Vietnam: Particle Board Market 2024

Particle Board Market Size in Vietnam

In 2022, the Vietnamese particle board market decreased by -0.9% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Particle Board Production in Vietnam

In value terms, particle board production reached $X in 2022 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 40%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Particle Board Exports

Exports from Vietnam

Particle board exports from Vietnam declined to X cubic meters in 2022, shrinking by -8% compared with 2021 figures. Overall, total exports indicated pronounced growth from 2012 to 2022: its volume increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +12.5% against 2020 indices. The pace of growth appeared the most rapid in 2013 with an increase of 125%. As a result, the exports attained the peak of X cubic meters. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, particle board exports fell to $X in 2022. In general, total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -20.2% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 47%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X cubic meters), China (X cubic meters) and Cambodia (X cubic meters) were the main destinations of particle board exports from Vietnam, together comprising 95% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +54.0%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Cambodia ($X) constituted the largest markets for particle board exported from Vietnam worldwide, with a combined 94% share of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +52.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average particle board export price stood at $X per cubic meter in 2022, falling by -3.3% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 26% against the previous year. Over the period under review, the average export prices reached the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per cubic meter), while the average price for exports to China ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Particle Board Imports

Imports into Vietnam

In 2022, the amount of particle board imported into Vietnam expanded to X cubic meters, picking up by 3.8% on the year before. Overall, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 63%. As a result, imports reached the peak of X cubic meters. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, particle board imports contracted to $X in 2022. Over the period under review, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +28.8% against 2019 indices. The pace of growth was the most pronounced in 2017 when imports increased by 28%. Over the period under review, imports reached the peak figure at $X in 2021, and then fell slightly in the following year.

Imports by Country

In 2022, China (X cubic meters) constituted the largest supplier of particle board to Vietnam, with a 84% share of total imports. Moreover, particle board imports from China exceeded the figures recorded by the second-largest supplier, Spain (X cubic meters), more than tenfold. Brazil (X cubic meters) ranked third in terms of total imports with a 1.5% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +29.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+61.4% per year) and Brazil (+67.7% per year).

In value terms, China ($X) constituted the largest supplier of particle board to Vietnam, comprising 72% of total imports. The second position in the ranking was held by Spain ($X), with an 11% share of total imports. It was followed by Thailand, with a 1.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +17.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+59.6% per year) and Thailand (-26.3% per year).

Import Prices by Country

In 2022, the average particle board import price amounted to $X per cubic meter, shrinking by -4.7% against the previous year. In general, the import price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2021 an increase of 17%. Over the period under review, average import prices reached the maximum at $X per cubic meter in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per cubic meter), while the price for Brazil ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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