines (-5.6%) and Singapore (-5.8%) illustrated a downward trend over the same period. While the share of South Korea (+5.3 p.p.), Malaysia (+3.5 p.p.), China (+2.7 p.p.), Thailand (+2.3 p.p.) and Vietnam (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of India (-1.7 p.p.), Australia (-4 p.p.) and Japan (-5.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported furnishing articles for car seats in Asia-Pacific, comprising 38% of total imports. The second position in the ranking was held by Australia ($X), with a 15% share of total imports. It was followed by South Korea, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Japan was relatively modest. In the other countries, the average annual rates were as follows: Australia (-0.3% per year) and South Korea (+6.5% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, picking up by 6.5% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per ton), while Indonesia ($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 Philippines (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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