Vietnam: Market for Palmitic Acid, Stearic Acid, Their Salts And Esters 2024

Market Size for Palmitic Acid, Stearic Acid, Their Salts And Esters in Vietnam

After two years of decline, the Vietnamese market for palmitic acid, stearic acid, their salts and esters increased by 13% to $X in 2021. The market value increased at an average annual rate of +5.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Exports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Exports from Vietnam

In 2021, after five years of growth, there was significant decline in overseas shipments of palmitic acid, stearic acid, their salts and esters, when their volume decreased by -34.7% to X tons. In general, exports, however, posted significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 318%. As a result, the exports attained the peak of X tons, and then dropped significantly in the following year.

In value terms, exports of palmitic acid, stearic acid, their salts and esters reduced dramatically to $X in 2021. Over the period under review, exports, however, saw significant growth. The growth pace was the most rapid in 2020 when exports increased by 315% against the previous year. As a result, the exports attained the peak of $X, and then shrank significantly in the following year.

Exports by Country

Bangladesh (X tons), Pakistan (X tons) and Jordan (X tons) were the main destinations of exports of palmitic acid, stearic acid, their salts and esters from Vietnam, with a combined 84% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Pakistan (with a CAGR of +79.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for palmitic acid, stearic acid, their salts and esters exported from Vietnam were Bangladesh ($X), Pakistan ($X) and Jordan ($X), together accounting for 86% of total exports.

Among the main countries of destination, Pakistan, with a CAGR of +76.2%, saw 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 palmitic acid, stearic acid, their salts and esters amounted to $X per ton, rising by 11% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 22%. The export price peaked at $X per ton in 2013; however, from 2014 to 2021, 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 Jordan ($X per ton), while the average price for exports to Ethiopia ($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 Jordan (+26.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Palmitic Acid, Stearic Acid, Their Salts And Esters

Imports into Vietnam

In 2021, imports of palmitic acid, stearic acid, their salts and esters into Vietnam shrank slightly to X tons, which is down by -2.8% compared with the previous year. Over the period under review, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -9.3% against 2018 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 30% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, imports of palmitic acid, stearic acid, their salts and esters amounted to $X in 2021. Overall, total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +5.9% against 2018 indices. The growth pace was the most rapid in 2018 with an increase of 14% against the previous year. Over the period under review, imports of reached the maximum in 2021 and are likely to continue growth in years to come.

Imports by Country

Malaysia (X tons), China (X tons) and India (X tons) were the main suppliers of imports of palmitic acid, stearic acid, their salts and esters to Vietnam, with a combined 64% share of total imports.

From 2012 to 2021, the biggest increases were recorded for India (with a CAGR of +46.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), China ($X) and India ($X) were the largest palmitic acid, stearic acid, their salts and esters suppliers to Vietnam, together accounting for 64% of total imports.

India, with a CAGR of +45.0%, recorded the highest rates of growth with regard to the value of imports, among 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 palmitic acid, stearic acid, their salts and esters stood at $X per ton in 2021, picking up by 17% against the previous year. In general, the import price showed a relatively flat trend pattern. The import price peaked at $X per ton in 2013; afterwards, it flattened through to 2021.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Japan ($X per ton), while the price for Singapore ($X per ton) and Taiwan (Chinese) ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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