Vietnam: Phenolic Resins Market 2024

Phenolic Resins Market Size in Vietnam

The Vietnamese phenolic resins market reduced to $X in 2023, which is down by X% against the previous year. In general, consumption continues to indicate a noticeable decline. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2023, consumption stood at a somewhat lower figure.

Phenolic Resins Production in Vietnam

In value terms, phenolic resins production reduced slightly to $X in 2023 estimated in export price. Over the period under review, production, however, showed a perceptible shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of X%. Phenolic resins production peaked at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.

Phenolic Resins Exports

Exports from Vietnam

After two years of growth, overseas shipments of phenolic resins in primary forms decreased by X% to X tons in 2023. Over the period under review, exports, however, continue to indicate a resilient expansion. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2022, and then contracted in the following year.

In value terms, phenolic resins exports contracted to $X in 2023. Overall, exports, however, saw perceptible growth. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

South Korea (X tons) was the main destination for phenolic resins exports from Vietnam, with a X% share of total exports. Moreover, phenolic resins exports to South Korea exceeded the volume sent to the second major destination, Malaysia (X tons), tenfold. Thailand (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to South Korea totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Thailand (X% per year).

In value terms, South Korea ($X) remains the key foreign market for phenolic resins in primary forms exports from Vietnam, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with an X% share of total exports. It was followed by Thailand, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to South Korea stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Thailand (X% per year).

Export Prices by Country

In 2023, the average phenolic resins export price amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price showed a pronounced contraction. The pace of growth appeared the most rapid in 2014 an increase of X%. The export price peaked at $X per ton in 2015; however, from 2016 to 2023, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major external markets. In 2023, amid the top suppliers, the highest price was recorded for prices to South Korea ($X per ton) and Thailand ($X per ton), while the average price for exports to Indonesia ($X per ton) and Pakistan ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (X%), while the prices for the other major destinations experienced a decline.

Phenolic Resins Imports

Imports into Vietnam

After two years of growth, overseas purchases of phenolic resins in primary forms decreased by X% to X tons in 2023. Overall, imports, however, saw prominent growth. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Imports peaked at X tons in 2022, and then fell slightly in the following year.

In value terms, phenolic resins imports dropped modestly to $X in 2023. In general, imports, however, continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then fell slightly in the following year.

Imports by Country

In 2023, China (X tons) constituted the largest supplier of phenolic resins to Vietnam, accounting for a X% share of total imports. Moreover, phenolic resins imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), threefold. South Korea (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, 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: Japan (X% per year) and South Korea (X% per year).

In value terms, China ($X) constituted the largest supplier of phenolic resins in primary forms to Vietnam, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2023, 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: Japan (X% per year) and South Korea (X% per year).

Import Prices by Country

The average phenolic resins import price stood at $X per ton in 2023, remaining stable against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2023, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from Japan ($X per ton) and Taiwan (Chinese) ($X per ton), while the price for the United States ($X per ton) and South Korea ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform