Vietnam: Phenolic Resins Market 2024

Phenolic Resins Market Size in Vietnam

The Vietnamese phenolic resins market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, recorded a abrupt setback. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Phenolic Resins Production in Vietnam

In value terms, phenolic resins production rose remarkably to $X in 2021 estimated in export price. In general, production, however, continues to indicate a deep reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by 42%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Phenolic Resins Exports

Exports from Vietnam

In 2021, phenolic resins exports from Vietnam soared to X tons, increasing by 40% on the previous year's figure. In general, exports recorded buoyant growth. The growth pace was the most rapid in 2018 with an increase of 507%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, phenolic resins exports soared to $X in 2021. Overall, exports recorded a moderate expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 177%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

South Korea (X tons) was the main destination for phenolic resins exports from Vietnam, accounting for a 78% share of total exports. Moreover, phenolic resins exports to South Korea exceeded the volume sent to the second major destination, Malaysia (X tons), eightfold. Indonesia (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to South Korea amounted to +173.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+70.2% per year) and Indonesia (+153.9% per year).

In value terms, South Korea ($X) remains the key foreign market for phenolic resins in primary forms exports from Vietnam, comprising 78% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 9.7% share of total exports. It was followed by Indonesia, with a 6.4% share.

From 2012 to 2021, the average annual growth rate of value to South Korea stood at +140.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (+67.1% per year) and Indonesia (+118.3% per year).

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2021, falling by -4.6% against the previous year. Over the period under review, the export price recorded a deep downturn. The pace of growth appeared the most rapid in 2013 an increase of 89% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the countries with the highest prices were Malaysia ($X per ton) and Indonesia ($X per ton), while the average price for exports to Pakistan ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+53.7%), while the prices for the other major destinations experienced a decline.

Phenolic Resins Imports

Imports into Vietnam

In 2021, approx. X tons of phenolic resins in primary forms were imported into Vietnam; surging by 5.2% compared with the previous year's figure. In general, imports showed a buoyant increase. The growth pace was the most rapid in 2019 with an increase of 35% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, phenolic resins imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 25%. Imports peaked in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, China (X tons) constituted the largest phenolic resins supplier to Vietnam, with a 43% share of total imports. Moreover, phenolic resins imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+25.2% per year) and South Korea (+10.7% per year).

In value terms, China ($X) constituted the largest supplier of phenolic resins in primary forms to Vietnam, comprising 43% of total imports. The second position in the ranking was held by Japan ($X), with a 16% share of total imports. It was followed by South Korea, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +18.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.3% per year) and South Korea (+11.0% per year).

Import Prices by Country

In 2021, the average phenolic resins import price amounted to $X per ton, with an increase of 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2013 an increase of 18%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :