Vietnam: Paint And Varnish Market 2024

Paint And Varnish Market Size in Vietnam

The Vietnamese paint and varnish market reduced markedly to $X in 2022, falling by -33.3% 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). Over the period under review, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Paint and varnish consumption peaked at $X in 2021, and then contracted remarkably in the following year.

Paint And Varnish Exports

Exports from Vietnam

After ten years of growth, shipments abroad of paints and varnishes decreased by -32.7% to X tons in 2022. Overall, exports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2020 when exports increased by 49% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2021, and then dropped significantly in the following year.

In value terms, paint and varnish exports shrank remarkably to $X in 2022. Over the period under review, exports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 46% against the previous year. The exports peaked at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

Singapore (X tons) was the main destination for paint and varnish exports from Vietnam, with a 46% share of total exports. Moreover, paint and varnish exports to Singapore exceeded the volume sent to the second major destination, China (X tons), threefold. South Korea (X tons) ranked third in terms of total exports with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore amounted to +38.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+81.9% per year) and South Korea (+55.2% per year).

In value terms, Singapore ($X) remains the key foreign market for paints and varnishes exports from Vietnam, comprising 48% of total exports. The second position in the ranking was held by China ($X), with a 17% share of total exports. It was followed by South Korea, with an 11% share.

From 2012 to 2022, the average annual growth rate of value to Singapore stood at +38.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+77.4% per year) and South Korea (+59.3% per year).

Export Prices by Country

In 2022, the average paint and varnish export price amounted to $X per ton, picking up by 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.3%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Myanmar ($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 Cambodia (+17.5%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Vietnam

In 2022, overseas purchases of paints and varnishes decreased by -40.7% to X tons for the first time since 2015, thus ending a six-year rising trend. Overall, imports, however, showed buoyant growth. The pace of growth appeared the most rapid in 2013 with an increase of 23%. Over the period under review, imports reached the peak figure at X tons in 2021, and then contracted significantly in the following year.

In value terms, paint and varnish imports reduced sharply to $X in 2022. In general, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 26%. Over the period under review, imports reached the maximum at $X in 2021, and then declined dramatically in the following year.

Imports by Country

China (X tons), South Korea (X tons) and Singapore (X tons) were the main suppliers of paint and varnish imports to Vietnam, together accounting for 75% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +20.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest paint and varnish suppliers to Vietnam were China ($X), South Korea ($X) and Japan ($X), with a combined 73% share of total imports.

China, with a CAGR of +21.9%, recorded 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

In 2022, the average paint and varnish import price amounted to $X per ton, jumping by 19% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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