Vietnam: Industrial Stearic Acid Market 2024

Industrial Stearic Acid Market Size in Vietnam

The Vietnamese industrial stearic acid market soared to $X in 2021, rising by 50% 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, consumption enjoyed a buoyant expansion. Industrial stearic acid consumption peaked in 2021 and is expected to retain growth in years to come.

Industrial Stearic Acid Exports

Exports from Vietnam

In 2021, shipments abroad of industrial stearic acid increased by 20% to X tons, rising for the fourth consecutive year after three years of decline. Overall, exports continue to indicate a buoyant expansion. The pace of growth appeared the most rapid in 2018 with an increase of 369% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, industrial stearic acid exports skyrocketed to $X in 2021. In general, exports enjoyed measured growth. The most prominent rate of growth was recorded in 2018 when exports increased by 347% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Cambodia (X tons) was the main destination for industrial stearic acid exports from Vietnam, with a 66% share of total exports. Moreover, industrial stearic acid exports to Cambodia exceeded the volume sent to the second major destination, Japan (X tons), fivefold. The third position in this ranking was held by Malaysia (X tons), with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Cambodia stood at +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+33.4% per year) and Malaysia (+16.9% per year).

In value terms, Cambodia ($X) remains the key foreign market for industrial stearic acid exports from Vietnam, comprising 63% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by Malaysia, with a 9.6% share.

From 2012 to 2021, the average annual growth rate of value to Cambodia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+36.4% per year) and Malaysia (+17.6% per year).

Export Prices by Country

The average industrial stearic acid export price stood at $X per ton in 2021, therefore, remained relatively stable against the previous year. Overall, the export price, however, recorded a pronounced shrinkage. The growth pace was the most rapid in 2017 an increase of 19%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Canada ($X per ton), while the average price for exports to Cambodia ($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 Japan (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.

Industrial Stearic Acid Imports

Imports into Vietnam

In 2021, approx. X tons of industrial stearic acid were imported into Vietnam; rising by 23% against the previous year. Over the period under review, imports recorded a resilient increase. The growth pace was the most rapid in 2017 when imports increased by 92% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, industrial stearic acid imports skyrocketed to $X in 2021. In general, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when imports increased by 71%. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of industrial stearic acid to Vietnam, with a 73% share of total imports. Moreover, industrial stearic acid imports from Indonesia exceeded the figures recorded by the second-largest supplier, Malaysia (X tons), fourfold. China (X tons) ranked third in terms of total imports with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia stood at +19.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+0.2% per year) and China (+11.7% per year).

In value terms, Indonesia ($X) constituted the largest supplier of industrial stearic acid to Vietnam, comprising 72% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 19% share of total imports. It was followed by China, with a 4.8% share.

From 2012 to 2021, the average annual growth rate of value from Indonesia stood at +18.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-1.9% per year) and China (+12.3% per year).

Import Prices by Country

The average industrial stearic acid import price stood at $X per ton in 2021, picking up by 29% against the previous year. In general, the import price, however, recorded a mild shrinkage. The import price peaked at $X per ton in 2015; however, from 2016 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 Australia ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+9.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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