Vietnam: Market for Oil And Water Paints And Varnishes 2025

Market Size for Oil And Water Paints And Varnishes in Vietnam

The Vietnamese market for oil and water paints and varnishes soared to $X in 2021, increasing by 17% against the previous year. Overall, consumption, however, recorded a abrupt descent. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Oil And Water Paints And Varnishes in Vietnam

In value terms, production of oil and water paints and varnishes surged to $X in 2021 estimated in export price. Over the period under review, production, however, saw a abrupt descent. The growth pace was the most rapid in 2017 with an increase of 112% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Vietnam

In 2021, shipments abroad of oil and water paints and varnishes decreased by -5.9% to X tons for the first time since 2017, thus ending a three-year rising trend. Over the period under review, exports, however, showed a significant expansion. The growth pace was the most rapid in 2015 with an increase of 220% against the previous year. The exports peaked at X tons in 2020, and then fell in the following year.

In value terms, exports of oil and water paints and varnishes reduced to $X in 2021. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2015 with an increase of 229% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2020, and then dropped in the following year.

Exports by Country

Singapore (X tons), Malaysia (X tons) and Cambodia (X tons) were the main destinations of exports of oil and water paints and varnishes from Vietnam, with a combined 67% share of total exports. These countries were followed by South Korea, Indonesia, China and Thailand, which together accounted for a further 24%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +144.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Malaysia ($X) and Cambodia ($X) constituted the largest markets for oil and water paints and varnishes exported from Vietnam worldwide, together accounting for 68% of total exports. These countries were followed by South Korea, Indonesia, China and Thailand, which together accounted for a further 24%.

Among the main countries of destination, Indonesia, with a CAGR of +122.5%, recorded the highest rates of growth with regard to 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

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, declining by -1.9% against the previous year. In general, the export price saw a deep downturn. The pace of growth was the most pronounced in 2013 when the average export price increased by 16% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2021, the countries with the highest prices were Singapore ($X per ton) and Indonesia ($X per ton), while the average price for exports to Thailand ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (-2.8%), while the prices for the other major destinations experienced a decline.

Imports of Oil And Water Paints And Varnishes

Imports into Vietnam

In 2021, supplies from abroad of oil and water paints and varnishes decreased by -2.8% to X tons, falling for the fourth year in a row after two years of growth. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 36% against the previous year. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, imports of oil and water paints and varnishes rose remarkably to $X in 2021. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 with an increase of 28%. Over the period under review, imports of reached the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Japan (X tons) and the United States (X tons) were the main suppliers of imports of oil and water paints and varnishes to Vietnam, with a combined 68% share of total imports. Taiwan (Chinese), South Korea, Italy, Germany, Malaysia and Thailand lagged somewhat behind, together comprising a further 21%.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and the United States ($X) appeared to be the largest oil and water paints and varnishes suppliers to Vietnam, together comprising 70% of total imports. These countries were followed by Taiwan (Chinese), South Korea, Italy, Germany, Malaysia and Thailand, which together accounted for a further 21%.

Italy, with a CAGR of +33.1%, saw the highest growth rate of 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

The average import price for oil and water paints and varnishes stood at $X per ton in 2021, jumping by 17% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were Japan ($X per ton) and Italy ($X per ton), while the price for Malaysia ($X per ton) and Thailand ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+1.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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