Vietnam: Adipic Acid Market 2024

Adipic Acid Market Size in Vietnam

The Vietnamese adipic acid market shrank to $X in 2022, dropping by -14.6% 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). Overall, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +20.7% against 2020 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then reduced in the following year.

Adipic Acid Exports

Exports from Vietnam

In 2022, the amount of adipic acid, its salts and esters exported from Vietnam contracted to X tons, waning by -10.1% against the year before. Overall, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 571% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, adipic acid exports declined to $X in 2022. Over the period under review, exports, however, showed a significant increase. The pace of growth appeared the most rapid in 2015 with an increase of 496% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Lao People's Democratic Republic (X tons) was the main destination for adipic acid exports from Vietnam, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Lao People's Democratic Republic stood at +26.1%.

In value terms, Lao People's Democratic Republic ($X) also remains the key foreign market for adipic acid, its salts and esters exports from Vietnam.

From 2012 to 2022, the average annual growth rate of value to Lao People's Democratic Republic totaled +23.5%.

Export Prices by Country

The average adipic acid export price stood at $X per ton in 2022, growing by 1.6% against the previous year. Overall, the export price, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2018 an increase of 70% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Lao People's Democratic Republic.

From 2012 to 2022, the rate of growth in terms of prices for India amounted to +3.3% per year.

Adipic Acid Imports

Imports into Vietnam

In 2022, imports of adipic acid, its salts and esters into Vietnam declined to X tons, waning by -6.9% compared with the previous year's figure. Overall, total imports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +7.5% 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 +8.4% against 2020 indices. The pace of growth was the most pronounced in 2017 with an increase of 68%. Over the period under review, imports reached the maximum at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, adipic acid imports reduced rapidly to $X in 2022. In general, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.9% 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 +26.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 71%. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest adipic acid supplier to Vietnam, accounting for a 59% share of total imports. Moreover, adipic acid imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X tons), threefold. The third position in this ranking was taken by South Korea (X tons), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+10.6% per year) and South Korea (-1.8% per year).

In value terms, China ($X) constituted the largest supplier of adipic acid, its salts and esters to Vietnam, comprising 56% of total imports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 25% share of total imports. It was followed by South Korea, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+10.4% per year) and South Korea (-8.3% per year).

Import Prices by Country

In 2022, the average adipic acid import price amounted to $X per ton, reducing by -11.3% against the previous year. Over the period under review, the import price showed a perceptible slump. The pace of growth was the most pronounced in 2021 when the average import price increased by 32% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for South Korea ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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