Report Description

Forecast Period


Market Size (2022)

USD 188.35 million

CAGR (2023-2028)


Fastest Growing Segment

Synthetic Rubber

Largest Market



Market Overview

Vietnam Industrial Rubber Market has valued at USD 188.35 million in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.02% through 2028. The Vietnam industrial rubber market is expected to experience significant growth during the forecast period. This growth can be attributed to several factors, including the rapid expansion of the tire industry and the increasing demand for industrial rubber in automobiles for various purposes.

One of the driving forces behind the growth of the Vietnam industrial rubber market is the government's plan to establish itself as a global supplier of spare parts and high-value items for automobiles. This strategy, outlined in the Automobile Sector Development Strategy, is expected to boost the demand for industrial rubber in the country.

Furthermore, the rising sales of electric vehicles, driven by enhanced environmental awareness and decreasing prices of electric vehicle parts, are also contributing to the growth of the Vietnam industrial rubber market. As the demand for electric vehicles continues to increase, the need for industrial rubber in their production and maintenance will also rise.

In addition to the automotive sector, industrial rubber is being increasingly utilized in various other applications such as building, industrial manufacturing, polymer modification, wire & cable, electrical & electronics, and more. This diversification of applications is further fueling the growth of the Vietnam industrial rubber market.

Moreover, the growing environmental awareness and fluctuating petroleum prices are leading to a greater adoption of sustainable and green programs in the industrial rubber industry. Market players are investing significant resources in developing sustainable and environment-friendly products derived from bio-based materials sourced from renewable resources. These initiatives, driven by environmental regulations, are expected to drive the growth of the Vietnam industrial rubber market.

However, it is important to note that stringent regulations aimed at reducing carbon footprint pose challenges for the industrial rubber manufacturing giants. Compliance with these regulations may require significant investments and adjustments in manufacturing processes, which could potentially affect the growth of the Vietnam industrial rubber market in the coming years.

Overall, the Vietnam industrial rubber market is poised for substantial growth, driven by the tire industry expansion, increasing demand in the automotive sector, diversification of applications, and the adoption of sustainable practices.

Key Market Drivers

Growing Demand of Industrial Rubber in Construction Industry

Industrial rubber is highly valued in the construction industry due to its unique properties, such as exceptional durability, flexibility, and resistance to weather and chemical damage. These characteristics make it an ideal choice for a wide range of construction applications, including window seals, roofing membranes, conveyor belts, and vibration dampening systems.

One area where the use of rubber has gained significant popularity is in sealing solutions, particularly window and door seals. These rubber seals not only provide excellent insulation but also contribute to energy conservation by reducing heat loss or gain. This translates into reduced energy consumption and improved comfort and safety for building occupants.

Rubber roofing membranes have also emerged as a preferred choice for waterproofing in construction projects. With their superior ability to repel water, these membranes effectively protect buildings from potential water damage, ensuring the longevity and structural integrity of the structures.

In addition, there is a growing demand for rubber conveyor belts in the construction industry. These belts play a crucial role in efficiently transporting materials across construction sites, enhancing productivity, and reducing labor costs. The utilization of reliable and durable conveyor belts ensures smooth and uninterrupted material flow, contributing to the overall efficiency of construction operations.

The construction industry in Vietnam is experiencing rapid growth, driven by factors such as urbanization, infrastructure development, and the increasing demand for residential and commercial buildings. As the country embarks on ambitious infrastructure projects, including the construction of new highways, bridges, and airports, the need for durable and reliable construction materials becomes paramount. Industrial rubber, with its exceptional properties, perfectly aligns with these requirements, making it a sought-after choice for construction projects in Vietnam.

Furthermore, sustainability has gained significant importance in the construction industry, leading to an increased demand for eco-friendly materials. Rubber-based materials are highly recyclable and can be reused, making them a sustainable choice for construction projects. As the industry continues to prioritize sustainability and environmental responsibility, the demand for industrial rubber is likely to witness further growth and expansion.

In summary, industrial rubber offers unique properties that make it highly suitable for various construction applications. Its durability, flexibility, resistance to weather and chemical damage, and recyclability position it as a versatile and sustainable material choice. With the construction industry's emphasis on performance, efficiency, and eco-friendliness, the demand for industrial rubber is expected to continue rising in the coming years.

