Asia: Tufted Carpet Market 2024

Tufted Carpet Market Size in Asia

For the eighth consecutive year, the Asian tufted carpet market recorded growth in sales value, which increased by X% to $X in 2023. Overall, consumption showed a resilient increase. The level of consumption peaked in 2023 and is likely to see gradual growth in the immediate term.

Tufted Carpet Production in Asia

In value terms, tufted carpet production rose to $X in 2023 estimated in export price. Over the period under review, production saw a remarkable increase. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The level of production peaked at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Tufted Carpet Exports

Exports in Asia

In 2023, approx. X square meters of tufted carpets and other tufted textile floor coverings were exported in Asia; flattening at the previous year. In general, exports, however, saw a mild decline. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The volume of export peaked at X square meters in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, tufted carpet exports surged to $X in 2023. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Turkey represented the major exporting country with an export of around X square meters, which accounted for X% of total exports. India (X square meters) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (X%). China (X square meters), the United Arab Emirates (X square meters) and Malaysia (X square meters) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the tufted carpets and other tufted textile floor coverings exports, with a CAGR of X% from 2012 to 2023. At the same time, Malaysia (X%) displayed positive paces of growth. India and Thailand experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (X%) and China (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) and India (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of China (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), India ($X) and Turkey ($X) were the countries with the highest levels of exports in 2023, together comprising X% of total exports.

Turkey, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per square meter in 2023, surging by X% against the previous year. Export price indicated a mild increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, tufted carpet export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced more modest paces of growth.

Tufted Carpet Imports

Imports in Asia

Tufted carpet imports skyrocketed to X square meters in 2023, with an increase of X% on 2022 figures. Total imports indicated perceptible growth from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The volume of import peaked at X square meters in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, tufted carpet imports expanded markedly to $X in 2023. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2023, imports remained at a lower figure.

Imports by Country

Japan (X square meters) and Iraq (X square meters) were the major importers of tufted carpets and other tufted textile floor coverings in 2023, finishing at approx. X% and X% of total imports, respectively. Saudi Arabia (X square meters) took the next position in the ranking, followed by Malaysia (X square meters) and the United Arab Emirates (X square meters). All these countries together took approx. X% share of total imports. The following importers - Israel (X square meters), Singapore (X square meters), Kuwait (X square meters), South Korea (X square meters), Vietnam (X square meters), Thailand (X square meters), India (X square meters) and Pakistan (X square meters) - together made up X% of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Iraq (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported tufted carpets and other tufted textile floor coverings in Asia, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an X% share of total imports. It was followed by Saudi Arabia, with a X% share.

In Japan, tufted carpet imports remained relatively stable over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and Saudi Arabia (X% per year).

Import Prices by Country

The import price in Asia stood at $X per square meter in 2023, with a decrease of X% against the previous year. Over the period under review, the import price recorded a pronounced reduction. The most prominent rate of growth was recorded in 2022 an increase of X%. Over the period under review, import prices reached the maximum at $X per square meter in 2014; however, from 2015 to 2023, import prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform