Asia: Parachute Market 2023

Parachute Market Size in Asia

In 2021, the Asian parachute market decreased by -1.5% to $X, falling for the sixth consecutive year after two years of growth. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Parachute Production in Asia

In value terms, parachute production dropped to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 30%. As a result, production reached the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Parachute Exports

Exports in Asia

In 2021, the amount of parachutes and rotochutes exported in Asia skyrocketed to X tons, jumping by 34% compared with the year before. The total export volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, parachute exports skyrocketed to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +56.1% against 2017 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam represented the key exporter of parachutes and rotochutes in Asia, with the volume of exports recording X tons, which was near 44% of total exports in 2021. China (X tons) ranks second in terms of the total exports with a 17% share, followed by South Korea (13%), Thailand (8.8%), Sri Lanka (5.6%) and Hong Kong SAR (4.7%). Israel (X tons) held a relatively small share of total exports.

Exports from Vietnam increased at an average annual rate of +9.2% from 2012 to 2021. At the same time, Thailand (+17.1%), South Korea (+5.5%) and Israel (+3.0%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +17.1% from 2012-2021. By contrast, Hong Kong SAR (-3.9%), Sri Lanka (-5.8%) and China (-7.8%) illustrated a downward trend over the same period. Vietnam (+21 p.p.), Thailand (+6.3 p.p.) and South Korea (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while Hong Kong SAR, Sri Lanka and China saw its share reduced by -3.1%, -5.4% and -23.8% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest parachute supplier in Asia, comprising 52% of total exports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total exports. It was followed by Thailand, with a 9.3% share.

In Vietnam, parachute exports increased at an average annual rate of +15.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+10.4% per year) and Thailand (+20.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, growing by 1.8% against the previous year. Export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +7.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, parachute export price increased by +92.5% against 2012 indices. The pace of growth appeared the most rapid in 2013 an increase of 26%. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Israel ($X per ton), while China ($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 (+6.4%), while the other leaders experienced more modest paces of growth.

Parachute Imports

Imports in Asia

In 2021, purchases abroad of parachutes and rotochutes increased by 20% to X tons, rising for the third consecutive year after two years of decline. Total imports indicated pronounced growth from 2012 to 2021: its volume increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +38.5% against 2018 indices. The pace of growth appeared the most rapid in 2016 with an increase of 39%. As a result, imports attained the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, parachute imports reduced to $X in 2021. Total imports indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +4.7% against 2019 indices. The pace of growth appeared the most rapid in 2015 with an increase of 52%. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia (X tons) and South Korea (X tons) were the key importers of parachutes and rotochutes in 2021, accounting for approx. 26% and 24% of total imports, respectively. Hong Kong SAR (X tons) ranks next in terms of the total imports with a 6.8% share, followed by Thailand (6.3%), the United Arab Emirates (5.7%), Japan (5%) and China (4.9%). Malaysia (X tons), Turkey (X tons), India (X tons), Singapore (X tons), Israel (X tons) and Lao People's Democratic Republic (X tons) took a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +47.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest parachute importing markets in Asia were South Korea ($X), Japan ($X) and Indonesia ($X), together accounting for 43% of total imports. The United Arab Emirates, Thailand, China, Hong Kong SAR, Malaysia, India, Israel, Turkey, Singapore and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 42%.

In terms of the main importing countries, Lao People's Democratic Republic, with a CAGR of +29.2%, saw 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

In 2021, the import price in Asia amounted to $X per ton, reducing by -23.9% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 41%. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the import prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+11.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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