Vietnam: Ink Market 2024

Ink Market Size in Vietnam

The Vietnamese ink market skyrocketed to $X in 2021, rising by 26% 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 saw a resilient increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Ink Exports

Exports from Vietnam

In 2021, shipments abroad of inks (excluding printing ink) decreased by -27.3% to X tons, falling for the third year in a row after three years of growth. In general, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 233% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, ink exports fell to $X in 2021. Overall, exports, however, recorded significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 226%. The exports peaked at $X in 2020, and then reduced slightly in the following year.

Exports by Country

Malaysia (X tons), Cambodia (X tons) and China (X tons) were the main destinations of ink exports from Vietnam, together accounting for 60% of total exports. Spain, Hong Kong SAR, Indonesia, the Czech Republic and Angola lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of +208.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for ink exported from Vietnam were Spain ($X), China ($X) and the Czech Republic ($X), with a combined 52% share of total exports.

In terms of the main countries of destination, Spain, with a CAGR of +212.5%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average ink export price stood at $X per ton in 2021, with an increase of 37% against the previous year. Over the period under review, the export price enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 70% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was the Czech Republic ($X per ton), while the average price for exports to Angola ($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 China (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Ink Imports

Imports into Vietnam

In 2021, purchases abroad of inks (excluding printing ink) increased by 36% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, imports recorded resilient growth. The pace of growth was the most pronounced in 2017 when imports increased by 90%. Imports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, ink imports expanded markedly to $X in 2021. In general, imports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2014 with an increase of 71%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of ink to Vietnam, with a 79% share of total imports. Moreover, ink imports from China exceeded the figures recorded by the second-largest supplier, Australia (X tons), more than tenfold. South Korea (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+168.3% per year) and South Korea (+1.3% per year).

In value terms, China ($X) constituted the largest supplier of inks (excluding printing ink) to Vietnam, comprising 56% of total imports. The second position in the ranking was taken by South Korea ($X), with a 20% share of total imports. It was followed by Japan, with a 6.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +24.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+16.0% per year) and Japan (+8.5% per year).

Import Prices by Country

In 2021, the average ink import price amounted to $X per ton, reducing by -15.3% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 30% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was South Korea ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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