Eastern Asia: Composition Leather Market 2024

Composition Leather Market Size in Eastern Asia

In 2021, the East Asian composition leather market increased by 14% to $X, rising for the second consecutive year after four years of decline. The market value increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Composition Leather Production in Eastern Asia

In value terms, composition leather production dropped slightly to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +11.4% against 2017 indices. The growth pace was the most rapid in 2015 with an increase of 47%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

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Composition Leather Exports

Exports in Eastern Asia

In 2021, overseas shipments of composition leather were finally on the rise to reach X square meters after five years of decline. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 178% against the previous year. As a result, the exports attained the peak of X square meters. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, composition leather exports fell to $X in 2021. Total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% 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 decreased by -28.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 37% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China was the major exporting country with an export of about X square meters, which accounted for 47% of total exports. It was distantly followed by South Korea (X square meters), Hong Kong SAR (X square meters) and Taiwan (Chinese) (X square meters), together mixing up a 52% share of total exports.

China was also the fastest-growing in terms of the composition leather exports, with a CAGR of +11.9% from 2012 to 2021. At the same time, South Korea (+3.5%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-3.2%) and Hong Kong SAR (-11.0%) illustrated a downward trend over the same period. China (+30 p.p.) and South Korea (+5.8 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) and Hong Kong SAR saw its share reduced by -4.3% and -32.3% from 2012 to 2021, respectively.

In value terms, South Korea ($X), China ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 91% share of total exports.

Among the main exporting countries, China, with a CAGR of +23.9%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per square meter, which is down by -14.9% against the previous year. In general, the export price, however, enjoyed a perceptible increase. The pace of growth appeared the most rapid in 2019 an increase of 152% against the previous year. Over the period under review, the export prices hit record highs at $X per square meter in 2020, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per square meter), while Hong Kong SAR ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.7%), while the other leaders experienced mixed trends in the export price figures.

Composition Leather Imports

Imports in Eastern Asia

In 2021, after three years of decline, there was significant growth in overseas purchases of composition leather, when their volume increased by 34% to X square meters. Over the period under review, imports, however, recorded a abrupt downturn. Over the period under review, imports hit record highs at X square meters in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, composition leather imports skyrocketed to $X in 2021. In general, imports, however, showed a abrupt descent. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X square meters) and Hong Kong SAR (X square meters) represented the major importers of composition leather in Eastern Asia, together creating 74% of total imports. It was distantly followed by South Korea (X square meters) and Taiwan (Chinese) (X square meters), together committing a 21% share of total imports. Japan (X square meters) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Taiwan (Chinese) (with a CAGR of -0.2%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, China ($X) constitutes the largest market for imported composition leather in Eastern Asia, comprising 62% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 19% share of total imports. It was followed by Taiwan (Chinese), with a 9.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled -1.1%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (-16.3% per year) and Taiwan (Chinese) (+4.2% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per square meter in 2021, growing by 10% against the previous year. Import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, composition leather import price increased by +91.5% against 2017 indices. The pace of growth was the most pronounced in 2020 when the import price increased by 37%. Over the period under review, import prices attained the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was China ($X per square meter), while South Korea ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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