Vietnam: Market for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium 2024

Market Size for Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium in Vietnam

The Vietnamese market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium rose markedly to $X in 2022, surging by 5.8% 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 showed a prominent increase. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Exports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Exports from Vietnam

In 2022, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Vietnam shrank remarkably to X tons, with a decrease of -16.3% against the year before. Overall, exports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2016 with an increase of 155%. The exports peaked at X tons in 2021, and then fell significantly in the following year.

In value terms, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium fell sharply to $X in 2022. In general, exports, however, showed a resilient increase. The pace of growth appeared the most rapid in 2016 with an increase of 121%. The exports peaked at $X in 2021, and then fell significantly in the following year.

Exports by Country

Cambodia (X tons) was the main destination for exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium from Vietnam, with a 78% share of total exports. Moreover, exports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to Cambodia exceeded the volume sent to the second major destination, South Korea (X tons), more than tenfold. The third position in this ranking was taken by Thailand (X tons), with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cambodia totaled +30.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+70.4% per year) and Thailand (-14.3% per year).

In value terms, Cambodia ($X) remains the key foreign market for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium exports from Vietnam, comprising 77% of total exports. The second position in the ranking was taken by South Korea ($X), with a 6.5% share of total exports. It was followed by Thailand, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia amounted to +30.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+69.3% per year) and Thailand (-6.9% per year).

Export Prices by Country

In 2022, the average export price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the last decade, it increased at an average annual rate of +5.0%. The growth pace was the most rapid in 2014 an increase of 26% against the previous year. The export price peaked at $X per ton in 2021, and then declined modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to the Philippines ($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 Thailand (+8.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes, Based On Acrylic Or Vinyl Polymers, Aqueous Medium

Imports into Vietnam

In 2022, the amount of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium imported into Vietnam totaled X tons, remaining constant against the previous year. In general, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2013 when imports increased by 117% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium totaled $X in 2022. Over the period under review, imports enjoyed prominent growth. The pace of growth appeared the most rapid in 2013 with an increase of 91%. Imports peaked at $X in 2020; however, from 2021 to 2022, imports failed to regain momentum.

Imports by Country

Thailand (X tons), China (X tons) and Malaysia (X tons) were the main suppliers of imports of paints and varnishes, based on acrylic or vinyl polymers, aqueous medium to Vietnam, with a combined 60% share of total imports. Taiwan (Chinese), Japan, Germany, the United States, South Korea, Indonesia, Denmark and Singapore lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +40.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Thailand ($X) and Malaysia ($X) constituted the largest paints and varnishes, based on acrylic or vinyl polymers, aqueous medium suppliers to Vietnam, together comprising 58% of total imports. Taiwan (Chinese), Japan, South Korea, the United States, Germany, Indonesia, Denmark and Singapore lagged somewhat behind, together accounting for a further 37%.

Among the main suppliers, Germany, with a CAGR of +28.8%, 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 import price for paints and varnishes, based on acrylic or vinyl polymers, aqueous medium stood at $X per ton in 2022, growing by 2.7% against the previous year. Overall, the import price, however, continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2019 an increase of 13%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (-0.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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