Sewing Machine Needle Market

The sewing machine needle market is expected to experience continued growth over the next eight years, with consumption trends, production, imports, and exports all playing a role. Global consumption peaked at 35B units but saw a decrease in 2022, while production and exports showed growth. China leads in production and exports, while India leads in value terms. Singapore and Vietnam were top exporters in 2022. Prices vary by country, with Singapore having the highest export price in 2022. Overall, the market is forecast to grow at a CAGR of +7.2% in volume and +3.5% in value from 2022 to 2030.

Market Forecast

Driven by increasing demand for sewing machine needles worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +7.2% for the period from 2022 to 2030, which is projected to bring the market volume to 31B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $637M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Sewing Machine Needles

In 2022, consumption of sewing machine needles decreased by -23% to 18B units, falling for the second consecutive year after four years of growth. In general, consumption, however, showed perceptible growth. As a result, consumption attained the peak volume of 35B units. From 2021 to 2022, the growth of the global consumption remained at a lower figure.

The global sewing machine needle market revenue reduced to $485M in 2022, with a decrease of -12.2% 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). Over the period under review, consumption recorded a pronounced shrinkage. Over the period under review, the global market attained the peak level at $698M in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (4B units), India (3.3B units) and Nigeria (2.6B units), with a combined 56% share of global consumption. Kyrgyzstan, Democratic Republic of the Congo, the Czech Republic, Singapore, the Netherlands and Japan lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Kyrgyzstan (with a CAGR of +115.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($139M) led the market, alone. The second position in the ranking was held by the Czech Republic ($69M). It was followed by China.

In India, the sewing machine needle market remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: the Czech Republic (-4.2% per year) and China (-5.0% per year).

In 2022, the highest levels of sewing machine needle per capita consumption was registered in Kyrgyzstan (242 units per person), followed by the Czech Republic (94 units per person), Singapore (66 units per person) and the Netherlands (17 units per person), while the world average per capita consumption of sewing machine needle was estimated at 2.2 units per person.

From 2012 to 2022, the average annual rate of growth in terms of the sewing machine needle per capita consumption in Kyrgyzstan stood at +111.0%. In the other countries, the average annual rates were as follows: the Czech Republic (-3.5% per year) and Singapore (-1.8% per year).

Production

World Production of Sewing Machine Needles

In 2022, the amount of sewing machine needles produced worldwide was estimated at 17B units, picking up by 9.2% on 2021. The total output volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, production reached the peak volume and is likely to continue growth in the immediate term.

In value terms, sewing machine needle production totaled $606M in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 16% against the previous year. As a result, production reached the peak level of $688M. From 2017 to 2022, global production growth failed to regain momentum.

Production By Country

The country with the largest volume of sewing machine needle production was China (8B units), accounting for 47% of total volume. Moreover, sewing machine needle production in China exceeded the figures recorded by the second-largest producer, India (3.5B units), twofold. The Czech Republic (1.6B units) ranked third in terms of total production with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China was relatively modest. In the other countries, the average annual rates were as follows: India (+0.9% per year) and the Czech Republic (+0.1% per year).

Imports

World Imports of Sewing Machine Needles

In 2022, overseas purchases of sewing machine needles decreased by -34.8% to 9.9B units, falling for the second year in a row after four years of growth. In general, imports, however, continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2015 with an increase of 82%. Global imports peaked at 24B units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, sewing machine needle imports declined notably to $211M in 2022. Overall, imports saw a noticeable reduction. The pace of growth was the most pronounced in 2021 with an increase of 19% against the previous year. Over the period under review, global imports attained the peak figure at $317M in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports By Country

In 2022, Nigeria (2.6B units), distantly followed by Kyrgyzstan (1.6B units), Democratic Republic of the Congo (1.2B units) and China (0.9B units) represented the key importers of sewing machine needles, together making up 63% of total imports. The Netherlands (310M units), Hong Kong SAR (280M units), India (173M units), Indonesia (171M units), Singapore (157M units) and Bangladesh (150M units) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Kyrgyzstan (with a CAGR of +115.2%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Singapore ($27M), Hong Kong SAR ($25M) and China ($14M) constituted the countries with the highest levels of imports in 2022, with a combined 31% share of global imports. India, Nigeria, Bangladesh, Indonesia, Kyrgyzstan, the Netherlands and Democratic Republic of the Congo lagged somewhat behind, together comprising a further 14%.

Among the main importing countries, Kyrgyzstan, with a CAGR of +81.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average sewing machine needle import price stood at $21 per thousand units in 2022, with an increase of 26% against the previous year. In general, the import price, however, continues to indicate a deep slump. The pace of growth was the most pronounced in 2021 an increase of 86%. Over the period under review, average import prices attained the peak figure at $74 per thousand units in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($173 per thousand units), while Democratic Republic of the Congo ($0.4 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+17.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Sewing Machine Needles

For the fourth year in a row, the global market recorded growth in overseas shipments of sewing machine needles, which increased by 18% to 9.4B units in 2022. Overall, exports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 76%. Over the period under review, the global exports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, sewing machine needle exports expanded notably to $187M in 2022. Over the period under review, exports, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2021 when exports increased by 14%. Over the period under review, the global exports reached the peak figure at $272M in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

China represented the largest exporter of sewing machine needles in the world, with the volume of exports amounting to 4.9B units, which was near 52% of total exports in 2022. Singapore (1,164M units) took a 12% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (7.4%), the Czech Republic (6.4%) and Madagascar (5.5%). The following exporters - India (382M units) and the United Arab Emirates (313M units) - together made up 7.4% of total exports.

Exports from China increased at an average annual rate of +12.3% from 2012 to 2022. At the same time, Madagascar (+114.8%), the United Arab Emirates (+27.5%), Singapore (+19.2%), Vietnam (+16.2%) and the Czech Republic (+11.7%) displayed positive paces of growth. Moreover, Madagascar emerged as the fastest-growing exporter exported in the world, with a CAGR of +114.8% from 2012-2022. By contrast, India (-3.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Singapore, Madagascar, Vietnam, the United Arab Emirates and the Czech Republic increased by +16, +7.7, +5.5, +3.8, +2.7 and +1.8 percentage points, respectively.

In value terms, Singapore ($55M), Vietnam ($33M) and India ($21M) were the countries with the highest levels of exports in 2022, with a combined 58% share of global exports. China, the Czech Republic, the United Arab Emirates and Madagascar lagged somewhat behind, together accounting for a further 20%.

The United Arab Emirates, with a CAGR of +11.1%, 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 global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average sewing machine needle export price amounted to $20 per thousand units, declining by -4.8% against the previous year. Over the period under review, the export price saw a abrupt decline. The most prominent rate of growth was recorded in 2013 an increase of 3.2%. Over the period under review, the average export prices hit record highs at $63 per thousand units in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($54 per thousand units), while Madagascar ($0.1 per thousand units) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+1.0%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform