Vietnam: Glass Fiber Market 2024

Glass Fiber Market Size in Vietnam

The Vietnamese glass fiber market was estimated at $X in 2021, picking up by 8.1% 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 buoyant increase. Over the period under review, the market reached the maximum level in 2021 and is likely to continue growth in years to come.

Glass Fiber Exports

Exports from Vietnam

In 2021, overseas shipments of voiles, webs, mats and other articles of glass fibers increased by 86% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, exports continue to indicate a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, glass fiber exports surged to $X in 2021. In general, exports recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X tons) was the main destination for glass fiber exports from Vietnam, accounting for a 31% share of total exports. Moreover, glass fiber exports to Japan exceeded the volume sent to the second major destination, South Korea (X tons), twofold. The third position in this ranking was held by Lao People's Democratic Republic (X tons), with a 7% share.

From 2012 to 2021, the average annual growth rate of volume to Japan amounted to +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+133.5% per year) and Lao People's Democratic Republic (+35.5% per year).

In value terms, Japan ($X) remains the key foreign market for voiles, webs, mats and other articles of glass fibers exports from Vietnam, comprising 31% of total exports. The second position in the ranking was taken by South Korea ($X), with a 14% share of total exports. It was followed by Lao People's Democratic Republic, with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan stood at +13.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+158.3% per year) and Lao People's Democratic Republic (+43.9% per year).

Export Prices by Country

The average glass fiber export price stood at $X per ton in 2021, declining by -15.6% against the previous year. Overall, the export price, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2016 when the average export price increased by 48%. Over the period under review, the average export prices reached the maximum at $X per ton in 2020, and then contracted remarkably 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 Bulgaria ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Spain (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Glass Fiber Imports

Imports into Vietnam

Glass fiber imports into Vietnam totaled X tons in 2021, increasing by 9.8% against 2020 figures. Overall, imports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 67%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, glass fiber imports rose rapidly to $X in 2021. In general, imports continue to indicate prominent growth. The growth pace was the most rapid in 2014 when imports increased by 78%. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of glass fiber to Vietnam, accounting for a 72% share of total imports. Moreover, glass fiber imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), fivefold. The third position in this ranking was held by Japan (X tons), with a 5.1% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+15.5% per year) and Japan (+18.7% per year).

In value terms, China ($X) constituted the largest supplier of voiles, webs, mats and other articles of glass fibers to Vietnam, comprising 78% of total imports. The second position in the ranking was taken by South Korea ($X), with a 9.5% share of total imports. It was followed by Japan, with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +14.5%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+13.1% per year) and Japan (+10.6% per year).

Import Prices by Country

The average glass fiber import price stood at $X per ton in 2021, with an increase of 1.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2018 when the average import price increased by 13% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($X per ton), while the price for Malaysia ($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) (+2.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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