Singapore: Wooden Furniture Treatments Market 2023

Wooden Furniture Treatments Market Size in Singapore

The Singaporean wooden furniture treatments market fell remarkably to $X in 2021, with a decrease of -33.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a abrupt slump. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Wooden Furniture Treatments Exports

Exports from Singapore

In 2021, after five years of decline, there was significant growth in overseas shipments of polishes and creams for wooden furniture and floors, when their volume increased by 208% to X tons. Overall, exports, however, saw a perceptible reduction. Over the period under review, the exports reached the peak figure at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, wooden furniture treatments exports soared to $X in 2021. In general, exports saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brunei Darussalam (X tons), Malaysia (X tons) and Vietnam (X tons) were the main destinations of wooden furniture treatments exports from Singapore, with a combined 78% share of total exports. Bangladesh, the Philippines, Sri Lanka and Indonesia lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sri Lanka (with a CAGR of +72.6%), while the other leaders experienced more modest paces of growth.

In value terms, Brunei Darussalam ($X) remains the key foreign market for wooden furniture treatments exports from Singapore, comprising 50% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 15% share of total exports. It was followed by Vietnam, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Brunei Darussalam stood at +90.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (-11.1% per year) and Vietnam (+21.7% per year).

Export Prices by Country

The average wooden furniture treatments export price stood at $X per ton in 2021, with an increase of 32% against the previous year. Overall, export price indicated a temperate 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, wooden furniture treatments export price increased by +73.1% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Brunei Darussalam (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.

Wooden Furniture Treatments Imports

Imports into Singapore

In 2021, approx. X tons of polishes and creams for wooden furniture and floors were imported into Singapore; growing by 2.8% on the previous year. In general, imports, however, showed a perceptible contraction. The pace of growth was the most pronounced in 2019 with an increase of 36% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, wooden furniture treatments imports totaled $X in 2021. Over the period under review, imports, however, showed a deep contraction. The pace of growth appeared the most rapid in 2019 when imports increased by 28% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

South Korea (X tons), China (X tons) and the Netherlands (X tons) were the main suppliers of wooden furniture treatments imports to Singapore, together comprising 55% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of +54.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wooden furniture treatments suppliers to Singapore were South Korea ($X), Indonesia ($X) and China ($X), together accounting for 43% of total imports. These countries were followed by the Netherlands, Germany, the United States, the Philippines, the United Arab Emirates, the UK, Malaysia and South Africa, which together accounted for a further 40%.

The Netherlands, with a CAGR of +40.0%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average wooden furniture treatments import price amounted to $X per ton, shrinking by -2.3% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 30%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the UK ($X per ton), while the price for the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Africa (+14.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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