Vietnam Construction Adhesives Market to Grow with a CAGR of 3.86% through 2028
Surge in research and development activities is expected to drive the Vietnam
Construction Adhesives Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam Construction
Adhesives Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Construction Adhesives Market stood at USD132.36
million in 2022 and is anticipated to grow with a CAGR of 3.86% in the forecast
period, 2023-2028. The initiatives taken by government based on construction adhesives
has led to favorable market conditions for the Vietnam Construction Adhesives Market.
Several factors contribute to the growth of various construction adhesives market
products.
In an effort to
boost the production of spray adhesives and other construction chemicals, the
government has implemented a range of measures. These measures encompass a variety
of support mechanisms, such as subsidies, tax incentives, and regulatory
changes. By favoring domestic production, the government aims to stimulate the
growth of the construction industry and create a more competitive market.
As part of their
commitment to promoting sustainability in the construction sector, the
government has been actively advocating for the use of bio-based and renewable
construction materials. This forward-thinking approach includes the
encouragement of environmentally friendly adhesives, which not only contribute
to reducing the carbon footprint but also align with the global shift towards
more sustainable practices. By embracing these innovative materials, the
government aims to foster a market transformation that prioritizes long-term
environmental stewardship and supports the development of a greener future.
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Innovation in
adhesive technology goes beyond performance enhancements. As environmental
concerns grow and regulations on volatile organic compounds (VOCs) become
stricter, manufacturers are actively investing in the development of
eco-friendly adhesives. These adhesive solutions, formulated with sustainable
materials and lower VOC emissions, are gaining significant traction in the
market. Their adoption is not only contributing to the overall growth of the
construction adhesives industry in Vietnam but also aligning with the global
push towards more sustainable and environmentally friendly practices.
The Vietnam
Construction Adhesives Market is segmented in resin type, technology, regional
distribution, and company.
Based on its technology, the waterborne technology segment
held the largest share in the market. In recent years, the remarkable
advancements in waterborne adhesive technology have revolutionized the
industry. These cutting-edge developments have paved the way for the creation
of high-performance products that now rival the effectiveness of traditional
solvent-based adhesives.
This breakthrough has significantly enhanced the
appeal of waterborne adhesives, particularly in the construction sector, where
their exceptional performance and environmental friendliness are highly valued.
With their superior bonding properties and reduced environmental impact,
waterborne adhesives have become the go-to-choice for many construction
professionals, providing them with a reliable and sustainable solution for
their adhesive needs.
Based on region, Central segment is expected to grow
during the forecast period.
Central Vietnam has emerged as a highly attractive
destination for substantial foreign direct investment (FDI) across a wide range
of sectors, including real estate and construction. The region's strategic
location, favorable investment climate, and robust infrastructure have all
contributed to its growing appeal among international investors. As a result,
there has been a significant influx of investment, leading to a rapid
acceleration of construction activities in the area.
This surge in construction projects has, in turn,
fueled the demand for high-quality construction adhesives to ensure the
durability and reliability of these structures. The increasing need for
construction adhesives underscores the pivotal role they play in supporting the
development and growth of Central Vietnam's thriving real estate and
construction sectors.
Major companies operating in Vietnam Construction
Adhesives Market are:
- Zhong Bu Adhesive (Vietnam) Co.
- BASF Vietnam Co. Ltd.
- Dow Chemical Vietnam LLC
- Henkel Adhesive Technologies Vietnam
Co., Ltd.
- 3M Vietnam Co. Ltd.
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“Growing application of construction adhesives in
various end user industries are key drivers of the construction adhesives market.
Growth in competitive landscape and presence of well-established companies in
the market who are dedicated to enhance their productivity of construction adhesives
with every passing year are anticipated to register an impressive growth to Vietnam
Construction Adhesives Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Construction Adhesives Market By Resin Type (Acrylic
Adhesive, Polyurethane (PU), Epoxy, Polyvinyl Acetate (PVA), Others), By Technology
(Waterborne Technology, Solvent-Borne Technology, Reactive Technology, Others),
By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Construction Adhesives Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge 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 Adhesives Market.
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