Veneer sheets market in ASEAN

Earlier Report Observations

The ASEAN veneer sheets market declined from 6.5 million cubic meters in 2018 to 5.1 million cubic meters in 2019, even as major producers like Shangwood expanded into Vietnam and broadened their decorative laminated panel ranges. This capacity growth and product diversification did not reverse the market's downward trend.

COVID-19 supply chain disruptions in 2020 drove the market volume down further to 4.3 million cubic meters. A turnaround began in 2021, when the market edged up to 4.4 million cubic meters, supported by the launch of innovative bamboo charcoal wood veneer that tapped into rising demand for sustainable materials.

After a drop to 3.4 million cubic meters in 2022, the market rebounded to 4.1 million cubic meters in 2023, fueled by continued promotion of next-generation veneer products and a strong focus on environmental benefits in consumer choices.

Production veneer sheets in ASEAN

In kind, 2017-2020, K m³

Top producers of veneer sheets, 2017-2020

World map of production of veneer sheets, 2017-2020

ASEAN's veneer sheets production saw a two-year increase before declining. In 2019, production reached its peak at 3 820 K m³. However, in 2020, it fell slightly to 3 775 K m³, representing a 1.2% year-over-year decrease. Over the period from 2017 to 2020, production grew by 28.7%, which translates to an annualized rate of 8.8%. The most significant increase occurred in 2018, with a jump of 23.0%.

Annual dynamics of production in ASEAN in kind, 2017-2020, K m³

Exports veneer sheets from ASEAN

Exports in kind, K m³

After two years of decline, ASEAN's veneer sheets exports rebounded. In 2019, exports hit their lowest point at 696 K m³, marking a substantial drop of 37.5%. By 2020, exports rose to 925 K m³, showing a gain of 32.9% compared to the previous year. From 2017 to 2020, overall exports decreased by 47.3%, with a compound annual growth rate of -19.2%.

Annual dynamics of product's exports from ASEAN in kind, 2017-2020, K m³

From 2017 to 2020, China, India, and the United States were the top destinations for ASEAN's veneer sheets exports in volume terms. China accounted for 38.6% of exports, India for 35.8%, and the United States for 6.0%. Together, these three countries made up 80.5% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from ASEAN in kind, 2017-2020

Exports in value, M $ US

ASEAN's veneer sheets exports in value terms showed mixed trends. In 2018, exports peaked at 269.4 million US dollars, with an increase of 9.9%. However, in 2019, they dropped to their lowest level at 212.9 million US dollars, a decline of 21.0%. By 2020, exports recovered slightly to 215.5 million US dollars, up by 1.2% from 2019. Over the 2017-2020 period, exports decreased by 12.1%, equating to an annualized rate of 4.2%.

Annual dynamics of product's exports from ASEAN in value, 2017-2020, M $ US

Between 2017 and 2020, India, China, and Asia, not elsewhere specified, were the largest contributors to ASEAN's veneer sheets exports in value terms. India led with 35.5% of exports, followed by China at 24.3%, and Asia, not elsewhere specified, at 9.2%. Collectively, these three accounted for 69.0% of total export flows.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from ASEAN in value, 2017-2020

Imports veneer sheets to ASEAN

Imports in kind, K m³

ASEAN's veneer sheets imports in volume terms declined for the third consecutive year. In 2020, imports totaled 1 437 K m³, showing a dramatic decrease of 29.1% compared to 2019. Over the period from 2017 to 2020, imports fell by 97.5%, which corresponds to an annualized rate of 70.8%.

Annual dynamics of product's imports to ASEAN in kind, 2017-2020, K m³

Throughout 2017 to 2020, China, New Zealand, and Solomon Islands formed the core group of markets for ASEAN's veneer sheets imports in volume terms. China dominated with 55.7% of imports, New Zealand contributed 22.5%, and Solomon Islands accounted for 2.4%. Together, these three represented 80.6% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to ASEAN in kind, 2017-2020

Imports in value, M $ US

ASEAN's veneer sheets imports in value terms increased for the third consecutive year. In 2020, imports reached 488.5 million US dollars, representing a notable gain of 19.2% from 2019. Over the 2017-2020 period, imports grew by 54.6%, with a compound annual growth rate of 15.6%.

Annual dynamics of product's imports to ASEAN in value, 2017-2020, M $ US

From 2017 to 2020, China, the United States, and Australia were the key sources for ASEAN's veneer sheets imports in value terms. China accounted for 62.8% of imports, the United States for 6.1%, and Australia for 5.7%. Together, these three countries made up 74.6% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to ASEAN in value, 2017-2020