Vietnam: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Vietnam

The Vietnamese non-aqueous paint and varnish market contracted to $X in 2022, which is down by -5.9% 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, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +108.0% against 2012 indices. Over the period under review, the market attained the maximum level at $X in 2021, and then shrank in the following year.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from Vietnam

In 2022, exports of paints and varnishes dispersed or dissolved in a non-aqueous medium from Vietnam rose significantly to X tons, picking up by 7.2% on 2021 figures. Over the period under review, exports posted a strong increase. The pace of growth appeared the most rapid in 2019 with an increase of 65%. Over the period under review, the exports reached the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, non-aqueous paint and varnish exports amounted to $X in 2022. In general, exports showed a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 59%. Over the period under review, the exports attained the peak figure at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia (X tons) was the main destination for non-aqueous paint and varnish exports from Vietnam, with a 30% share of total exports. Moreover, non-aqueous paint and varnish exports to Indonesia exceeded the volume sent to the second major destination, Singapore (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume to Indonesia amounted to +49.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+34.0% per year) and Japan (+1.9% per year).

In value terms, Indonesia ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from Vietnam, comprising 30% of total exports. The second position in the ranking was held by Singapore ($X), with a 13% share of total exports. It was followed by Japan, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Indonesia totaled +44.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+39.2% per year) and Japan (-2.8% per year).

Export Prices by Country

In 2022, the average non-aqueous paint and varnish export price amounted to $X per ton, reducing by -5.9% against the previous year. Over the period under review, the export price showed a noticeable slump. The most prominent rate of growth was recorded in 2021 when the average export price increased by 13%. Over the period under review, the average export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cambodia ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+3.9%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into Vietnam

For the seventh consecutive year, Vietnam recorded growth in supplies from abroad of paints and varnishes dispersed or dissolved in a non-aqueous medium, which increased by 2.2% to X tons in 2022. Over the period under review, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 30%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, non-aqueous paint and varnish imports reduced to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +8.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.9% against 2014 indices. The most prominent rate of growth was recorded in 2014 with an increase of 26% against the previous year. Imports peaked at $X in 2021, and then reduced in the following year.

Imports by Country

China (X tons), South Korea (X tons) and Taiwan (Chinese) (X tons) were the main suppliers of non-aqueous paint and varnish imports to Vietnam, with a combined 64% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +23.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish suppliers to Vietnam were China ($X), South Korea ($X) and Taiwan (Chinese) ($X), with a combined 61% share of total imports.

Among the main suppliers, China, with a CAGR of +18.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average non-aqueous paint and varnish import price stood at $X per ton in 2022, reducing by -7.5% against the previous year. Over the period under review, the import price saw a pronounced reduction. The growth pace was the most rapid in 2021 when the average import price increased by 9.2%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Japan ($X per ton) and South Korea ($X per ton), while the price for China ($X per ton) and Malaysia ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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