Vietnam: Tap And Valve Market 2024

Tap And Valve Market Size in Vietnam

The Vietnamese tap and valve market rose remarkably to $X in 2023, increasing by X% against the previous year. Overall, consumption, however, saw a noticeable decline. As a result, consumption attained the peak level of $X. From 2015 to 2023, the growth of the market failed to regain momentum.

Tap And Valve Production in Vietnam

In value terms, tap and valve production expanded sharply to $X in 2023 estimated in export price. Over the period under review, production, however, showed a pronounced contraction. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

Tap And Valve Exports

Exports from Vietnam

In 2023, shipments abroad of taps, cocks, valves and similar appliances decreased by X% to X tons for the first time since 2019, thus ending a three-year rising trend. Over the period under review, exports, however, continue to indicate prominent growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. The exports peaked at X tons in 2022, and then fell in the following year.

In value terms, tap and valve exports reduced to $X in 2023. In general, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2014 with an increase of X%. The exports peaked at $X in 2022, and then fell in the following year.

Exports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main destinations of tap and valve exports from Vietnam, together comprising X% of total exports. Mexico, Taiwan (Chinese), Thailand, South Korea and Indonesia lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Mexico (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for tap and valve exported from Vietnam were the United States ($X), Japan ($X) and China ($X), together accounting for X% of total exports. Mexico, Taiwan (Chinese), Thailand, South Korea and Indonesia lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Mexico, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average tap and valve export price amounted to $X per ton, approximately equating the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2023, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while the average price for exports to the United States ($X per ton) was 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 more modest paces of growth.

Tap And Valve Imports

Imports into Vietnam

In 2023, overseas purchases of taps, cocks, valves and similar appliances were finally on the rise to reach X tons for the first time since 2020, thus ending a two-year declining trend. Overall, imports recorded a remarkable increase. The pace of growth was the most pronounced in 2015 with an increase of X%. Imports peaked at X tons in 2020; however, from 2021 to 2023, imports stood at a somewhat lower figure.

In value terms, tap and valve imports contracted slightly to $X in 2023. In general, imports recorded a strong increase. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Imports peaked at $X in 2020; however, from 2021 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, China (X tons) constituted the largest tap and valve supplier to Vietnam, accounting for a X% share of total imports. Moreover, tap and valve imports from China exceeded the figures recorded by the second-largest supplier, the Philippines (X tons), twofold. The third position in this ranking was taken by Japan (X tons), with a X% share.

From 2012 to 2023, 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: the Philippines (X% per year) and Japan (X% per year).

In value terms, the Philippines ($X), China ($X) and Japan ($X) were the largest tap and valve suppliers to Vietnam, with a combined X% share of total imports.

Among the main suppliers, the Philippines, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average tap and valve import price stood at $X per ton in 2023, waning by X% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2015 to 2023, the average import prices failed to regain momentum.

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

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

Source: IndexBox Platform