Vietnam Wood Chips Market Highlights Over 2021 - 2031
The Vietnam wood chips market is estimated to garner a revenue of USD 24.4 Million by the end of 2031, by growing at a CAGR of 11.3% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market in the nation generated a revenue of USD 8.4 Million. The growth of the market can primarily be attributed to the rising exports of forest products, such as wood charcoal and wood pellets in the nation. According to the statistics by the Food and Agriculture Organization of the United Nations (FAO), the global exports of forest products, such as wood charcoal and wood pellets & other agglomerates from Vietnam in the year 2020 was 4% and 11% respectively. Besides this, the growing demand for wood pulp in the nation is also expected to add to the market growth. The paper production volume in the nation touched close to 3 Million Metric Tons in the year 2020, up from about 1.5 Million Metric tons in the year 2015.
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The growth of the Vietnam wood chips market is also projected to grow on account of the rising demand for energy and the increasing use of wood chips as a source of energy. For instance, according to the statistics by the International Energy Agency (IEA), the total consumption of energy in the industrial, residential, and commercial sector in Vietnam grew from 10246 TJ, 8294 TJ, 2113 TJ, and 1616 TJ respectively in the year 1990 to 408942 TJ, 233266 TJ, 87300 TJ, and 23735 TJ respectively in the year 2019.
Vietnam Wood Chips Market Regional Synopsis
Regionally, the Vietnam wood chips market is segmented by region into North, Central, and South. The market in Central Vietnam is expected to garner the largest revenue of USD 11.4 Million by the end of 2031, up from a revenue of USD 4.1 Million in the year 2021. One of the major factors anticipated to drive the growth of the market is the increasing production of wood and wood products in this part of the nation. According to the statistics by the General Statistics Office (GSO) of Vietnam, the gross output of wood in the Northern Central Area and Central Coastal Area grew from 558.9 Thousand m3 in the year 2000 to 9562.3 Thousand m3 in the year 2019. On the other hand, the market in South Vietnam is expected to grow with the highest CAGR of 12.0% during the forecast period.
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Growth Drivers and Challenges Impacting the Growth of the Vietnam Wood Chips Market
Growth Drivers
- Rising Demand for Wood Pulp
- Increasing Demand for Energy in the Nation
Challenges
- Availability of Low-Cost Alternatives
Vietnam Wood Chips Market Segmentation Synopsis
The Vietnam wood chips market is segmented by tree species into Acacia, Eucalyptus, and Melaleuca. The Acacia segment is projected to garner the largest revenue of USD 16.9 Million by the end of 2031, up from a revenue of USD 5.9 Million in the year 2021. By raw material, the market is segmented into pulp wood, and residue wood, out of which, the pulp wood segment is projected to garner the highest market share by the end of 2031 and further grow with a CAGR of 11.1% during the forecast period. By variety, the market is segmented into forest chips, recycled chips, wood-residue chips, and sawing residue chips. The forest chips segment is projected to garner the largest revenue of USD 10.1 Million by the end of 2031, up from a revenue of USD 3.6 Million in the year 2021. By application, the market is segmented into pulp manufacturing, combined heat & power, household furnishing, and others. The pulp manufacturing segment is anticipated to garner the largest revenue of USD 7.8 Million by the end of 2031, up from a revenue of USD 2.7 Million in the year 2021. By end-use industry, the market is segmented into building & construction, energy & power, paper & pulp, and others. The energy & power segment is projected to display the largest revenue of USD 8.5 Million by the end of 2031, up from a revenue of USD 3.0 Million in the year 2021.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Vietnam wood chips market that are included in our report are LEC Group, Thanh Vin Co., Ltd, Van An Global Trading Co., Ltd., Vietnam Forestry Corporation (VINAFOR), Oji Holdings Corporation, Marubeni Corporation, Mitsui & Co., Ltd., and others.
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