Vietnam: Polishes For Coachwork Market 2024

Polishes For Coachwork Market Size in Vietnam

After three years of growth, the Vietnamese polishes for coachwork market decreased by -15.6% to $X in 2022. Over the period under review, consumption continues to indicate a noticeable contraction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Polishes For Coachwork Exports

Exports from Vietnam

In 2022, the amount of polishes for coachwork exported from Vietnam reduced dramatically to X tons, with a decrease of -39.7% on the previous year's figure. Over the period under review, exports continue to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2021 with an increase of 385% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, polishes for coachwork exports contracted markedly to $X in 2022. In general, exports saw a abrupt descent. The pace of growth was the most pronounced in 2021 with an increase of 368% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X tons) was the main destination for polishes for coachwork exports from Vietnam, accounting for a 69% share of total exports. Moreover, polishes for coachwork exports to Japan exceeded the volume sent to the second major destination, Belgium (X kg), fivefold. The third position in this ranking was held by the United Arab Emirates (X kg), with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan stood at -10.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and the United Arab Emirates (+40.4% per year).

In value terms, Japan ($X) remains the key foreign market for polishes for coachwork exports from Vietnam, comprising 58% of total exports. The second position in the ranking was held by Belgium ($X), with a 21% share of total exports. It was followed by Austria, with a 7.9% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at -7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (0.0% per year) and Austria (+0.8% per year).

Export Prices by Country

The average polishes for coachwork export price stood at $X per ton in 2022, standing approx. at the previous year. Overall, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, polishes for coachwork export price decreased by -2.9% against 2020 indices. The most prominent rate of growth was recorded in 2020 an increase of 85%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Austria ($X per ton), while the average price for exports to the United Arab Emirates ($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 Austria (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Polishes For Coachwork Imports

Imports into Vietnam

After three years of growth, overseas purchases of polishes for coachwork decreased by -15% to X tons in 2022. In general, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2019 with an increase of 69% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, polishes for coachwork imports declined markedly to $X in 2022. Overall, imports continue to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 73%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X tons), South Korea (X tons) and the United States (X tons) were the main suppliers of polishes for coachwork imports to Vietnam, with a combined 64% share of total imports. Singapore, the UK, Germany, Thailand, Japan, Malaysia, Turkey and Hong Kong SAR lagged somewhat behind, together comprising a further 32%.

From 2012 to 2022, the biggest increases were recorded for Singapore (with a CAGR of +34.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and South Korea ($X) appeared to be the largest polishes for coachwork suppliers to Vietnam, together accounting for 57% of total imports. Singapore, Germany, Thailand, the UK, Japan, Malaysia, Turkey and Hong Kong SAR lagged somewhat behind, together comprising a further 38%.

Among the main suppliers, Singapore, with a CAGR of +36.7%, saw the highest growth rate of 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 polishes for coachwork import price stood at $X per ton in 2022, falling by -3% against the previous year. Over the last decade, it increased at an average annual rate of +4.4%. The most prominent rate of growth was recorded in 2013 an increase of 21% against the previous year. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then contracted in the following year.

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 Germany ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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