Vietnam Construction Chemicals Market, By Type (Concrete Admixtures, Waterproofing Chemicals, Flooring Compounds, Repair & Rehabilitation, Adhesives & Sealants, and Others), By End Use Sector (Infrastructure and Real Estate), By Region, Competition, Forecast and Opportunities 2018-2028
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationVietnam Construction Chemicals Market, By Type (Concrete Admixtures, Waterproofing Chemicals, Flooring Compounds, Repair & Rehabilitation, Adhesives & Sealants, and Others), By End Use Sector (Infrastructure and Real Estate), By Region, Competition, Forecast and Opportunities 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 350.17 million |
| CAGR (2023-2028) | 5.60% |
| Fastest Growing Segment | Concrete Admixtures |
| Largest Market | Central Vietnam |
Market Overview
Vietnam Construction Chemicals Market has valued at USD 350.17 million in 2022 and is anticipated to grow with a CAGR of 5.60% through 2028. Vietnam Construction Chemicals Market is anticipated to grow significantly in the projected period 2028 due to the improving socio-economic status of its population, growing demand for ready-mix concrete (RMC), growing use of green chemicals, and rise in urbanization and industrialization in the regions. United Nations Population Fund estimated that the population of Vietnam in 2023 will reach 100 million and make Vietnam among to top 15 highly populated countries around the world. Furthermore, the per capita income of Vietnam is estimated to be USD 4163.5 in 2022. Hence, as the population rises the demand for new and repaired buildings will drive the demand for construction chemicals in Vietnam. Apart from these, the government of Vietnam recognizes the impact of infrastructure development to support economic growth and improve living standards. Hence, the government has initiated various infrastructure projects, including transportation networks, housing programs, and industrial zones as a part of its urbanization and industrialization efforts. The Vietnamese government has approved different plans to spend approx. USD 43-65 billion for the construction and re-development of building and upgrading road, rail, inland waterways, sea, and air transport infrastructure during the 2021-2030 financial year. Such favorable government policies and initiatives create a conducive environment for the construction industry to develop new infrastructure projects and are expected to propel the demand for Vietnam's construction chemicals market in the forecasted period.
Key Market Drivers
Rise in urbanization and industrialization in the region Drives the Vietnam Construction Chemicals Market Growth
Urbanization and industrialization lead to an increase in infrastructure development activities, such as the construction of residential buildings, commercial complexes, industrial facilities, and transportation networks. These projects require the use of construction chemicals for various purposes, including concrete admixtures, waterproofing compounds, adhesives, and sealants. The financial losses that occur across the various industry & sectors are estimated at around 3% of the global GDP while Vietnam loses approx. 5% of their total GDP. Thus, the upsurge in such projects & activities is expected to drive the market demand for construction chemicals in Vietnam. There is a growing emphasis on the quality and durability of constructed structures as urbanization and industrialization activities rise in Vietnam. Construction chemicals play a crucial role in enhancing the strength, durability, and performance of buildings and infrastructure. As they advance the concrete properties, by protecting against corrosion, improving water resistance, and enhancing complete structural integrity. The need for reliable and long-lasting construction solutions increases as urban areas and industrial zones expand and thereby such factors will boost the demand for construction chemicals in Vietnam. Due to the use of chemicals that contain VOCs substance, Urbanization, and industrialization also faces environmental challenges and hurdles such as air pollution, water pollution, and waste management. Hence, the construction industry is also under pressure to adopt more sustainable and environmentally friendly practices. As an outcome, Construction chemicals that are eco-friendly and meet stringent environmental regulations are exclusively preferred by the industry. This shift towards sustainable construction practices contributes to the growth of the construction chemicals market in Vietnam. Technological advancements are one of the major factors for the growth of every sector such as the construction sector. New construction techniques such as 3D printing, materials like polycarboxylate ether-based green admixtures, and products are constantly being launched to improve efficiency, productivity, and sustainability. Construction chemicals manufacturers are investing in research and development to introduce innovative products that cater to the evolving needs of the market and government policy. This technological progress in the industry further propels the growth of the Vietnam construction chemicals market.
Growing demand for ready-mix concrete (RMC) is Impacting the Vietnam Construction Chemicals Market Growth
The growing demand for ready-mix concrete (RMC) in Vietnam has a substantial impact on the growth of the Vietnam construction chemicals market. Ready-mix concrete is a pre-mixed and proportioned concrete mixture that is directly delivered to construction sites. In RMC, besides Cement, water, and aggregate as the main constituent, chemical admixtures, mineral admixtures, and fibers are used by various users as it offers many advantages such as consistent quality, time efficiency, and reduced labor requirements. Hence, concrete admixtures are widely used to enhance the performance and workability of RMC. These admixtures, like plasticizers, superplasticizers, accelerators, and retarders, are added to enhance the strength, durability, and workability of the concrete or building structure. Hence, the growing demand for RMC leads to higher consumption of concrete admixtures and drives the growth of the construction chemicals market. Ready-mix concrete is known for its consistent quality and performance which makes it a preferred choice by end users for construction projects. However, specific construction requirements often necessitate the use of construction chemicals to enhance the properties of RMC. For example, waterproofing compounds, corrosion inhibitors, and air-entraining agents may be added to RMC to improve its resistance against water, corrosion, and freeze-thaw cycles. Thus, the need for specialized construction chemicals to meet these performance requirements is expected to contribute the market growth. Ready-mix concrete (RMC) offers several advantages in terms of efficiency and cost-effectiveness as it reduces construction time, minimizes material wastage, and optimizes labor utilization. As an outcome, RMC is progressively adopted in different construction projects across various sectors, including residential, commercial, and infrastructure. The rising usage of RMC translates into higher demand for construction chemicals used in its production, such as admixtures, curing compounds, and surface retarders. Green building practices, including the use of sustainable materials and energy-efficient construction methods, are gaining momentum in Vietnam. RMC is considered an eco-friendly and energy-efficient construction material as it reduces the consumption of water and cement, minimizes construction waste, and improves energy efficiency during construction. The green building trend creates a demand for eco-friendly construction chemicals that align with sustainable construction practices, thereby impacting the growth of the construction chemicals market. The RMC industry is witnessing technological advancements aimed at improving the quality, performance, and durability of concrete. For instance, the introduction of self-compacting concrete (SCC) and high-performance concrete (HPC) requires the use of specialized construction chemicals to achieve the desired properties. These advancements in RMC technology drive the demand for construction chemicals, including rheology modifiers, viscosity agents, and specialized admixtures. The combined effect of the above-mentioned factors has propelled the demand for construction chemicals and supported the Vietnam Construction Chemicals Market growth.
