Asia-Pacific: Tufted Carpet Market 2024

Tufted Carpet Market Size in Asia-Pacific

The Asia-Pacific tufted carpet market expanded to $X in 2022, surging by 3.9% against the previous year. The market value increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Tufted Carpet Production in Asia-Pacific

In value terms, tufted carpet production reached $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the production volume increased by 11% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Tufted Carpet Exports

Exports in Asia-Pacific

After two years of growth, overseas shipments of tufted carpets and other tufted textile floor coverings decreased by -14.7% to X square meters in 2022. The total export volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when exports increased by 28%. The volume of export peaked at X square meters in 2021, and then shrank in the following year.

In value terms, tufted carpet exports declined to $X in 2022. The total export value increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 21%. As a result, the exports attained the peak of $X, and then declined in the following year.

Exports by Country

China was the main exporter of tufted carpets and other tufted textile floor coverings in Asia-Pacific, with the volume of exports resulting at X square meters, which was near 59% of total exports in 2022. India (X square meters) ranks second in terms of the total exports with a 23% share, followed by Vietnam (11%). New Zealand (X square meters) took a minor share of total exports.

Exports from China increased at an average annual rate of +3.6% from 2012 to 2022. At the same time, Vietnam (+30.9%) and India (+3.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +30.9% from 2012-2022. New Zealand experienced a relatively flat trend pattern. Vietnam (+10 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest tufted carpet supplier in Asia-Pacific, comprising 57% of total exports. The second position in the ranking was held by India ($X), with a 24% share of total exports. It was followed by Vietnam, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +4.0%. The remaining exporting countries recorded the following average annual rates of exports growth: India (+5.0% per year) and Vietnam (+29.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per square meter in 2022, growing by 5.5% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the export price increased by 7.7% against the previous year. Over the period under review, the export prices reached the peak figure at $X per square meter in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was New Zealand ($X per square meter), while Vietnam ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Tufted Carpet Imports

Imports in Asia-Pacific

In 2022, purchases abroad of tufted carpets and other tufted textile floor coverings increased by 2.3% to X square meters, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when imports increased by 14%. The volume of import peaked at X square meters in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, tufted carpet imports fell modestly to $X in 2022. Overall, imports, however, continue to indicate a mild setback. The pace of growth was the most pronounced in 2021 with an increase of 12% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X square meters), Australia (X square meters) and India (X square meters) represented the largest importer of tufted carpets and other tufted textile floor coverings in Asia-Pacific, mixing up 56% of total import. It was distantly followed by Malaysia (X square meters), Thailand (X square meters) and New Zealand (X square meters), together creating a 21% share of total imports. The following importers - South Korea (X square meters), Vietnam (X square meters), Singapore (X square meters), Pakistan (X square meters), the Philippines (X square meters), Myanmar (X square meters) and Taiwan (Chinese) (X square meters) - together made up 18% of total imports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +39.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Australia ($X), Japan ($X) and India ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 61% of total imports. New Zealand, South Korea, Malaysia, Vietnam, Singapore, Thailand, Taiwan (Chinese), the Philippines, Pakistan and Myanmar lagged somewhat behind, together comprising a further 33%.

Myanmar, with a CAGR of +12.8%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per square meter, reducing by -6% against the previous year. Over the period under review, the import price saw a noticeable downturn. The pace of growth was the most pronounced in 2014 when the import price decreased by -0.1% against the previous year. The level of import peaked at $X per square meter in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was New Zealand ($X per square meter), while Myanmar ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+1.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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