South-Eastern Asia: Composition Leather Market 2024

Composition Leather Market Size in South-Eastern Asia

The Southeast Asian composition leather market skyrocketed to $X in 2021, jumping by 36% against the previous year. Overall, consumption, however, continues to indicate a abrupt descent. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Composition Leather Production in South-Eastern Asia

In value terms, composition leather production expanded remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the production volume increased by 188%. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2021, production stood at a somewhat lower figure.

Composition Leather Exports

Exports in South-Eastern Asia

In 2021, composition leather exports in South-Eastern Asia surged to X square meters, increasing by 30% against the year before. In general, exports saw a resilient expansion. The pace of growth was the most pronounced in 2018 with an increase of 1,047%. The volume of export peaked at X square meters in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, composition leather exports soared to $X in 2021. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 1,504% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Vietnam dominates exports structure, finishing at X square meters, which was approx. 93% of total exports in 2021. Indonesia (X square meters) followed a long way behind the leaders.

Exports from Vietnam increased at an average annual rate of +18.6% from 2012 to 2021. At the same time, Indonesia (+40.2%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +40.2% from 2012-2021. From 2012 to 2021, the share of Vietnam and Indonesia increased by +11 and +3.6 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest composition leather supplier in South-Eastern Asia, comprising 90% of total exports. The second position in the ranking was held by Indonesia ($X), with a 9.2% share of total exports.

In Vietnam, composition leather exports expanded at an average annual rate of +11.2% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per square meter, with an increase of 5.4% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2015 an increase of 52% against the previous year. Over the period under review, the export prices hit record highs at $X per square meter in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per square meter), while Vietnam totaled $X per square meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (-6.2%).

Composition Leather Imports

Imports in South-Eastern Asia

In 2021, the amount of composition leather imported in South-Eastern Asia soared to X square meters, picking up by 51% compared with the previous year's figure. In general, imports showed a buoyant expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 56%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, composition leather imports skyrocketed to $X in 2021. Over the period under review, imports recorded buoyant growth. The pace of growth appeared the most rapid in 2014 with an increase of 45%. The level of import peaked in 2021 and is expected to retain growth in years to come.

Imports by Country

Cambodia dominates imports structure, reaching X square meters, which was near 88% of total imports in 2021. Vietnam (X square meters), the Philippines (X square meters) and Thailand (X square meters) followed a long way behind the leaders.

Cambodia was also the fastest-growing in terms of the composition leather imports, with a CAGR of +20.0% from 2012 to 2021. At the same time, the Philippines (+4.8%) and Thailand (+2.0%) displayed positive paces of growth. By contrast, Vietnam (-6.9%) illustrated a downward trend over the same period. While the share of Cambodia (+34 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Thailand (-2.7 p.p.), the Philippines (-4.4 p.p.) and Vietnam (-22.7 p.p.) displayed negative dynamics.

In value terms, Cambodia ($X) constitutes the largest market for imported composition leather in South-Eastern Asia, comprising 88% of total imports. The second position in the ranking was held by Vietnam ($X), with a 3.6% share of total imports. It was followed by the Philippines, with a 3.6% share.

In Cambodia, composition leather imports increased at an average annual rate of +21.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Vietnam (-7.1% per year) and the Philippines (-4.9% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per square meter in 2021, waning by -7.2% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 15%. The level of import peaked at $X per square meter in 2020, and then dropped in the following year.

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 Cambodia ($X per square meter), while Thailand ($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 Thailand (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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