Vietnam: Expansible Polystyrene Market 2024

Expansible Polystyrene Market Size in Vietnam

The Vietnamese expansible polystyrene market surged to $X in 2021, with an increase of 17% 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 strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +72.2% against 2017 indices. Expansible polystyrene consumption peaked in 2021 and is likely to continue growth in years to come.

Expansible Polystyrene Exports

Exports from Vietnam

For the ninth year in a row, Vietnam recorded decline in overseas shipments of expansible polystyrene in primary forms, which decreased by -11.8% to X tons in 2021. Overall, exports saw a abrupt setback. The smallest decline of -10.9% was in 2017. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, expansible polystyrene exports dropped to $X in 2021. Over the period under review, exports showed a drastic downturn. The smallest decline of -8.3% was in 2017. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand (X tons), Lao People's Democratic Republic (X tons) and Indonesia (X tons) were the main destinations of expansible polystyrene exports from Vietnam, together accounting for 87% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Lao People's Democratic Republic (with a CAGR of +26.2%), while the other leaders experienced a decline.

In value terms, Thailand ($X) remains the key foreign market for expansible polystyrene in primary forms exports from Vietnam, comprising 52% of total exports. The second position in the ranking was held by Indonesia ($X), with a 24% share of total exports. It was followed by Lao People's Democratic Republic, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Thailand amounted to +2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-9.3% per year) and Lao People's Democratic Republic (+23.0% per year).

Export Prices by Country

In 2021, the average expansible polystyrene export price amounted to $X per ton, picking up by 4% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.1%. The most prominent rate of growth was recorded in 2016 an increase of 6% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Turkey ($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 Thailand (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Expansible Polystyrene Imports

Imports into Vietnam

In 2021, the amount of expansible polystyrene in primary forms imported into Vietnam reached X tons, surging by 5.8% compared with 2020. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2019 when imports increased by 29%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, expansible polystyrene imports soared to $X in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +72.8% against 2017 indices. The pace of growth appeared the most rapid in 2018 with an increase of 35% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, Taiwan (Chinese) (X tons) constituted the largest expansible polystyrene supplier to Vietnam, accounting for a 55% share of total imports. Moreover, expansible polystyrene imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Thailand (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from Taiwan (Chinese) totaled +6.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+35.0% per year) and Thailand (+7.8% per year).

In value terms, Taiwan (Chinese) ($X) constituted the largest supplier of expansible polystyrene in primary forms to Vietnam, comprising 56% of total imports. The second position in the ranking was held by China ($X), with a 27% share of total imports. It was followed by Thailand, with a 9.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Taiwan (Chinese) totaled +4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+29.0% per year) and Thailand (+6.4% per year).

Import Prices by Country

The average expansible polystyrene import price stood at $X per ton in 2021, rising by 13% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced reduction. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Thailand ($X per ton), while the price for Singapore ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (-1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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