Vietnam: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Vietnam

The Vietnamese aqueous paint and varnish market expanded remarkably to $X in 2021, surging by 6.3% 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). In general, consumption showed a buoyant increase. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in the near future.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from Vietnam

In 2021, aqueous paint and varnish exports from Vietnam skyrocketed to X tons, jumping by 47% on 2020 figures. Overall, exports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 119% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, aqueous paint and varnish exports surged to $X in 2021. In general, exports saw a significant expansion. The pace of growth appeared the most rapid in 2016 when exports increased by 81% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the near future.

Exports by Country

Cambodia (X tons) was the main destination for aqueous paint and varnish exports from Vietnam, accounting for a 55% share of total exports. Moreover, aqueous paint and varnish exports to Cambodia exceeded the volume sent to the second major destination, Indonesia (X tons), fivefold. The third position in this ranking was taken by the Philippines (X tons), with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Cambodia amounted to +20.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+32.2% per year) and the Philippines (+20.4% per year).

In value terms, Cambodia ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in an aqueous medium exports from Vietnam, comprising 52% of total exports. The second position in the ranking was taken by Indonesia ($X), with an 11% share of total exports. It was followed by the Philippines, with a 9.5% share.

From 2012 to 2021, the average annual growth rate of value to Cambodia amounted to +25.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+31.4% per year) and the Philippines (+29.0% per year).

Export Prices by Country

The average aqueous paint and varnish export price stood at $X per ton in 2021, rising by 2.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.7%. The pace of growth was the most pronounced in 2013 when the average export price increased by 37% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Thailand ($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 (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports into Vietnam

Aqueous paint and varnish imports into Vietnam rose remarkably to X tons in 2021, surging by 8.6% on 2020 figures. Overall, imports posted a prominent expansion. The pace of growth appeared the most rapid in 2013 when imports increased by 35% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the immediate term.

In value terms, aqueous paint and varnish imports amounted to $X in 2021. Over the period under review, imports enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 41% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of aqueous paint and varnish to Vietnam, with a 36% share of total imports. Moreover, aqueous paint and varnish imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. The third position in this ranking was taken by Japan (X tons), with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +32.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+20.4% per year) and Japan (+5.5% per year).

In value terms, China ($X) constituted the largest supplier of paints and varnishes dispersed or dissolved in an aqueous medium to Vietnam, comprising 35% of total imports. The second position in the ranking was taken by South Korea ($X), with a 16% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +29.7%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+19.4% per year) and Japan (+5.0% per year).

Import Prices by Country

The average aqueous paint and varnish import price stood at $X per ton in 2021, approximately mirroring the previous year. Over the period under review, the import price, however, showed a slight slump. The growth pace was the most rapid in 2020 an increase of 7.3%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 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 Singapore ($X per ton), while the price for Denmark ($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 (+0.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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