Growing Demand of Industrial Rubber in Automotive Industry

Industrial rubber, a versatile material known for its durability, flexibility, and resistance to wear and tear, plays a crucial role in the manufacturing of various automotive components. From tires and seals to hoses, belts, matting, and wiper blades, industrial rubber finds widespread application in the automotive industry.

Vietnam's automotive sector has been experiencing rapid growth, driven by increasing domestic demand and favorable government policies. This surge in the automotive industry has led to a significant increase in the demand for industrial rubber in Vietnam. Moreover, Vietnam's strategic location and cost-competitive labor market have positioned it as an attractive hub for automobile manufacturers, further boosting the demand for industrial rubber.

Looking ahead, the future of Vietnam's industrial rubber market appears promising, primarily due to the continued expansion of the automotive sector. As Vietnam solidifies its position as a leading player in both the automotive and rubber industries, the demand for industrial rubber is expected to witness substantial growth.

In conclusion, the thriving demand for industrial rubber in Vietnam's automotive industry serves as a key driving force behind the growth of the country's industrial rubber market. With Vietnam's automotive sector poised for continued expansion, the need for industrial rubber is set to rise, paving the way for a bright and prosperous future for Vietnam's industrial rubber market.

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Key Market Challenges

Volatility in Raw Material Prices

Price volatility creates uncertainty in the manufacturing industry, making it challenging for manufacturers to accurately predict costs and plan their production accordingly. Fluctuating prices can result in increased production costs, which may then be passed on to consumers, potentially impacting demand for products.

This situation is particularly significant for a country like Vietnam, which holds the third position in global natural rubber production. The volatility in natural rubber prices is influenced by various factors, including weather conditions and disease outbreaks in rubber plantations. Furthermore, changes in crude oil prices can also affect the costs of synthetic rubber, further contributing to the overall market instability.

Although the volatility of raw material prices presents risk management strategies, a substantial challenge, it is not insurmountable. By implementing strategic planning, effective risk management strategies, and fostering continuous innovation, Vietnam's industrial rubber market can successfully navigate this complex issue and maintain stability in the face of price fluctuations.

Key Market Trends

Shift towards Sustainable and Environmentally Friendly Practices

In response to growing environmental concerns and increasing pressure from consumers and regulators, Vietnam is making concerted efforts to greenify its rubber industry. These efforts include transitioning to renewable energy sources, such as solar and wind power, to reduce carbon emissions and minimize the environmental impact of rubber production. Additionally, Vietnam is incorporating energy-saving devices, such as energy-efficient machinery and lighting systems, into its rubber manufacturing processes. By adopting these sustainable practices, Vietnam aims to not only mitigate the environmental footprint of its rubber industry but also set an example for other countries in the region.

To achieve sustainability in the rubber industry, collaboration is key. It requires close cooperation between rubber producers and buyers to ensure that rubber production is conducted in an environmentally responsible and socially conscious manner. This involves implementing responsible farming techniques, including agroforestry systems that promote biodiversity and natural resource conservation. Furthermore, reducing environmental risks associated with rubber cultivation, such as soil erosion and water pollution, is crucial. By adopting best practices and implementing proper waste management strategies, Vietnam can minimize the negative impacts of rubber production on the environment and local communities.

Transparency across the supply chain is another vital aspect of sustainable rubber production. Vietnam's rubber industry must prioritize traceability and ensure that all stages of the supply chain, from rubber plantations to processing facilities and distribution channels, adhere to strict environmental and social standards. By promoting transparency, stakeholders can identify areas for improvement, address any non-compliance issues, and work towards continuous improvement in sustainability performance.

As the third-largest natural rubber producer globally, Vietnam faces increasing pressure to meet global sustainability standards. The demand for sustainable and environmentally friendly rubber products is on the rise, driven by conscious consumers and stringent regulatory requirements. To remain competitive in the international market, Vietnam's rubber industry needs to adapt and embrace sustainable practices throughout the entire value chain. This includes not only adopting sustainable production methods but also investing in research and development to develop innovative and eco-friendly rubber products.

