Vietnam: Solid Biofuel Market 2023

Solid Biofuel Market Size in Vietnam

In 2022, the Vietnamese solid biofuel market decreased by -5.5% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +10.6% against 2019 indices. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Solid Biofuel Production in Vietnam

In value terms, solid biofuel production totaled $X in 2022 estimated in export price. In general, production, however, recorded strong growth. The pace of growth appeared the most rapid in 2018 with an increase of 57%. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Solid Biofuel Exports

Exports from Vietnam

In 2022, solid biofuel exports from Vietnam rose remarkably to X tons, picking up by 5.2% on the previous year's figure. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2014 when exports increased by 353% against the previous year. The exports peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, solid biofuel exports shrank to $X in 2022. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 370%. The exports peaked at $X in 2021, and then contracted in the following year.

Exports by Country

Japan (X tons) was the main destination for solid biofuel exports from Vietnam, with a 93% share of total exports. It was followed by South Korea (X tons), with a 1.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled +80.4%.

In value terms, Japan ($X) emerged as the key foreign market for solid biofuels exports from Vietnam, comprising 84% of total exports. The second position in the ranking was held by South Korea ($X), with a 4.1% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan totaled +67.4%.

Export Prices by Country

The average solid biofuel export price stood at $X per ton in 2022, declining by -14.1% against the previous year. Over the period under review, the export price continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2021 an increase of 26% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to Japan totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+8.1%).

Solid Biofuel Imports

Imports into Vietnam

In 2022, overseas purchases of solid biofuels increased by 12% to X tons, rising for the third consecutive year after four years of decline. In general, imports posted a buoyant expansion. The pace of growth appeared the most rapid in 2015 with an increase of 182% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in years to come.

In value terms, solid biofuel imports shrank modestly to $X in 2022. Overall, imports saw a prominent expansion. The growth pace was the most rapid in 2015 with an increase of 172%. Imports peaked at $X in 2021, and then shrank slightly in the following year.

Imports by Country

In 2022, Indonesia (X tons) constituted the largest supplier of solid biofuel to Vietnam, with a 47% share of total imports. Moreover, solid biofuel imports from Indonesia exceeded the figures recorded by the second-largest supplier, Cambodia (X tons), twofold. The third position in this ranking was taken by the Philippines (X tons), with a 9.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia stood at +28.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (+121.6% per year) and the Philippines (-1.9% per year).

In value terms, Indonesia ($X) constituted the largest supplier of solid biofuels to Vietnam, comprising 51% of total imports. The second position in the ranking was taken by Cambodia ($X), with a 23% share of total imports. It was followed by the Philippines, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia amounted to +30.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (+124.8% per year) and the Philippines (-0.4% per year).

Import Prices by Country

The average solid biofuel import price stood at $X per ton in 2022, shrinking by -10.8% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 14%. The import price peaked at $X per ton in 2021, and then shrank in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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