Vietnam: Safety Valve Market 2024

Safety Valve Market Size in Vietnam

The Vietnamese safety valve market fell sharply to $X in 2021, waning by -45.5% against the previous year. Over the period under review, consumption, however, saw a buoyant expansion. As a result, consumption attained the peak level of $X, and then contracted notably in the following year.

Safety Valve Production in Vietnam

In value terms, safety valve production reduced sharply to $X in 2021 estimated in export price. Overall, production, however, saw a significant expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 2,587%. As a result, production reached the peak level of $X, and then shrank sharply in the following year.

Safety Valve Exports

Exports from Vietnam

Safety valve exports from Vietnam contracted markedly to X units in 2021, reducing by -64% compared with 2020 figures. Over the period under review, exports, however, enjoyed a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 3,388% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, safety valve exports shrank rapidly to $X in 2021. Overall, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 4,969% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for safety valve exports from Vietnam, with a 52% share of total exports. Moreover, safety valve exports to Japan exceeded the volume sent to the second major destination, Thailand (X units), twofold. The third position in this ranking was held by Italy (X units), with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +14.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+18.0% per year) and Italy (+56.1% per year).

In value terms, Japan ($X) emerged as the key foreign market for safety or relief valves for pipes, boiler shells, tanks and vats exports from Vietnam, comprising 52% of total exports. The second position in the ranking was taken by Thailand ($X), with a 24% share of total exports. It was followed by Italy, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value to Japan amounted to +20.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+23.9% per year) and Italy (+59.9% per year).

Export Prices by Country

The average safety valve export price stood at $X per unit in 2021, with a decrease of -12.9% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.8%. The pace of growth appeared the most rapid in 2013 an increase of 45%. The export price peaked at $X per unit in 2020, and then shrank in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was India ($X per unit), while the average price for exports to Myanmar ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Safety Valve Imports

Imports into Vietnam

In 2021, the amount of safety or relief valves for pipes, boiler shells, tanks and vats imported into Vietnam stood at X units, with an increase of 9.7% compared with the previous year's figure. Over the period under review, imports saw buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 118%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, safety valve imports reached $X in 2021. In general, imports posted a buoyant increase. The growth pace was the most rapid in 2014 when imports increased by 91% against the previous year. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

Imports by Country

China (X units), Japan (X units) and Thailand (X units) were the main suppliers of safety valve imports to Vietnam, with a combined 63% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +12.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Japan ($X) and Thailand ($X) constituted the largest safety valve suppliers to Vietnam, with a combined 63% share of total imports.

Japan, with a CAGR of +24.6%, saw 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

The average safety valve import price stood at $X per unit in 2021, flattening at the previous year. Overall, the import price showed a remarkable increase. The pace of growth was the most pronounced in 2013 an increase of 36% against the previous year. Over the period under review, average import prices reached the maximum in 2021 and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Thailand ($X per unit) and Japan ($X per unit), while the price for China ($X per unit) and South Korea ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+10.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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