Vietnam: Carboxylic Acid Market 2024

Carboxylic Acid Market Size in Vietnam

For the third consecutive year, the Vietnamese carboxylic acid market recorded growth in sales value, which increased by 13% to $X in 2021. Overall, the total consumption indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +12.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +179.0% against 2012 indices. Over the period under review, the market attained the peak level in 2021 and is likely to see steady growth in the near future.

Carboxylic Acid Exports

Exports from Vietnam

For the third consecutive year, Vietnam recorded growth in overseas shipments of carboxylic acid with alcohol, phenol, aldehyde or ketone functions, which increased by 141% to X tons in 2021. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 230%. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, carboxylic acid exports skyrocketed to $X in 2021. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 332%. Over the period under review, the exports attained the maximum in 2021 and are likely to continue growth in the near future.

Exports by Country

Lao People's Democratic Republic (X tons) was the main destination for carboxylic acid exports from Vietnam, with a 93% share of total exports. Moreover, carboxylic acid exports to Lao People's Democratic Republic exceeded the volume sent to the second major destination, the Philippines (X tons), more than tenfold. The third position in this ranking was held by Cambodia (X tons), with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Lao People's Democratic Republic stood at +113.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+170.4% per year) and Cambodia (+42.1% per year).

In value terms, Lao People's Democratic Republic ($X) remains the key foreign market for carboxylic acid with alcohol, phenol, aldehyde or ketone functions exports from Vietnam, comprising 90% of total exports. The second position in the ranking was held by Cambodia ($X), with a 3.4% share of total exports. It was followed by China, with a 0.4% share.

From 2012 to 2021, the average annual growth rate of value to Lao People's Democratic Republic stood at +69.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+77.6% per year) and China (-7.6% per year).

Export Prices by Country

The average carboxylic acid export price stood at $X per ton in 2021, declining by -37.5% against the previous year. Overall, the export price saw a deep contraction. The most prominent rate of growth was recorded in 2013 an increase of 62% against the previous year. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Cambodia ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Cambodia (+25.0%), while the prices for the other major destinations experienced mixed trend patterns.

Carboxylic Acid Imports

Imports into Vietnam

For the third consecutive year, Vietnam recorded growth in purchases abroad of carboxylic acid with alcohol, phenol, aldehyde or ketone functions, which increased by 8.2% to X tons in 2021. Overall, imports continue to indicate prominent growth. The most prominent rate of growth was recorded in 2013 when imports increased by 55% against the previous year. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, carboxylic acid imports soared to $X in 2021. Over the period under review, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2013 with an increase of 55% against the previous year. Imports peaked in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of carboxylic acid to Vietnam, accounting for a 57% share of total imports. Moreover, carboxylic acid imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +16.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+33.1% per year) and South Korea (+17.5% per year).

In value terms, China ($X) constituted the largest supplier of carboxylic acid with alcohol, phenol, aldehyde or ketone functions to Vietnam, comprising 33% of total imports. The second position in the ranking was taken by South Korea ($X), with a 13% share of total imports. It was followed by Indonesia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +17.2%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+14.9% per year) and Indonesia (+32.1% per year).

Import Prices by Country

The average carboxylic acid import price stood at $X per ton in 2021, jumping by 17% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Singapore ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+9.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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