In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSNovember 5, 2020: Oji Holdings Corporation announced that it has decided to open a new corrugated container plant in Vietnam. The plant would be established in the southern province of Dong Nai in the nation.
September 25, 2020: Marubeni Corporation announced that it established a special purpose company, “Gifu Seino Green Power LLC” in association with Chubu Electric Power Co., Inc.
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.
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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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.
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.
FREQUENTLY ASKED QUESTIONS
The rising demand for wood pulp, along with the increasing demand for energy in the nation are some of the major factors anticipated to drive the growth of the market in the coming years.
The market is anticipated to attain a CAGR of 11.3% over the forecast period, i.e., 2022 – 2031.
The availability of low-cost alternatives is one of the major factors estimated to hamper the market growth.
The market in Central Vietnam is expected to garner the largest revenue of USD 11.4 Million by the end of 2031 and provide more business opportunities in the future.
The major players in the market are LEC Group, Thanh Vin Co., Ltd, Van An Global Trading Co., Ltd., Vietnam Forestry Corporation (VINAFOR), and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by tree species, raw material, variety, application, end-use industry, and by region.
The forest chips segment is projected to garner the largest revenue of USD 10.1 Million by the end of 2031 and display significant growth opportunities.
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