Vietnam: Mineral Wool Market 2024

Mineral Wool Market Size in Vietnam

In 2021, after three years of growth, there was significant decline in the Vietnamese mineral wool market, when its value decreased by -27.2% to $X. Over the period under review, consumption, however, recorded a perceptible increase. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Mineral Wool Exports

Exports from Vietnam

In 2021, shipments abroad of slag wool, rock wool and similar mineral wools and mixtures decreased by -34.8% to X tons, falling for the second consecutive year after three years of growth. Overall, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 540%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, mineral wool exports shrank remarkably to $X in 2021. Over the period under review, exports, however, showed a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 554% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Cambodia (X tons) was the main destination for mineral wool exports from Vietnam, accounting for a 62% share of total exports. Moreover, mineral wool exports to Cambodia exceeded the volume sent to the second major destination, Thailand (X tons), sixfold. The Philippines (X tons) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume to Cambodia amounted to +40.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+45.3% per year) and the Philippines (-42.4% per year).

In value terms, Cambodia ($X) remains the key foreign market for slag wool, rock wool and similar mineral wools and mixtures exports from Vietnam, comprising 62% of total exports. The second position in the ranking was taken by Thailand ($X), with a 10% share of total exports. It was followed by the Philippines, with a 5.4% share.

From 2012 to 2021, the average annual growth rate of value to Cambodia stood at +41.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+43.8% per year) and the Philippines (-40.4% per year).

Export Prices by Country

The average mineral wool export price stood at $X per ton in 2021, waning by -12.2% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 39%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2021, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per ton) and Lao People's Democratic Republic ($X per ton), while the average price for exports to 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 recorded for supplies to Brunei Darussalam (+17.2%), while the prices for the other major destinations experienced more modest paces of growth.

Mineral Wool Imports

Imports into Vietnam

In 2021, after three years of growth, there was significant decline in purchases abroad of slag wool, rock wool and similar mineral wools and mixtures, when their volume decreased by -36.8% to X tons. Overall, imports, however, enjoyed a temperate expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 161% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, mineral wool imports shrank significantly to $X in 2021. Over the period under review, imports, however, saw tangible growth. The most prominent rate of growth was recorded in 2014 when imports increased by 168%. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest mineral wool supplier to Vietnam, with a 60% share of total imports. Moreover, mineral wool imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fivefold. Taiwan (Chinese) (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+2.2% per year) and Taiwan (Chinese) (+24.0% per year).

In value terms, China ($X) constituted the largest supplier of slag wool, rock wool and similar mineral wools and mixtures to Vietnam, comprising 60% of total imports. The second position in the ranking was held by Thailand ($X), with a 12% share of total imports. It was followed by Taiwan (Chinese), with a 6.7% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+0.4% per year) and Taiwan (Chinese) (+21.8% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2021, jumping by 20% against the previous year. Overall, the import price, however, showed a mild downturn. The import price peaked at $X per ton in 2012; however, from 2013 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 Malaysia ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (-1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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