Vietnam Doors & Windows Market to be Driven by Increase in Construction Spending
The rising demand for thermal comfort among consumers,
fueled by the increase in their disposable income, is expected to boost
construction and renovation activities, supporting the Vietnam Doors &
Windows Market during the forecast period of 2024-2028.
According to
TechSci Research report, “Vietnam Doors & Windows Market - By
Region, Competition, Forecast and Opportunities, 2028,” continued
advancements in Vietnam’s commercial and residential markets and the rise in
construction and refurbishment activities are expected to support the market
under study significantly during the forecast period of 2024-2028. Increasing
expenditure on infrastructure in emerging economies is supporting the
construction industry.
Due to their
sustainability and lack of impact on the environment, eco-friendly doors and
windows have become increasingly popular as technology has developed. The
market for smart doors and windows is anticipated to grow quickly as the world shift
toward the Internet of Things (IOT). Some end customers of doors & windows include
workplaces, IT parks, and residential apartments.
The market for
windows and doors will experience growth in the period due to rising
demand for single-family houses and increased development and construction
activity in developing nations. increase. During the aforementioned projected
period, market restraints for the growth of windows and doors may include
rising costs of environmentally friendly goods and growing environmental
effects of garbage generated by replacement.
Vietnam's
construction industry has expanded tremendously in recent decades. The
country’s construction capabilities have also substantially improved, enabling
it to manage the construction requirements of large-scale projects. In Vietnam,
the construction sector is characterized by a large proportion of original
investment capital and a reliance on bank finance. Poor disbursement rates and
project delays are two factors that have had a substantial negative
influence on the financial status of the nation's construction enterprises.
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The Doors & windows market is analyzed on the
basis of product type, material type, end user, distribution channel, and
region. By product type, the market is bifurcated into Doors & Windows.
Based on material type, the market is segmented into uPVC, Wood, Aluminum, Glass, and Others. Based on end user, the market is
categorized into Residential, Commercial, Public, and Industrial. In terms of distribution
channel, the market is categorized into direct and indirect.
On the bases of material type, uPVC holds the largest share in the Vietnam
Doors & Windows Market and is expected to remain dominant during the
forecast period. Other segments are wood, metal, and others. As uPVC is
extensively utilized in windows, thanks to its superior insulation, soundproofing,
and energy-saving characteristics, the increase in construction activities is
expected to fuel its demand in the near future. The category is expected to report
a fast growth during the forecast period due to factors including easy availability
of uPVC windows in different colors, laminates, and patterns. The rising demand
for goods that are weather-, termite-, high impact-, and chemical-resistant is
also projected to boost the demand for uPVC over the next couple of years.
Based on application type, the residential
segment is expected to dominate the market during the forecast period. The
housing industry has grown significantly in Vietnam over the last few years. The
demand for apartments has surpassed supply by a wide margin, with many new
developments selling out shortly after they go on sale. This is due to the
limited investment options available for local Vietnamese outside the real
estate market.
In Hanoi, over 7,900 condominium units were
launched in the first half of 2021, reporting a 10% increase from the previous
year. COVID-19 severely impacted the Hanoi residential market in H1 2021.
However, the rising number of new launches indicates a resurgence in sales
activities and an increasing adaptation among developers and customers, both,
to the altered market conditions.
Ho Chi Minh City is planning to raise
the percentage of rental housing over the next 30 years to accommodate
low-income individuals' housing needs and boost affordability through a variety
of payment options. The city will make investing in and constructing rental,
social, and affordable houses for low-income individuals its priority in the coming
decades.
Key market players
in the Doors & Windows market:
- VAN PHU XUAN
CO., LTD
- Window Co.,
Ltd.
- Sai Gon New
House Company
- VIET-STAINED
GLASS CO LTD
- TUNG KUANG
INDUSTRIAL JOINT STOCK COMPANY
- Mat Bao Co, Ltd
- MHI AEROSPACE
VIETNAM CO., LTD
- ALK VINA JOINT
STOCK COMPANY
- Hoang Anh Gia
Lai Joint Stock Company
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“The Vietnam Doors &
Windows Market is expected to grow significantly in the coming years, thanks to
the increasing demand for residential and commercial spaces. The rise in
government spending on housing and public infrastructure and modification in
FDI policies is also projected to aid the market in the near future. The main
factor influencing the demand for doors and windows in Vietnam is the fondness of
Vietnamese people for high-end windows and doors with contemporary, asymmetrical
designs, large glazing surfaces, and artistic accents.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Vietnam Doors & Windows
Market By Product Type (Doors, Windows), By Material Type (uPVC, Wood,
Aluminum, Glass, Others), By End User (Residential, Commercial, Public, Industrial),
By Distribution Channel (Direct,
Indirect), By Region, Competition Forecast & Opportunities, 2028” has
evaluated the future growth potential of location-based services 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 the Doors & Windows market.
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