Vietnam: Market for Glass Fibres And Glass Wool 2024

Market Size for Glass Fibres And Glass Wool in Vietnam

The Vietnamese glass fibres and wool market totaled $X in 2022, standing approx. at the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -0.2% against 2020 indices. Glass fibres and wool consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Glass Fibres And Glass Wool in Vietnam

In value terms, glass fibres and wool production contracted to $X in 2022 estimated in export price. In general, the total production indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.2% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 43% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Exports of Glass Fibres And Glass Wool

Exports from Vietnam

After five years of growth, overseas shipments of glass fibres and glass wool decreased by -24% to X tons in 2022. Overall, exports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by 92% against the previous year. As a result, the exports attained the peak of X tons, and then fell dramatically in the following year.

In value terms, glass fibres and wool exports reduced notably to $X in 2022. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 57% against the previous year. As a result, the exports reached the peak of $X, and then fell sharply in the following year.

Exports by Country

Myanmar (X tons) was the main destination for glass fibres and wool exports from Vietnam, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Myanmar stood at +180.3%.

In value terms, Myanmar ($X) emerged as the key foreign market for glass fibres and glass wool exports from Vietnam.

From 2012 to 2022, the average annual growth rate of value to Myanmar totaled +250.8%.

Export Prices by Country

The average glass fibres and wool export price stood at $X per ton in 2022, growing by 7.7% against the previous year. Over the period under review, the export price continues to indicate a buoyant expansion. The pace of growth was the most pronounced in 2016 when the average export price increased by 49% against the previous year. The export price peaked at $X per ton in 2020; however, from 2021 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 Myanmar.

From 2012 to 2022, the rate of growth in terms of prices for Spain amounted to +45.4% per year.

Imports of Glass Fibres And Glass Wool

Imports into Vietnam

In 2022, approx. X tons of glass fibres and glass wool were imported into Vietnam; dropping by -4.5% on 2021 figures. Over the period under review, imports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2014 with an increase of 243%. Over the period under review, imports attained the maximum at X tons in 2021, and then shrank slightly in the following year.

In value terms, glass fibres and wool imports contracted slightly to $X in 2022. In general, imports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 216%. Over the period under review, imports reached the maximum at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of glass fibres and wool to Vietnam, with a 71% share of total imports. Moreover, glass fibres and wool imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +17.3%.

In value terms, China ($X) constituted the largest supplier of glass fibres and glass wool to Vietnam, comprising 84% of total imports. The second position in the ranking was held by South Korea ($X), with a 6.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China stood at +18.2%.

Import Prices by Country

In 2022, the average glass fibres and wool import price amounted to $X per ton, surging by 4.7% against the previous year. Overall, the import price, however, continues to indicate a slight setback. The pace of growth was the most pronounced in 2016 when the average import price increased by 19%. The import price peaked at $X per ton in 2018; however, from 2019 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 China ($X per ton), while the price for South Korea amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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