Vietnam: Silicone Market 2023

Silicone Market Size in Vietnam

The Vietnamese silicone market skyrocketed to $X in 2021, with an increase of 19% against the previous year. Overall, the total consumption indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +35.0% against 2019 indices. Silicone consumption peaked in 2021 and is likely to continue growth in years to come.

Silicone Production in Vietnam

In value terms, silicone production fell notably to $X in 2021 estimated in export price. Overall, production continues to indicate a deep contraction. The pace of growth was the most pronounced in 2014 with an increase of 31%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Silicone Exports

Exports from Vietnam

For the seventh consecutive year, Vietnam recorded growth in shipments abroad of silicones (in primary forms), which increased by 24% to X tons in 2021. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 525% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, silicone exports surged to $X in 2021. In general, exports recorded a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 766% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

Exports by Country

China (X tons) was the main destination for silicone exports from Vietnam, accounting for a 74% share of total exports. Moreover, silicone exports to China exceeded the volume sent to the second major destination, the United States (X tons), eightfold. Taiwan (Chinese) (X tons) ranked third in terms of total exports with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume to China stood at +105.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+164.9% per year) and Taiwan (Chinese) (+116.7% per year).

In value terms, China ($X) remains the key foreign market for silicones (in primary forms) exports from Vietnam, comprising 73% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.1% share of total exports. It was followed by Taiwan (Chinese), with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +80.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+98.5% per year) and Taiwan (Chinese) (+90.9% per year).

Export Prices by Country

In 2021, the average silicone export price amounted to $X per ton, rising by 34% against the previous year. Overall, the export price, however, continues to indicate a abrupt setback. The pace of growth was the most pronounced in 2014 when the average export price increased by 61% against the previous year. The export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to India ($X per ton) and the United States ($X per ton), while the average price for exports to 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 recorded for supplies to the Netherlands (+4.7%), while the prices for the other major destinations experienced a decline.

Silicone Imports

Imports into Vietnam

Silicone imports into Vietnam soared to X tons in 2021, rising by 26% against the previous year. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 33% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are likely to continue growth in years to come.

In value terms, silicone imports surged to $X in 2021. Over the period under review, imports showed strong growth. The most prominent rate of growth was recorded in 2016 when imports increased by 46% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

Imports by Country

China (X tons), South Korea (X tons) and Japan (X tons) were the main suppliers of silicone imports to Vietnam, with a combined 81% 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 China (with a CAGR of +27.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest silicone suppliers to Vietnam were China ($X), South Korea ($X) and Japan ($X), together comprising 81% of total imports.

China, with a CAGR of +32.5%, 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

In 2021, the average silicone import price amounted to $X per ton, growing by 8.8% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 10% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 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 Thailand ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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