Malaysia: Composition Leather Market 2024

Composition Leather Market Size in Malaysia

In 2021, the Malaysian composition leather market increased by 11% to $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, continues to indicate a deep setback. Composition leather consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Composition Leather Production in Malaysia

In value terms, composition leather production expanded sharply to $X in 2021 estimated in export price. Overall, production, however, recorded a deep setback. The growth pace was the most rapid in 2016 with an increase of 43% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

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Composition Leather Exports

Exports from Malaysia

In 2021, overseas shipments of composition leather decreased by -10.4% to X square meters, falling for the fifth year in a row after five years of growth. Over the period under review, exports recorded a abrupt descent. The growth pace was the most rapid in 2013 when exports increased by 50%. Over the period under review, the exports reached the maximum at X square meters in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, composition leather exports declined notably to $X in 2021. Overall, exports recorded a abrupt descent. The most prominent rate of growth was recorded in 2016 with an increase of 140% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Italy (X square meters), the Philippines (X square meters) and Nigeria (X square meters) were the main destinations of composition leather exports from Malaysia, together comprising 62% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Nigeria (with a CAGR of +38.5%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) remains the key foreign market for composition leather exports from Malaysia, comprising 52% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 15% share of total exports. It was followed by India, with a 13% share.

From 2012 to 2021, the average annual growth rate of value to Italy totaled +12.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+18.8% per year) and India (-14.1% per year).

Export Prices by Country

In 2021, the average composition leather export price amounted to $X per square meter, shrinking by -22.7% against the previous year. In general, the export price continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2018 when the average export price increased by 123% against the previous year. As a result, the export price attained the peak level of $X per square meter. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per square meter), while the average price for exports to Hong Kong SAR ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Composition Leather Imports

Imports into Malaysia

After three years of decline, supplies from abroad of composition leather increased by 331% to X square meters in 2021. In general, imports, however, saw a abrupt setback. The pace of growth was the most pronounced in 2017 when imports increased by 338% against the previous year. As a result, imports reached the peak of X square meters. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, composition leather imports skyrocketed to $X in 2021. Overall, imports, however, continue to indicate a abrupt shrinkage. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X square meters) constituted the largest supplier of composition leather to Malaysia, accounting for a 63% share of total imports. Moreover, composition leather imports from China exceeded the figures recorded by the second-largest supplier, New Zealand (X square meters), sevenfold. Poland (X square meters) ranked third in terms of total imports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at -4.6%. The remaining supplying countries recorded the following average annual rates of imports growth: New Zealand (+26.3% per year) and Poland (-8.8% per year).

In value terms, China ($X) constituted the largest supplier of composition leather to Malaysia, comprising 45% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 17% share of total imports. It was followed by Poland, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+4.0% per year) and Poland (-6.8% per year).

Import Prices by Country

The average composition leather import price stood at $X per square meter in 2021, growing by 6.4% against the previous year. Over the period under review, import price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +4.1% 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 decreased by -25.6% against 2018 indices. The pace of growth was the most pronounced in 2018 an increase of 127% against the previous year. As a result, import price reached the peak level of $X per square meter. From 2019 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($X per square meter), while the price for New Zealand ($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 Hong Kong SAR (+22.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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