Vietnam: Mineral Wool Market 2024

Mineral Wool Market Size in Vietnam

The Vietnamese mineral wool market soared to $X in 2022, jumping by X% 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 recorded a measured increase. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market failed to regain momentum.

Mineral Wool Exports

Exports from Vietnam

In 2022, mineral wool exports from Vietnam surged to X tons, increasing by X% against the year before. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, mineral wool exports skyrocketed to $X in 2022. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Cambodia (X tons) was the main destination for mineral wool exports from Vietnam, with a X% share of total exports. Moreover, mineral wool exports to Cambodia exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), twofold. The third position in this ranking was taken by Thailand (X tons), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Cambodia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X.7% per year) and Thailand (X% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (X.5% per year) and Thailand (X% per year).

Export Prices by Country

The average mineral wool export price stood at $X per ton in 2022, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Lao People's Democratic Republic ($X per ton) and Australia ($X per ton), while the average price for exports to Canada ($X per ton) and Cambodia ($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 Brunei Darussalam (X%), while the prices for the other major destinations experienced more modest paces of growth.

Mineral Wool Imports

Imports into Vietnam

In 2022, the amount of slag wool, rock wool and similar mineral wools and mixtures imported into Vietnam totaled X tons, with an increase of X% compared with the previous year's figure. Overall, imports recorded perceptible growth. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, mineral wool imports surged to $X in 2022. Over the period under review, imports continue to indicate pronounced growth. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of mineral wool to Vietnam, with a X% share of total imports. Moreover, mineral wool imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), fourfold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and South Korea (X% per year).

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

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and South Korea (X% per year).

Import Prices by Country

The average mineral wool import price stood at $X per ton in 2022, picking up by X% against the previous year. Over the period under review, import price indicated a mild increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mineral wool import price increased by X% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Japan ($X per ton), while the price for China ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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