Vietnam: Hardboard Market 2024

Hardboard Market Size in Vietnam

The Vietnamese hardboard market fell modestly to $X in 2022, which is down by -1.5% 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). Over the period under review, consumption saw a temperate increase. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Hardboard Exports

Exports from Vietnam

In 2022, the amount of hardboard exported from Vietnam soared to X cubic meters, increasing by 25% on the year before. Overall, exports, however, saw a mild decrease. The most prominent rate of growth was recorded in 2018 with an increase of 848%. The exports peaked at X cubic meters in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, hardboard exports soared to $X in 2022. In general, exports posted a tangible expansion. The pace of growth appeared the most rapid in 2018 with an increase of 973%. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

South Korea (X cubic meters) was the main destination for hardboard exports from Vietnam, with a 90% share of total exports. Moreover, hardboard exports to South Korea exceeded the volume sent to the second major destination, India (X cubic meters), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to South Korea totaled -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+15.1% per year) and the United States (+3.7% per year).

In value terms, South Korea ($X) remains the key foreign market for hardboard exports from Vietnam, comprising 90% of total exports. The second position in the ranking was held by India ($X), with a 4.4% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to South Korea amounted to +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+16.9% per year) and the United States (+4.1% per year).

Export Prices by Country

The average hardboard export price stood at $X per cubic meter in 2022, increasing by 2.5% against the previous year. Overall, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, hardboard export price decreased by -5.5% against 2018 indices. The growth pace was the most rapid in 2017 when the average export price increased by 35%. Over the period under review, the average export prices hit record highs at $X per cubic meter in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per cubic meter), while the average price for exports to India ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+5.3%), while the prices for the other major destinations experienced more modest paces of growth.

Hardboard Imports

Imports into Vietnam

In 2022, supplies from abroad of hardboard increased by 10% to X cubic meters for the first time since 2017, thus ending a four-year declining trend. In general, imports showed strong growth. The most prominent rate of growth was recorded in 2016 when imports increased by 399%. Imports peaked at X cubic meters in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, hardboard imports amounted to $X in 2022. Overall, imports enjoyed a prominent increase. The pace of growth was the most pronounced in 2016 when imports increased by 441%. As a result, imports attained the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X cubic meters) constituted the largest hardboard supplier to Vietnam, accounting for a 40% share of total imports. Moreover, hardboard imports from Malaysia exceeded the figures recorded by the second-largest supplier, Thailand (X cubic meters), twofold. The third position in this ranking was taken by China (X cubic meters), with an 18% share.

From 2012 to 2022, the average annual growth rate of volume from Malaysia amounted to +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.9% per year) and China (+2.1% per year).

In value terms, Malaysia ($X), China ($X) and Thailand ($X) constituted the largest hardboard suppliers to Vietnam, with a combined 76% share of total imports. Chile, Poland, Germany, South Korea, New Zealand and Indonesia lagged somewhat behind, together comprising a further 19%.

South Korea, with a CAGR of +57.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average hardboard import price amounted to $X per cubic meter, shrinking by -6.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 14% against the previous year. As a result, import price attained the peak level of $X per cubic meter, and then reduced in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Poland ($X per cubic meter), while the price for New Zealand ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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