Vietnam: Organic Pigments Market 2024

Organic Pigments Market Size in Vietnam

The Vietnamese organic pigments market rose sharply to $X in 2021, increasing by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed a prominent expansion. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the near future.

Organic Pigments Exports

Exports from Vietnam

In 2021, the amount of synthetic organic coloring matter and pigments exported from Vietnam surged to X tons, increasing by 34% compared with the year before. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2013 with an increase of 230% against the previous year. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, organic pigments exports rose modestly to $X in 2021. In general, exports saw a significant expansion. The growth pace was the most rapid in 2013 with an increase of 230% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Exports by Country

The United Arab Emirates (X tons) was the main destination for organic pigments exports from Vietnam, with a 67% share of total exports. It was followed by Indonesia (X kg), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to the United Arab Emirates stood at +136.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-49.5% per year) and Taiwan (Chinese) (-64.1% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for synthetic organic coloring matter and pigments exports from Vietnam, comprising 87% of total exports. The second position in the ranking was held by Indonesia ($X), with a 0.1% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to the United Arab Emirates totaled +125.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-30.5% per year) and Taiwan (Chinese) (-45.8% per year).

Export Prices by Country

In 2021, the average organic pigments export price amounted to $X per ton, dropping by -24% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2021: its price increased at an average annual rate of +2.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the average export price increased by 23% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2020, and then fell dramatically in the following year.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (+51.1%), while the prices for the other major destinations experienced more modest paces of growth.

Organic Pigments Imports

Imports into Vietnam

In 2021, organic pigments imports into Vietnam skyrocketed to X tons, picking up by 15% on 2020. The total import volume increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 20% against the previous year. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, organic pigments imports rose significantly to $X in 2021. In general, imports showed buoyant growth. The most prominent rate of growth was recorded in 2014 with an increase of 35% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of organic pigments to Vietnam, with a 40% share of total imports. Moreover, organic pigments imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), twofold. India (X tons) ranked third in terms of total imports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume from China stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+4.7% per year) and India (+13.7% per year).

In value terms, China ($X) constituted the largest supplier of synthetic organic coloring matter and pigments to Vietnam, comprising 33% of total imports. The second position in the ranking was held by South Korea ($X), with a 15% share of total imports. It was followed by Taiwan (Chinese), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +11.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+9.3% per year) and Taiwan (Chinese) (+8.6% per year).

Import Prices by Country

The average organic pigments import price stood at $X per ton in 2021, stabilizing at the previous year. Overall, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, organic pigments import price increased by +89.9% against 2013 indices. The growth pace was the most rapid in 2016 an increase of 21%. Over the period under review, average import prices hit record highs at $X per ton in 2020, and then dropped slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+12.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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