Vietnam: Market for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles 2024

Market Size for Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles in Vietnam

In 2022, the Vietnamese market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles increased by X% to $X, rising for the seventh year in a row after three years of decline. In general, consumption recorded a strong increase. Consumption of peaked in 2022 and is expected to retain growth in the near future.

Exports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Exports from Vietnam

In 2022, shipments abroad of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, exports faced a dramatic shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. The exports peaked at X tons in 2021, and then reduced dramatically in the following year.

In value terms, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles declined rapidly to $X in 2022. Overall, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2021, and then contracted significantly in the following year.

Exports by Country

South Korea (X tons) was the main destination for exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles from Vietnam, accounting for a X% share of total exports. Moreover, exports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles to South Korea exceeded the volume sent to the second major destination, the United States (X kg), threefold. Cambodia (X kg) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to South Korea stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Cambodia (X% per year).

In value terms, South Korea ($X) emerged as the key foreign market for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles exports from Vietnam, comprising X% of total exports. The second position in the ranking was taken by Cambodia ($X), with a X% share of total exports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual growth rate of value to South Korea totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (X% per year) and the United States (X% per year).

Export Prices by Country

The average export price for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles stood at $X per ton in 2022, reducing by X% against the previous year. Over the period under review, the export price, however, showed moderate growth. The most prominent rate of growth was recorded in 2013 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iran (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Glass Fibre Filaments, Rovings, Chopped Strands, and Staple Glass Fibre Articles

Imports into Vietnam

For the fourth year in a row, Vietnam recorded growth in supplies from abroad of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles, which increased by X% to X tons in 2022. Overall, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2016 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles skyrocketed to $X in 2022. In general, imports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest glass fibre filament, roving, and staple glass fibre article supplier to Vietnam, accounting for a X% share of total imports. Moreover, imports of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), more than tenfold. The third position in this ranking was held by Malaysia (X tons), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of glass fibre filaments, rovings, chopped strands, and staple glass fibre articles to Vietnam, comprising X% of total imports. The second position in the ranking was held by South Korea ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

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

Import Prices by Country

The average import price for glass fibre filaments, rovings, chopped strands, and staple glass fibre articles stood at $X per ton in 2022, jumping by X% against the previous year. Overall, the import price, however, recorded a mild downturn. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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