Vietnam Construction Chemical market revenue is expected to generate USD ~6.6 Bn by 2027F owing to rapid urbanization, increasing use of green chemicals and strong government investments: Ken Research
GURUGRAM, India, Feb. 13, 2023 /PRNewswire/ -- Vietnam Construction Chemical Industry is a moderately fragmented market with the presence of local as well as international brands in the market. Currently, there are ~40 International players in the organized market, including manufacturing units & import (raw materials & finished products) from other countries. More than half of the market is organized and major share of the market is highly concentrated and rest of the industry is fragmented. Some of the major players in the Vietnam Construction Chemical Market are Sika, Silkroad, DOW, BASF, Bestmix, FOSROC etc.
- Rapid urbanization, growing use of Ready-Mix Concrete (RMC) and green chemical will lead to increase in usage and quality of Chemicals in Construction industry in Vietnam.
- Vietnam Construction Chemicals Market is moderately fragmented with the top player holding more than half of the market share in the organized market and remaining market being highly unorganized.
- Future Infrastructure Development Projects by govt. such as Bac Tan Uyen Vietnam-Singapore Industrial Park III, Rach Mieu II Bridge and others will fuel the usage of construction chemicals in Vietnam.
Rapid Urbanization: Vietnam's growing middle class is becoming rapidly urbanized, pushing up the demand for built environment solutions–especially in the residential sector and in affordable housing. Vietnam's urbanization rate–the proportion of the population living in cities–was ~35% in 2019 and is expected to reach nearly 50% by 2040, precipitating a potential housing shortage. Also, the Vietnamese government has set aside USD ~1.4 Bn as incentives for developers to focus on such affordable housing projects between 2018 and 2022. Furthermore, with the opening of the school after Covid-19 and sudden increase in the demand for housing repair services has also led to the rise in the growth of construction chemical market of Vietnam.
Increasing use of Green Chemical: Construction chemical companies are working on advanced technologies, equipments, high degree of mechanization and automation to ensure high quality, stability of products and competitiveness in international markets, simultaneously saving raw materials and using alternative fuels. Thus, increasing the use of green technology and increasing the focus towards protecting the environment. This push towards Green Chemicals has a significant positive impact on the Vietnam construction chemical industry.
Strong Government Investments: In order to revive the economy and drive growth, the government has allocated USD ~ $35 billion to its economic recovery plan for the 2022-2023 period. Through this plan, the government is promoting infrastructure development. For instance, the Government has approved infrastructure projects like the construction of four airport in Sa Pa, Quang Tri, Lai Chau and Phan Thiet which are expected to kick off in late 2022 and early 2023. More projects like Bac Tan Uyen Vietnam-Singapore Industrial Park III and Rach Mieu II Bridge are also in the pipeline. Moreover, through its 2022 budget, the government has focused on bolstering the economic recovery and progressing post-pandemic reforms like master plan of urban development in Vietnam, Vision development urban water supply, urban drainage orientation to Vietnam. With all these government initiatives, the Vietnam Construction Chemical industry is expected to see a robust growth.
Analysts at Ken Research in their latest publication "Vietnam Construction Chemical Market Outlook to 2027F - Driven by growing construction sector, high FDI Investments and favorable government initiative" by Ken Research observed that Vietnam Construction Chemical market is in the growing phase, growing at CAGR of 5.6% between 2017-2022E owning to the influx of FDI, availability of cheap & abundant raw material, major merger & acquisitions, rapid urbanization, increasing use of green chemicals and strong government investments. It is expected that Vietnam Construction Chemical market will continue to grow, at a CAGR of 11.9% for the 2022-2027F forecasted period.
Key Segments Covered:-
Vietnam Construction Chemical Market
By Region, 2022E & 2027F
- Northern Vietnam
- Central Vietnam
- Southern Vietnam
By End-User, 2022E & 2027F
- Commercial
- Industrial
- Residential
By Product Type, 2022E & 2027F
- Industrial Flooring
- Sealants & Adhesives
- Coating
- Grouting Chemicals
- Repair & Rehabilitation Chemicals
- Waterproofing
- Concrete Admixtures
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By Product Type, 2022E & 2027F
- Organized
- Unorganized
By Type of Concrete Admixtures, 2022E & 2027F
- Organized
- Unorganized
By Type of Waterproofing, 2022E & 2027F
- Organized
- Unorganized
By Type of Grouting Chemicals, 2022E & 2027F
- Organized
- Unorganized
By Type of Repair & Rehabilitation Chemicals, 2022E & 2027F
- Organized
- Unorganized
By Type of Coating Chemicals, 2022E & 2027F
- Organized
- Unorganized
By Type of Sealants & Adhesives Chemicals, 2022E & 2027F
- Organized
- Unorganized
By Type of Industrial Flooring Chemicals, 2022E & 2027F
- Organized
- Unorganized
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Key Target Audience
- Construction Chemical companies
- Concrete Additive companies
- Waterproofing companies
- Adhesive and Sealant Companies
- Grouting chemical companies
- Coating companies
Time Period Captured in the Report:-
- Historical Period: 2017-2022E
- Base Year: 2022E
- Forecast Period: 2022E – 2027F
Companies Covered:-
- Sika
- MAPEI
- FOSROC
- MBCC Group
- BASF
- GCP
- Bestmix
- Silkroad
- MC BIFI
- Dow
Key Topics Covered in the Report:-
- Country Overview of Vietnam
- Vietnam Construction Chemical Market Overview
- Vietnam Construction Chemical Market Size Overview, 2017-2022E
- Vietnam Construction Chemical Market Segmentation
- Industry Analysis of Vietnam Construction Chemical Market
- Porter's Five Forces
- Challenges in Vietnam Construction Chemical Market
- Trends & Developments in Vietnam Construction Chemical Market
- Swot Analysis of Vietnam Construction Chemical Market
- List of Vietnam Construction Projects
- Major Mergers & Investments in Construction Chemical Industry
- End User Analysis of Vietnam Construction Chemical Market
- Covid-19 Impact on Vietnam Construction Chemical Market
- Competition Framework of Vietnam Construction Chemical Market (Inception, global presence, manufacturing plants, business verticals, end-user, brands, Est. revenue)
- Future Outlook to Vietnam Construction Chemical Market 2022E-2027F
- Analyst Recommendation
For more insights on the market intelligence, refer to below link:-
Vietnam Construction Chemical Market
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The construction chemicals market in Indonesia is anticipated to grow with the growing Real Estate and Infrastructure Construction Industry. Over the forecast period FY'20-FY'25, the Indonesia construction chemicals market revenue is further anticipated to increase to USD ~ Millions by FY'25, thus showcasing a CAGR of 9.23 %. The Unorganized vs. Organized Market asymmetry will get even more skewed, with Organized Players slowly eating away the Unorganized Market's share.
The construction chemicals market in India is anticipated to grow with the growing Real Estate and Infrastructure Construction Industry. Over the forecast period FY'20-FY'25, the India construction chemicals market revenue is further anticipated to increase to INR ~ Cr by FY'25, thus showcasing a CAGR of 10.0%. The Unorganized vs. Organized Market asymmetry will get more skewed, with Organized Players slowly eating away the Unorganized Market's share.
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