Vietnam: Market for Polypropylene in Primary Forms 2024

Market Size for Polypropylene in Primary Forms in Vietnam

The Vietnamese polypropylene in primary forms market rose notably to $X in 2022, with an increase of 5.2% against the previous year. Overall, consumption saw a relatively flat trend pattern. Polypropylene in primary forms consumption peaked at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Production of Polypropylene in Primary Forms in Vietnam

In value terms, polypropylene in primary forms production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 127% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Exports of Polypropylene in Primary Forms

Exports from Vietnam

In 2022, the amount of polypropylene in primary forms exported from Vietnam fell to X tons, shrinking by -13.7% on the previous year. Over the period under review, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 94%. Over the period under review, the exports reached the maximum at X tons in 2021, and then dropped in the following year.

In value terms, polypropylene in primary forms exports fell significantly to $X in 2022. In general, exports, however, saw a prominent increase. The growth pace was the most rapid in 2017 when exports increased by 94%. The exports peaked at $X in 2021, and then contracted remarkably in the following year.

Exports by Country

China (X tons), Indonesia (X tons) and Bangladesh (X tons) were the main destinations of polypropylene in primary forms exports from Vietnam, together accounting for 73% of total exports. The Philippines, Mexico, Peru and Japan lagged somewhat behind, together accounting for a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of +87.1%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Bangladesh ($X) appeared to be the largest markets for polypropylene in primary forms exported from Vietnam worldwide, with a combined 69% share of total exports. The Philippines, Mexico, Peru and Japan lagged somewhat behind, together comprising a further 13%.

Among the main countries of destination, Mexico, with a CAGR of +84.7%, recorded 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

The average polypropylene in primary forms export price stood at $X per ton in 2022, waning by -4.2% against the previous year. Overall, the export price continues to indicate a slight decrease. The pace of growth appeared the most rapid in 2020 when the average export price increased by 13% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to China ($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 Bangladesh (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Polypropylene in Primary Forms

Imports into Vietnam

In 2022, after two years of growth, there was decline in overseas purchases of polypropylene in primary forms, when their volume decreased by -4.9% to X tons. The total import volume increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 22% against the previous year. Over the period under review, imports reached the maximum at X tons in 2021, and then declined slightly in the following year.

In value terms, polypropylene in primary forms imports reduced to $X in 2022. The total import value increased at an average annual rate of +2.8% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 28% against the previous year. Imports peaked at $X in 2021, and then fell in the following year.

Imports by Country

South Korea (X tons), Saudi Arabia (X tons) and China (X tons) were the main suppliers of polypropylene in primary forms imports to Vietnam, together comprising 66% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +24.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), Saudi Arabia ($X) and China ($X) were the largest polypropylene in primary forms suppliers to Vietnam, together comprising 64% of total imports.

China, with a CAGR of +22.3%, 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 polypropylene in primary forms import price amounted to $X per ton, falling by -3.1% against the previous year. In general, the import price showed a mild descent. The pace of growth appeared the most rapid in 2017 when the average import price increased by 12% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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 China ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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