Vietnam: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Vietnam

For the third year in a row, the Vietnamese monocarboxylic acid market recorded growth in sales value, which increased by 8.8% to $X in 2022. Over the period under review, consumption recorded resilient growth. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in years to come.

Monocarboxylic Acid Exports

Exports from Vietnam

In 2022, overseas shipments of acrylic acid and its salts and other monocarboxylic acid decreased by -24.4% to X tons, falling for the fourth year in a row after two years of growth. In general, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 125% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, monocarboxylic acid exports declined to $X in 2022. Over the period under review, exports saw a deep setback. The growth pace was the most rapid in 2018 when exports increased by 21%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia (X tons) was the main destination for monocarboxylic acid exports from Vietnam, with a 70% share of total exports. Moreover, monocarboxylic acid exports to Malaysia exceeded the volume sent to the second major destination, Thailand (X kg), fourfold. The third position in this ranking was taken by China (X kg), with a 4.7% share.

From 2012 to 2022, the average annual growth rate of volume to Malaysia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (-11.3% per year) and China (-32.7% per year).

In value terms, Thailand ($X), Malaysia ($X) and Singapore ($X) constituted the largest markets for monocarboxylic acid exported from Vietnam worldwide, with a combined 82% share of total exports.

Malaysia, with a CAGR of +11.2%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, surging by 25% against the previous year. In general, the export price enjoyed a prominent increase. The most prominent rate of growth was recorded in 2013 an increase of 64% against the previous year. The export price peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+33.6%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Vietnam

In 2022, monocarboxylic acid imports into Vietnam expanded slightly to X tons, growing by 3.7% on the previous year's figure. Overall, imports continue to indicate a remarkable increase. The pace of growth was the most pronounced in 2014 when imports increased by 44%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, monocarboxylic acid imports expanded sharply to $X in 2022. In general, imports recorded a remarkable increase. The pace of growth appeared the most rapid in 2014 with an increase of 83% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest monocarboxylic acid supplier to Vietnam, accounting for a 46% share of total imports. Moreover, monocarboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Saudi Arabia (X tons), twofold. The third position in this ranking was taken by Taiwan (Chinese) (X tons), with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +26.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Saudi Arabia (+0.5% per year) and Taiwan (Chinese) (+33.5% per year).

In value terms, China ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Vietnam, comprising 33% of total imports. The second position in the ranking was held by Singapore ($X), with a 14% share of total imports. It was followed by Saudi Arabia, with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +19.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+14.4% per year) and Saudi Arabia (-9.5% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, picking up by 7.3% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, monocarboxylic acid import price decreased by -9.1% against 2018 indices. The pace of growth appeared the most rapid in 2018 an increase of 31%. The import price peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Saudi Arabia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (-1.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :