Vietnam Silicone Additives Market to Grow with a CAGR of 3.54% through 2028
Surge in research and development activities is expected
to drive the Vietnam Silicone Additives Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Vietnam
Silicone Additives Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Silicone Additives Market is anticipated to grow
with a CAGR of 3.54% in the forecast period, 2023-2028. The initiatives taken
by government based on silicone additives has led to favorable market
conditions for the Vietnam Silicone Additives Market. Several factors
contribute to the growth of various silicone additives market products. In 2019, Vietnam's Ministry of Health issued
Circular 24/2019/TT-BYT, a comprehensive regulatory framework aimed at managing
and ensuring the safe use of food additives. This important step towards
regulating additives reflects the government's commitment to safeguarding
public health and promoting consumer confidence in the food industry. Given the
widespread usage of silicone additives in food packaging and kitchenware, this
regulation could indirectly impact the silicone additives industry, prompting
manufacturers and suppliers to reassess their products and processes to comply
with the new standards. Recognizing the
limitations of state subsidies in driving sustainable development and
prosperity, the Vietnamese government has embarked on a strategic shift towards
fostering a more diversified and innovation-driven industrial growth model. By
focusing on other means of promoting industrial growth, such as investment in
research and development, infrastructure development, and skills training, the
government aims to create a more conducive and competitive environment for
various industries, including the silicone additives market. This
forward-thinking approach is expected to attract more investment, encourage
technological advancements, and ultimately drive the growth of the silicone
additives industry in Vietnam.
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The increasing
demand for more efficient, durable, and eco-friendly materials is being driven
by evolving industrial needs and consumer preferences. In response to this
demand, companies are making significant investments in research and
development (R&D) activities to innovate and enhance their silicone
additive offerings. These R&D
initiatives are focused on developing advanced silicone additives that can
provide a wide range of enhanced characteristics to materials, such as improved
strength, flexibility, heat resistance, and chemical stability. By
incorporating these additives, the overall performance of materials can be
significantly improved, leading to better product quality and customer
satisfaction. Furthermore,
these R&D efforts also aim to explore ways to reduce production costs,
optimize manufacturing processes, and ensure sustainable practices. This
involves investigating new methods of synthesizing silicone additives,
exploring alternative raw materials, and implementing more efficient production
techniques. By doing so, companies can not only meet the growing demand for
high-performance materials but also contribute to a more sustainable and
environmentally friendly future.
The Vietnam
Silicone Additives Market is segmented in function, application, regional
distribution, and company.
Based on its function, the defoamers segment held the
largest share in the market. In addition to their dominance, technological advancements
have played a significant role in the widespread use of defoamers. The
continuous development of highly efficient and sustainable defoamer products
has not only expanded their application across various sectors but also
contributed to their growing popularity. Furthermore, the continuous
advancements in manufacturing processes have led to increased production
capacities for these additives, effectively meeting the rising demand in the
market. As a result, defoamers have become indispensable tools in combating
foam-related challenges, providing effective solutions and ensuring optimal
performance in diverse industries.
Based on region, Central segment is expected to grow
during the forecast period. The Vietnamese government has implemented a range of
strategic initiatives aimed at promoting and fostering industrial development
in the central region. These initiatives encompass a comprehensive set of
favorable policies and incentives tailored to support businesses, extensive infrastructure
development projects to enhance connectivity and accessibility, and proactive
efforts to attract foreign investment. The combined effect of these proactive
measures has significantly contributed to the remarkable growth and expansion
of the silicone additives market in the central region.
Major companies operating in Vietnam Silicone
Additives Market are:
- Accredo Asia Co, Ltd
- Binh Minh Packaging Joint Stock Company
- Semitech Materials Co Ltd
- Trung Dong Corporation
- THIEN LONG GROUP CORPORATION
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“Growing application of silicone additives in various
end user industries are key drivers of the silicone additives market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of silicone additives with
every passing year are anticipated to register an impressive growth to Vietnam
Silicone Additives Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Silicone Additives Market By Function (Defoamers,
Wetting & Dispersing Agents, Rheology Modifiers, Surfactants, Lubricating
Agents, Others), By Application (Plastics & Composites, Paint &
Coatings, Healthcare, Food & Beverage, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Silicone Additives 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 Silicone Additives Market.
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