Vietnam Construction Chemicals Market to Grow with a CAGR of 5.60% through 2028
Initiatives taken by
government to support the production of construction chemicals are the major
drivers for the Vietnam Construction Chemicals Market.
According to TechSci Research
report, “Vietnam Construction Chemicals Market – Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028”, the Vietnam
Construction Chemicals Market stood at USD 350.17 Million in 2022 and is
anticipated to grow with a CAGR of 5.60% by 2028. This can be ascribed to
collaborations and partnerships among leading companies with a diverse approach
to merge the expertise of individual companies and to strengthen their position
in the market.
As the demand for modern
and durable buildings rises, the role of construction chemicals becomes
increasingly significant. Among these, waterproofing solutions have emerged as
a crucial driver of the Vietnam Construction Chemicals Market, ensuring the
longevity and integrity of structures in a country prone to heavy rainfall and
humid conditions. Vietnam's tropical climate exposes buildings to high levels
of humidity and frequent rain, making them vulnerable to water-related damages.
Uncontrolled moisture infiltration can lead to a range of issues, including
weakened structures, mold growth, and deterioration of building materials.
Waterproofing solutions address these concerns by providing a protective
barrier that prevents water from permeating into structures, safeguarding their
durability and reducing maintenance costs over time. Moreover, as Vietnam
undergoes rapid urbanization and expands its infrastructure, the demand for
waterproofing solutions has surged. Urban development often involves the
construction of high-rise buildings, bridges, tunnels, and other critical
structures.
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These projects require
advanced waterproofing techniques to ensure the safety and longevity of the
infrastructure, creating a substantial market for construction chemical
manufacturers and suppliers. The real estate sector in Vietnam has experienced
significant growth, fueled by increasing urban populations and a rising middle
class. Homebuyers and property developers alike are increasingly recognizing
the value of waterproofing in enhancing the value of their investments.
Waterproofed structures offer improved livability, reduced maintenance costs,
and enhanced resale value, driving the adoption of waterproofing solutions
across residential, commercial, and industrial construction projects. Recognizing
the significance of this sector, the Vietnamese government has taken proactive
initiatives to support and stimulate the production of construction chemicals,
thereby catalyzing the growth of the Vietnam Construction Chemicals Market. To
ensure the safety, efficacy, and quality of construction chemical products, the
Vietnamese government has established a robust regulatory framework and
stringent quality standards. This initiative aims to build consumer trust,
promote reliable products, and facilitate market growth. Moreover, by
incentivizing the use of eco-friendly materials, such as low-VOC (volatile
organic compounds) and non-toxic chemicals, the government contributes to both
the health of the population and the preservation of Vietnam's natural
resources.
This approach aligns
with international standards and enhances the country's reputation as a
responsible player in the global construction chemicals market. Efficient
supply chains are crucial for delivering construction chemicals to project
sites promptly. Collaborations between manufacturers and logistics companies
have streamlined distribution networks, reduced lead times, and ensured the
availability of products in remote areas. This has contributed to improved
project timelines and customer satisfaction. Many global construction chemical
giants have established partnerships with local companies in Vietnam. These
collaborations bring international expertise, advanced technologies, and best
practices to the local market, raising industry standards and encouraging the
adoption of innovative solutions. Furthermore, partnerships have driven the
development of advanced construction chemical formulations that offer improved
performance, durability, and sustainability. These innovations address specific
challenges posed by Vietnam's climate and construction practices.
However, fluctuations in
the price of raw materials and growing environmental concerns are expected to
slow down the growth of the market in the coming years.
The Vietnam Construction
Chemicals Market segmentation is based on Type, End User, By Company, and
Region.
Some of the
major companies operating in the Vietnam Construction
Chemicals Market include:
·
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
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“Certain regions of Vietnam,
particularly the central region, are projected to exert significant demand for construction
chemicals in the country. The growth in the competitive landscape and the
presence of well-established companies in the market, committed to enhancing
their productivity of construction chemicals each year, are expected to
contribute to a remarkable growth of the Vietnam Construction Chemicals Market in
the forecast period," said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based Global management consulting firm.
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, 2029 has evaluated the future growth
potential of Vietnam Construction Chemicals Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide innovative market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Vietnam Construction Chemicals Market.
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