In 2023, the value of refractory ceramic article imports (excluding construction) to Vietnam stood at 29.64 million USD. Over the last decade, this market has shown a steady upward trend with notable fluctuations. Between 2019 and 2020, the market observed a significant dip of -13.07%, but it rebounded with a 25.82% year-on-year increase in 2021. The compound annual growth rate (CAGR) over the last five years has been 4.46%, indicating moderate and consistent growth. The forecasted CAGR from 2024 to 2028 is slightly lower at 2.82%, suggesting a potential slow down, yet a continuing upward trajectory overall. Future growth is expected to reach 35.466 million USD by 2028, showing a 14.91% growth over five years.
Future trends to watch for include:
- Potential impacts of economic policies on import activities
- Technological advancements in refractory materials
- Market demand variations driven by industrial sector growth
