Vietnam Surface Treatment Market to Grow with a CAGR of 3.56% through 2028
Surge in research and development activities is expected
to drive the Vietnam Surface Treatment Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Vietnam
Surface Treatment Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Surface Treatment Market stood at USD115.64
million in 2022 and is anticipated to grow with a CAGR of 3.56% in the forecast
period, 2023-2028. The initiatives taken by government based on surface
treatment has led to favorable market conditions for the Vietnam Surface
Treatment Market. Several factors contribute to the growth of various surface
treatment market products. The
Vietnamese government, recognizing the importance of public health, has
established collaborations with renowned organizations such as the World Health
Organization and the Center for Disease Control Prevention. These partnerships
serve to enhance the overall well-being of the population. While the immediate
focus may not be on surface treatment, this emphasis on safety and health
implies a comprehensive approach to regulating the use of chemicals in various
sectors, including surface treatments. Additionally, the government's
comprehensive five-year socio-economic development plan plays a pivotal role in
shaping the surface treatment market. This strategic plan encompasses various
aspects of industrial growth and development, which inevitably influences the
demand for surface treatment processes. By fostering favorable conditions for
industries to thrive, the government indirectly stimulates the need for
effective surface treatments to ensure the durability and quality of products
across sectors.
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Research and
development activities in the metalworking industry are playing a crucial and
pivotal role in driving the Vietnam surface treatment market. As technologies
continue to advance at a rapid pace, the demand for highly efficient, durable,
and high-performance metals has significantly increased. This surge in demand
has prompted continuous innovations in surface treatment processes, leading to
the development of cutting-edge techniques and methodologies. These surface
treatment processes serve to enhance the overall performance of metals by
improving their corrosion resistance, hardness, and aesthetic appeal. By
incorporating advanced surface treatment methods, metals become more resilient,
long-lasting, and visually appealing, making them exceptionally suitable for a
wide range of applications across various industries.
The Vietnam
Surface Treatment Market is segmented in chemical type, end user, regional
distribution, and company.
Based on its end user, the transportation segment held
the largest share in the market. Additive manufacturing, also known as 3D
printing, is revolutionizing the transportation industry in Vietnam's surface
treatment market. By leveraging this cutting-edge technology, vehicle parts can
now be customized with precision, resulting in improved quality and
performance.
Additionally, the use of additive manufacturing
reduces transportation and storage costs, making it a cost-effective solution
for businesses. This has led to a significant increase in demand for surface
treatments that can further enhance the durability and functionality of printed
components. As a result, additive manufacturing is playing a crucial role in
shaping the future of transportation in Vietnam, offering endless possibilities
for innovation and growth.
Based on region, Central segment is expected to grow
during the forecast period.
The construction industry in the central region is
experiencing significant growth, which is further fueling the demand for
surface treatments. This surge in demand can be attributed to the increasing
need for paints, varnishes, and other coatings in this sector. Moreover, the
utilization of construction chemicals, including concrete admixtures and
protective coatings for surface treatments, is witnessing a notable upward
trend. As the construction industry continues to thrive, the market for surface
treatments is poised for continued expansion and innovation.
Major companies operating in Vietnam Surface Treatment
Market are:
- Henkel AG
- Chemetall Ltd
- JCU Corporation
- Solvay Chemicals International SA
- Platform Specialty Products Corp.
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“Growing application of surface treatment in various
end user industries are key drivers of the surface treatment market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of surface treatment with every
passing year are anticipated to register an impressive growth to Vietnam
Surface Treatment Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Surface Treatment Market By Chemical Type (Cleaners,
Plating Chemicals, Conversion Coating, Others), By End User (Transportation,
Construction, Packaging, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Surface Treatment 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 Surface Treatment Market.
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