Plastic Furniture Fittings Market

Driven by increasing demand for plastic fittings for furniture worldwide, the market is set to grow with an anticipated CAGR of +3.2%. Consumption volume projected to reach 2.7M tons by 2030, with a market value of $28.5B. China, the United States, and India were the top consumers in 2022, while China, the United States, and Japan were the largest producers. Import and export trends also showed growth, with the United States being the fastest-growing importer.

Market Forecast

Driven by increasing demand for plastic fittings for furniture worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 2.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $28.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Plastic Fittings For Furniture

In 2022, after two years of growth, there was significant decline in consumption of plastic fittings for furniture, when its volume decreased by -8% to 2.1M tons. The total consumption volume increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak volume of 2.3M tons, and then reduced in the following year.

The global plastic furniture fittings market value fell to $19.4B in 2022, with a decrease of -8.8% 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). The market value increased at an average annual rate of +4.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $21.3B, and then contracted in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (431K tons), the United States (241K tons) and India (155K tons), together accounting for 40% of global consumption. Russia, Japan, Brazil, the UK, Mexico, Turkey, Poland, Italy, France and the Czech Republic lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +27.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest plastic furniture fittings markets worldwide were Japan ($2.6B), the United States ($2.5B) and China ($2.3B), with a combined 38% share of the global market. Brazil, Turkey, India, Russia, Mexico, Poland, the Czech Republic, the UK, Italy and France lagged somewhat behind, together comprising a further 28%.

In terms of the main consuming countries, the Czech Republic, with a CAGR of +27.7%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of plastic furniture fittings per capita consumption was registered in the Czech Republic (3,692 kg per 1000 persons), followed by Poland (1,163 kg per 1000 persons), Russia (1,020 kg per 1000 persons) and the UK (1,010 kg per 1000 persons), while the world average per capita consumption of plastic furniture fittings was estimated at 266 kg per 1000 persons.

In the Czech Republic, plastic furniture fittings per capita consumption expanded at an average annual rate of +26.7% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Poland (+5.7% per year) and Russia (-12.4% per year).

Production

World Production of Plastic Fittings For Furniture

In 2022, after two years of growth, there was significant decline in production of plastic fittings for furniture, when its volume decreased by -8% to 2.1M tons. The total output volume increased at an average annual rate of +3.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when the production volume increased by 21%. As a result, production attained the peak volume of 2.3M tons, and then reduced in the following year.

In value terms, plastic furniture fittings production shrank to $17.2B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when the production volume increased by 27% against the previous year. As a result, production attained the peak level of $19B, and then shrank in the following year.

Production By Country

China (529K tons) remains the largest plastic furniture fittings producing country worldwide, accounting for 25% of total volume. Moreover, plastic furniture fittings production in China exceeded the figures recorded by the second-largest producer, the United States (173K tons), threefold. The third position in this ranking was held by India (154K tons), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +7.8%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+1.9% per year) and India (+7.0% per year).

Imports

World Imports of Plastic Fittings For Furniture

In 2022, the amount of plastic fittings for furniture imported worldwide declined to 413K tons, falling by -5.2% against 2021. The total import volume increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 20%. Global imports peaked at 472K tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, plastic furniture fittings imports fell to $4.7B in 2022. Overall, total imports indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.6% 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 +13.3% against 2020 indices. The growth pace was the most rapid in 2017 with an increase of 21% against the previous year. Global imports peaked at $5.2B in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports By Country

In 2022, the United States (94K tons), distantly followed by Germany (33K tons), Mexico (26K tons), Poland (22K tons), the Czech Republic (19K tons) and Slovakia (19K tons) were the largest importers of plastic fittings for furniture, together creating 51% of total imports. The following importers - Vietnam (14K tons), Hungary (13K tons), Spain (13K tons), the UK (12K tons), Canada (11K tons) and France (11K tons) - each finished at an 18% share of total imports.

The United States was also the fastest-growing in terms of the plastic fittings for furniture imports, with a CAGR of +16.5% from 2012 to 2022. At the same time, Hungary (+10.1%), Vietnam (+10.0%), Mexico (+5.5%), Spain (+5.1%), Canada (+4.0%), Germany (+3.7%) and the Czech Republic (+2.9%) displayed positive paces of growth. France experienced a relatively flat trend pattern. By contrast, the UK (-2.5%), Poland (-4.7%) and Slovakia (-8.1%) illustrated a downward trend over the same period. While the share of the United States (+16 p.p.), Vietnam (+1.7 p.p.) and Hungary (+1.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of the UK (-1.9 p.p.), Poland (-5.9 p.p.) and Slovakia (-9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest plastic furniture fittings importing markets worldwide were the United States ($819M), Germany ($668M) and Mexico ($257M), together accounting for 37% of global imports. Poland, Vietnam, the Czech Republic, Hungary, Slovakia, France, Spain, the UK and Canada lagged somewhat behind, together comprising a further 33%.

Vietnam, with a CAGR of +14.3%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average plastic furniture fittings import price stood at $11,492 per ton in 2022, with an increase of 2.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The pace of growth appeared the most rapid in 2014 when the average import price increased by 12%. Global import price peaked in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($20,373 per ton), while the United States ($8,724 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+9.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Plastic Fittings For Furniture

Global plastic furniture fittings exports fell to 426K tons in 2022, reducing by -5.3% against the previous year. The total export volume increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when exports increased by 16%. As a result, the exports attained the peak of 454K tons. From 2019 to 2022, the growth of the global exports remained at a lower figure.

In value terms, plastic furniture fittings exports dropped slightly to $4.9B in 2022. The total export value increased at an average annual rate of +4.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 18%. As a result, the exports attained the peak of $5B, and then dropped modestly in the following year.

Exports By Country

In 2022, China (101K tons), distantly followed by Poland (67K tons), Germany (38K tons), Slovakia (29K tons), the United States (26K tons) and Mexico (19K tons) were the major exporters of plastic fittings for furniture, together creating 66% of total exports. The Czech Republic (17K tons), Hungary (15K tons), France (13K tons), South Korea (12K tons), Portugal (8.3K tons), Canada (7.5K tons) and Italy (7.1K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +17.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest plastic furniture fittings supplying countries worldwide were Germany ($842M), China ($653M) and Poland ($595M), with a combined 43% share of global exports. The United States, Slovakia, France, the Czech Republic, South Korea, Mexico, Hungary, Portugal, Italy and Canada lagged somewhat behind, together comprising a further 36%.

Among the main exporting countries, Mexico, with a CAGR of +18.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average plastic furniture fittings export price stood at $11,397 per ton in 2022, growing by 2.8% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 an increase of 6.3%. As a result, the export price attained the peak level of $11,898 per ton. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($22,423 per ton), while China ($6,453 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+4.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform