China: Composition Leather Market 2024

Composition Leather Market Size in China

In 2021, after three years of growth, there was significant decline in the Chinese composition leather market, when its value decreased by -10% to $X. The market value increased at an average annual rate of +3.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X, and then declined in the following year.

Composition Leather Production in China

In value terms, composition leather production reduced to $X in 2021 estimated in export price. Overall, the total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +39.2% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 23%. Over the period under review, production reached the maximum level at $X in 2020, and then reduced in the following year.

Composition Leather Exports

Exports from China

Composition leather exports from China surged to X square meters in 2021, increasing by 55% against the previous year's figure. Over the period under review, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 63% against the previous year. The exports 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 skyrocketed to $X in 2021. In general, exports posted a significant increase. The pace of growth was the most pronounced in 2014 when exports increased by 121%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

Vietnam (X square meters), Cambodia (X square meters) and the Philippines (X square meters) were the main destinations of composition leather exports from China, together comprising 45% of total exports. India, Bangladesh, Madagascar, Indonesia, Nigeria, Malaysia, the United Arab Emirates, Myanmar and Poland lagged somewhat behind, together accounting for a further 43%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +1,012.5%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for composition leather exports from China, comprising 26% of total exports. The second position in the ranking was taken by India ($X), with a 12% share of total exports. It was followed by Indonesia, with an 11% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled +39.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+42.0% per year) and Indonesia (+30.7% per year).

Export Prices by Country

In 2021, the average composition leather export price amounted to $X per square meter, dropping by -8.7% against the previous year. Overall, the export price, however, posted a prominent expansion. The growth pace was the most rapid in 2014 an increase of 36% against the previous year. Over the period under review, the average export prices reached the maximum at $X per square meter in 2020, and then shrank in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Indonesia ($X per square meter), while the average price for exports to Poland ($X per square meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Nigeria (+22.2%), while the prices for the other major destinations experienced more modest paces of growth.

Composition Leather Imports

Imports into China

After three years of decline, purchases abroad of composition leather increased by 37% to X square meters in 2021. In general, imports, however, continue to indicate a abrupt descent. Over the period under review, imports reached the peak figure at X square meters in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, composition leather imports surged to $X in 2021. Over the period under review, imports, however, showed a slight downturn. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X square meters), Italy (X square meters) and Spain (X square meters) were the main suppliers of composition leather imports to China, together comprising 81% of total imports. These countries were followed by Finland, South Korea, the United States, Mexico and India, which together accounted for a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Finland (with a CAGR of +61.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest composition leather suppliers to China were Italy ($X), Spain ($X) and the United States ($X), with a combined 72% share of total imports. Germany, South Korea, Finland, Mexico and India lagged somewhat behind, together comprising a further 21%.

In terms of the main suppliers, Finland, with a CAGR of +70.4%, recorded the highest rates of growth with regard to 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

In 2021, the average composition leather import price amounted to $X per square meter, growing by 22% against the previous year. In general, the import price posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 an increase of 50%. The import price peaked in 2021 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was India ($X per square meter), while the price for Finland ($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 India (+61.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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