Vietnam: Tap And Valve Market 2024

Tap And Valve Market Size in Vietnam

The Vietnamese tap and valve market fell to $X in 2022, dropping by -9% against the previous year. In general, consumption continues to indicate a pronounced contraction. Tap and valve consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Tap And Valve Production in Vietnam

In value terms, tap and valve production shrank sharply to $X in 2022 estimated in export price. Over the period under review, production saw a noticeable decrease. The most prominent rate of growth was recorded in 2021 when the production volume increased by 50%. Tap and valve production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Tap And Valve Exports

Exports from Vietnam

In 2022, shipments abroad of taps, cocks, valves and similar appliances decreased by -2.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 30%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then contracted slightly in the following year.

In value terms, tap and valve exports shrank to $X in 2022. Over the period under review, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2014 when exports increased by 28%. The exports peaked at $X in 2021, and then contracted in the following year.

Exports by Country

The United States (X tons), China (X tons) and Japan (X tons) were the main destinations of tap and valve exports from Vietnam, with a combined 71% share of total exports. These countries were followed by South Korea, Thailand, Mexico, India and Romania, which together accounted for a further 22%.

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +38.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), China ($X) and Japan ($X) were the largest markets for tap and valve exported from Vietnam worldwide, together accounting for 72% of total exports. These countries were followed by South Korea, Thailand, Mexico, India and Romania, which together accounted for a further 21%.

Thailand, with a CAGR of +35.7%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average tap and valve export price amounted to $X per ton, waning by -4.6% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 17% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Mexico ($X per ton), while the average price for exports to South Korea ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+4.5%), while the prices for the other major destinations experienced mixed trend patterns.

Tap And Valve Imports

Imports into Vietnam

In 2022, the amount of taps, cocks, valves and similar appliances imported into Vietnam rose notably to X tons, picking up by 8.2% on the previous year. In general, imports continue to indicate strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 202%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, tap and valve imports expanded modestly to $X in 2022. Overall, imports showed a strong expansion. The pace of growth appeared the most rapid in 2020 when imports increased by 75% against the previous year. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of tap and valve to Vietnam, accounting for a 50% share of total imports. Moreover, tap and valve imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fivefold. Japan (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +18.3%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+11.8% per year) and Japan (+7.3% per year).

In value terms, China ($X) constituted the largest supplier of taps, cocks, valves and similar appliances to Vietnam, comprising 47% of total imports. The second position in the ranking was taken by South Korea ($X), with an 11% share of total imports. It was followed by Japan, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+13.7% per year) and Japan (+6.2% per year).

Import Prices by Country

The average tap and valve import price stood at $X per ton in 2022, dropping by -3.5% against the previous year. Over the period under review, the import price showed a pronounced decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by 40% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+1.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :