South-Eastern Asia: Tufted Carpet Market 2024

Tufted Carpet Market Size in South-Eastern Asia

The Southeast Asian tufted carpet market totaled $X in 2022, picking up by 9.4% against the previous year. The market value increased at an average annual rate of +1.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Tufted Carpet Production in South-Eastern Asia

In value terms, tufted carpet production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 17% against the previous year. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

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Tufted Carpet Exports

Exports in South-Eastern Asia

After ten years of growth, overseas shipments of tufted carpets and other tufted textile floor coverings decreased by -17.6% to X square meters in 2022. In general, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2019 when exports increased by 45%. The volume of export peaked at X square meters in 2021, and then shrank rapidly in the following year.

In value terms, tufted carpet exports dropped dramatically to $X in 2022. Overall, exports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2019 when exports increased by 33% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then dropped significantly in the following year.

Exports by Country

Vietnam dominates exports structure, recording X square meters, which was near 85% of total exports in 2022. It was distantly followed by Indonesia (X square meters), creating a 5.2% share of total exports. The following exporters - Thailand (X square meters) and Malaysia (X square meters) - each reached an 8.1% share of total exports.

Vietnam was also the fastest-growing in terms of the tufted carpets and other tufted textile floor coverings exports, with a CAGR of +30.9% from 2012 to 2022. Indonesia (-1.9%), Malaysia (-2.1%) and Thailand (-17.3%) illustrated a downward trend over the same period. While the share of Vietnam (+73 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-6 p.p.), Indonesia (-8 p.p.) and Thailand (-57.8 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest tufted carpet supplier in South-Eastern Asia, comprising 79% of total exports. The second position in the ranking was held by Thailand ($X), with a 10% share of total exports. It was followed by Indonesia, with a 6.9% share.

In Vietnam, tufted carpet exports increased at an average annual rate of +29.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (-12.2% per year) and Indonesia (-1.4% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per square meter in 2022, stabilizing at the previous year. Over the period under review, the export price, however, showed a mild slump. The most prominent rate of growth was recorded in 2021 when the export price increased by 3.9%. The level of export peaked at $X per square meter in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.2%), while the other leaders experienced more modest paces of growth.

Tufted Carpet Imports

Imports in South-Eastern Asia

In 2022, supplies from abroad of tufted carpets and other tufted textile floor coverings increased by 5.8% to X square meters, rising for the second consecutive year after two years of decline. Total imports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +26.4% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 35% against the previous year. Over the period under review, imports reached the maximum at X square meters in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, tufted carpet imports amounted to $X in 2022. Overall, imports, however, showed a mild contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 15%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Malaysia (X square meters) and Thailand (X square meters) were the main importers of tufted carpets and other tufted textile floor coverings in South-Eastern Asia, together finishing at approx. 57% of total imports. Vietnam (X square meters) took the next position in the ranking, followed by Singapore (X square meters), the Philippines (X square meters) and Myanmar (X square meters). All these countries together held approx. 40% share of total imports. Indonesia (X square meters) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +39.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest tufted carpet importing markets in South-Eastern Asia were Malaysia ($X), Vietnam ($X) and Singapore ($X), together comprising 70% of total imports. Thailand, the Philippines, Indonesia and Myanmar lagged somewhat behind, together accounting for a further 28%.

In terms of the main importing countries, Myanmar, with a CAGR of +12.8%, saw the highest growth rate of 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

The import price in South-Eastern Asia stood at $X per square meter in 2022, with a decrease of -5.4% against the previous year. Overall, the import price continues to indicate a abrupt decrease. The growth pace was the most rapid in 2014 when the import price increased by 12% against the previous year. As a result, import price attained the peak level of $X per square meter. From 2015 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per square meter), while Myanmar ($X per square meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-1.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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