Certification can play a vital role in this sustainability journey. By obtaining recognized certifications, such as the Forest Stewardship Council (FSC) or the Roundtable on Sustainable Palm Oil (RSPO) certification, rubber producers can demonstrate their commitment to sustainability and responsible sourcing. This can enhance their reputation, build trust with buyers, and attract more environmentally conscious consumers.

In conclusion, the shift towards sustainable and environmentally friendly practices is a significant trend in Vietnam's industrial rubber market. As the country continues to embrace sustainability at its core, it is well-positioned to meet the increasing global demand for sustainable rubber products. By incorporating renewable energy, responsible farming techniques, and promoting transparency, Vietnam's rubber industry can contribute to a greener and more sustainable future.

Segmental Insights

Type Insights

Based on the category of type, the synthetic rubber segment emerged as the dominant player in the Vietnamese market for industrial rubber in 2022. One of the primary reasons for synthetic rubber's dominance in the industrial rubber market is its critical properties such as resistance, flexibility, and tear resistance. Synthetic variants, when compared to natural rubber, often offer superior performance characteristics, including improved heat resistance and resilience. This makes synthetic rubber an ideal material for various applications, ranging from automotive and construction to aerospace and healthcare industries. The versatility and durability of synthetic rubber enable its use in diverse products such as tires, seals, gaskets, hoses, and adhesives.

The automotive industry, particularly the growing tire industry, has been a significant driver for the synthetic rubber market in Vietnam. Synthetic rubber's durability and resistance to wear and tear make it a industry continues preferred continues to expand, leading to choice for tire production. With the increasing demand for vehicles, the tire industry continues to expand, leading to a surge in the demand for synthetic rubber. Additionally, the rising sales of electric vehicles (EVs) have further contributed to the growing demand for synthetic rubber, as EV tires require specialized materials that can withstand the unique requirements of electric vehicles.

Application Insights

The automotive segment is projected to experience rapid growth during the forecast period. Foreign Direct Investment (FDI) companies have emerged as dominant players in the motorbike markets of Vietnam, with a remarkable yearly production growth rate of 20 percent. This surge in FDI inflow into Vietnam's automotive industry has not only led to a substantial increase in the demand for industrial rubber but has also fueled the country's economic development and created employment opportunities for the local workforce. The presence of these FDI companies has brought about a dynamic transformation in the automotive sector, positioning Vietnam as a promising destination for investment in the global motorbike industry. 

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Regional Insights

Central emerged as the dominant player in the Vietnam Industrial Rubber Market in 2022, holding the largest market share in terms of value. The climate and soil conditions in the central region of Vietnam are highly favorable for rubber cultivation. With its tropical climate, the region experiences abundant rainfall throughout the year, creating a moist environment that is perfect for the growth of rubber trees. Additionally, the well-drained, deep clay soils in this area provide optimal conditions for the roots to anchor firmly and absorb essential nutrients. These ideal natural factors have contributed to the central region becoming a prime location for rubber cultivation in Vietnam.

Over the years, there has been a significant influx of investment in rubber plantations within the central region of Vietnam. This surge of financial support has led to the expansion of rubber production, propelling the region to become a key player in the industrial rubber market. As a result, Vietnam's central region has gained recognition for its high-quality rubber products that meet the demands of both domestic and international markets.

Apart from its favorable climate and soil, the central region of Vietnam enjoys a strategic location that further enhances its position in the industrial rubber market. Situated near major seaports, the region benefits from convenient access to key export markets. This geographical advantage allows for efficient transportation and timely delivery of rubber products, cementing the central region's dominance in the industry.

Recognizing the immense potential of the rubber industry in the central region, the Vietnamese government has demonstrated unwavering support. Implementing various policies and initiatives, the government aims to promote and develop rubber cultivation and production in this region. These efforts have resulted in improved infrastructure, research and development programs, and technical assistance, providing a solid foundation for the continued growth of the rubber industry in Vietnam's central region.

