ASEAN: Mdf Market 2024

Mdf Market Size in ASEAN

The ASEAN MDF market expanded notably to $X in 2021, increasing by 13% against the previous year. The market value increased at an average annual rate of +2.0% 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. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Mdf Production in ASEAN

In value terms, MDF production rose notably to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 21%. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Mdf Exports

Exports in ASEAN

MDF exports rose remarkably to X cubic meters in 2021, with an increase of 7.4% compared with 2020 figures. Total exports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +9.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +38.8% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 29%. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in years to come.

In value terms, MDF exports surged to $X in 2021. Total exports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 with an increase of 26%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

Thailand prevails in exports structure, finishing at X cubic meters, which was approx. 81% of total exports in 2021. Indonesia (X cubic meters) took a 9.8% share (based on physical terms) of total exports, which put it in second place, followed by Malaysia (6.7%). Vietnam (X cubic meters) followed a long way behind the leaders.

Thailand was also the fastest-growing in terms of the MDF exports, with a CAGR of +13.8% from 2012 to 2021. At the same time, Indonesia (+11.1%) and Vietnam (+10.9%) displayed positive paces of growth. By contrast, Malaysia (-7.9%) illustrated a downward trend over the same period. Thailand (+24 p.p.) significantly strengthened its position in terms of the total exports, while Malaysia saw its share reduced by -25.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest MDF supplier in ASEAN, comprising 72% of total exports. The second position in the ranking was taken by Malaysia ($X), with an 11% share of total exports. It was followed by Indonesia, with a 9.1% share.

From 2012 to 2021, the average annual growth rate of value in Thailand stood at +11.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-7.7% per year) and Indonesia (+9.9% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per cubic meter, increasing by 15% against the previous year. Overall, the export price, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 an increase of 27%. The level of export peaked at $X per cubic meter in 2012; however, from 2013 to 2021, the 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 Vietnam ($X per cubic meter), while Thailand ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+2.3%), while the other leaders experienced mixed trends in the export price figures.

Mdf Imports

Imports in ASEAN

For the third year in a row, ASEAN recorded growth in supplies from abroad of MDF, which increased by 18% to X cubic meters in 2021. In general, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 38%. The volume of import peaked in 2021 and is expected to retain growth in the immediate term.

In value terms, MDF imports surged to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +99.5% against 2014 indices. The growth pace was the most rapid in 2017 with an increase of 34% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the near future.

Imports by Country

Vietnam represented the major importer of MDF in ASEAN, with the volume of imports reaching X cubic meters, which was approx. 59% of total imports in 2021. Indonesia (X cubic meters) ranks second in terms of the total imports with a 14% share, followed by Malaysia (11%), the Philippines (7.8%) and Cambodia (5.8%).

From 2012 to 2021, average annual rates of growth with regard to MDF imports into Vietnam stood at +6.1%. At the same time, Cambodia (+78.4%), Malaysia (+5.7%) and Indonesia (+1.2%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +78.4% from 2012-2021. The Philippines experienced a relatively flat trend pattern. From 2012 to 2021, the share of the Philippines and Cambodia increased by +7.8 and +5.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) constitutes the largest market for imported MDF in ASEAN, comprising 55% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total imports. It was followed by the Philippines, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Vietnam amounted to +6.5%. In the other countries, the average annual rates were as follows: Indonesia (-1.1% per year) and the Philippines (+2.6% per year).

Import Prices by Country

In 2021, the import price in ASEAN amounted to $X per cubic meter, growing by 9.2% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. The level of import peaked at $X per cubic meter in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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