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Key Market Challenges
Sustainability and Environmental Concerns
The construction chemicals market in Vietnam finds itself at a crucial juncture of transformation, where the convergence of rapid urbanization and infrastructure development meets heightened environmental consciousness. Amidst the industry's remarkable growth, a pressing challenge emerges - sustainability and environmental concerns. Construction chemicals can have far-reaching environmental consequences, including air and water pollution, soil degradation, and depletion of natural resources. Ensuring that the production, application, and disposal of these chemicals adhere to stringent environmental standards is a complex challenge. The disposal of construction chemicals and related waste presents a significant hurdle. The industry must find efficient and eco-friendly ways to manage waste products to prevent contamination and environmental harm.
Price Fluctuations and Cost Sensitivity
The construction chemicals market plays an indispensable role in enhancing the durability, strength, and aesthetics of structures. However, the delicate balance between product performance and cost-effectiveness becomes strained when faced with price fluctuations of raw materials. The construction chemicals market relies heavily on a range of raw materials, including polymers, resins, aggregates, and additives. The prices of these inputs are subject to global market dynamics, geopolitical events, and supply-demand imbalances, leading to unpredictable price fluctuations. Economic shifts, such as inflation, currency devaluation, and trade disputes, can impact the cost of importing or procuring raw materials, creating a ripple effect on overall production costs.
Key Market Trends
Education and Training Initiatives
Construction chemicals play a pivotal role in enhancing the durability, performance, and aesthetics of buildings and infrastructure projects. From waterproofing solutions to high-performance admixtures, these chemicals are essential components in modern construction practices. Education and training help improve the quality of construction projects by ensuring that the right chemicals are used in the right quantities and at the right stages of construction. This contributes to the overall performance and safety of buildings and infrastructure. Moreover, education initiatives facilitate the adoption of eco-friendly and sustainable construction practices. Professionals gain knowledge about environmentally conscious alternatives and methodologies that align with global sustainability objectives.
Local Production and Sourcing
Vietnam's construction industry is experiencing significant expansion, fueled by infrastructure projects, urbanization, and economic growth. This growth necessitates a heightened demand for construction chemicals, such as additives, adhesives, sealants, and coatings, which enhance the durability, aesthetics, and functionality of buildings and infrastructure. Global disruptions and uncertainties, such as supply chain disruptions during the COVID-19 pandemic, have highlighted the vulnerability of relying heavily on imports. Local production and sourcing enhance supply chain resilience by reducing dependence on international markets. Moreover, producing construction chemicals locally allows for greater control over quality assurance and adherence to international standards. Manufacturers can ensure that products meet local regulatory requirements and the specific needs of the domestic market.
Segmental Insights
Type
In 2022, the construction chemicals market was dominated by the concrete admixtures and is predicted to continue expanding over the coming years.
Application Insights
In 2022, the construction chemicals market was dominated by infrastructure segment and is predicted to continue expanding over the coming years.
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Regional Insights
The Central Vietnam region has established itself as the leader in the Vietnam Construction Chemicals Market.
Recent Developments
- In 2022, BASF Vietnam launched Gardobond X4802/2 RFU, non-chromepretreatment technology. Gardobond X4802/2 RFU is a more environmentallyfriendly option than traditional chrome-based pretreatment technologies thatare designed to provide corrosion protection and paint adhesion for pre-paintedcoils used in the construction and home appliance industries.
- In 2022, Saint-Gobain launched KorroGuard CP-400, a solvent-basedcorrosion inhibitor. It helps in protecting steel and other metals fromcorrosion in a variety of high-temperature applications. It is also aneffective product against a wide range of corrosive agents that includes water,oxygen, and acids.
- In December 2021, Dow has announced the introduction of V PLUS PerformTMnext, an advancement of its previous V PLUS PerformTM polyurethane technologydesigned for insulated metal panels. This offering combines thehigh-performance energy efficiency and fire safety features of V PLUS PerformTMwith low carbon and circular ingredients, tailored to meet the specific needsof our customers.
- In September 2021, Henkel, in collaboration with its LOCTITE adhesive,sealant, and coating experts, has partnered with Weir Minerals, themanufacturer of Linatex, the world's leading brand of premium natural rubber.Together, they have developed a groundbreaking solvent-free adhesive for rubberlining applications in the mining industry. Notably, this innovative adhesiveis free from volatile organic compounds, setting a new standard insustainability and performance.
Key Market Players
- Ecolab Vietnam Co. Ltd.
- Bestmix Corporation
- Solenis Vietnam Company Limited
- BASF Vietnam Co. Ltd.
- Kemira OYJ
- AkzoNobel Coatings Vietnam
- Baker Hughes Co., Ltd.
- Dow company Vietnam
- VATECH JSC
- Camix Company Limited
- Suez Water Technologies &Solutions Vietnam
| By Type | By End User Sector | By Region |
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