Recent Developments

  • In 2023, Bridgestone Corporation and Yokohama Rubber Co., Ltd. unveiled an exciting collaboration aimed at spearheading the development of innovative and eco-friendly industrial rubber products in Vietnam. Recognizing the increasing need for sustainable and durable solutions, the partnership will leverage cutting-edge technology and expertise to meet the growing demand for high-performance industrial rubber products in the Vietnamese market. By combining their collective knowledge and resources, Bridgestone and Yokohama Rubber are poised to make significant contributions to the advancement of rubber manufacturing and drive sustainable growth in Vietnam's industrial sector.

Key Market Players

  • LANXESS Corp
  • TSRC Corporation
  • Sinopec, Zeon Corporation
  • JSR Corporation
  • Versalis S.P.A.

 By Type

By Application

By Region

  • Natural Rubber
  • Synthetic Rubber
  • Automotive
  • Building & Construction
  • Healthcare
  • Coating
  • Others
  • Northern
  • Central
  • Southern
Report Scope:

In this report, the Vietnam Industrial Rubber Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Vietnam Industrial Rubber Market, By Type:

o   Natural Rubber

o   Synthetic Rubber

  • Vietnam Industrial Rubber Market, By Application:

o   Automotive

o   Building & Construction

o   Healthcare

o   Coating

o   Others

  • Vietnam Industrial Rubber Market, By Region:

o   Northern

o   Central

o   Southern

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Vietnam Industrial Rubber Market.

Available Customizations:

Vietnam Industrial Rubber Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Vietnam Industrial Rubber Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected] 

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Applications

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Overview of the Market

3.2.  Overview of Key Market Segmentations

3.3.  Overview of Key Market Players

3.4.  Overview of Key Regions/Countries

3.5.  Overview of Market Drivers, Challenges, Trends

4.    Vietnam Industrial Rubber Market Outlook

4.1.  Market Size & Forecast

4.1.1.     By Value

4.2.  Market Share & Forecast

4.2.1.    By Type (Natural Rubber, Synthetic Rubber)

4.2.2.     By Application (Automotive, Building & Construction, Healthcare, Coating, Others)

4.2.3.     By Region

4.2.4.     By Company

4.3.  Market Map

4.3.1.     By Type

4.3.2.     By Application

4.3.3.     By Region

5.    Northern Industrial Rubber Market Outlook

5.1.  Market Size & Forecast       

5.1.1.By Value

5.2.  Market Share & Forecast

5.2.1.     By Type

5.2.2.     By Application

6.    Central Industrial Rubber Market Outlook

6.1.  Market Size & Forecast       

6.1.1.By Value

6.2.  Market Share & Forecast

6.2.1.     By Type

6.2.2.     By Application

7.    Southern Industrial Rubber Market Outlook

7.1.  Market Size & Forecast       

7.1.1.By Value

7.2.  Market Share & Forecast

7.2.1.     By Type

7.2.2.     By Application

8.    Market Dynamics

8.1.  Drivers

8.2.  Challenges

9.    Market Trends & Developments

9.1.  Recent Developments

9.2.  Product Launches

9.3.  Mergers & Acquisitions

10. Policy & Regulatory Landscape

11. Vietnam Economic Profile

12. Competitive Landscape

12.1.         LANXESS Corp

12.1.1. Business Overview

12.1.2. Company Snapshot

12.1.3. Products & Services

12.1.4. Current Capacity Analysis

12.1.5. Financials (In case of listed)

12.1.6. Recent Developments

12.1.7. SWOT Analysis

12.2.         TSRC Corporation

12.3.         Sinopec, Zeon Corporation

12.4.         JSR Corporation

12.5.         Versalis S.P.A.

13. Strategic Recommendations

14. About us & Disclaimer

Figures and Tables

Frequently asked questions


The market size of the Vietnam Industrial Rubber Market was estimated to be USD188.35 million in 2022.


The synthetic rubber segment demonstrated significant dominance in 2022. This is due to its superior properties, strong growth in the automotive industry, and expanding applications.


Central dominated the market with a revenue share in 2022. This is due to favorable climate and soil conditions, significant investment in rubber plantations, proximity to export markets, government support, and the development of rubber processing industries.


Growing demand of industrial rubber in construction and automotive industries are the major drivers for the Vietnam Industrial Rubber Market.


Sakshi Bajaal

Business Consultant
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