|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD115.64
million
|
|
CAGR
(2023-2028)
|
3.56%
|
|
Fastest
Growing Segment
|
Plating
Chemicals
|
|
Largest
Market
|
Central
|
Market Overview
Vietnam
Surface Treatment Market has valued at USD115.64 million in 2022 and is
anticipated to project robust growth in the forecast period with a CAGR of 3.56%
through 2028. Surface treatment refers to a wide range of processes that are
applied to the surface of a material to enhance its durability, improve its
appearance, or enhance its adhesion capabilities. In the metalworking industry,
these processes play a crucial role in protecting and enhancing the quality of
products. As the metalworking industry continues to experience significant
growth in Vietnam, the demand for effective surface treatment solutions is also
on the rise.
There
are several key factors driving this robust growth in the Vietnam surface
treatment market. Firstly, the country's manufacturing sector has witnessed a
remarkable rise, especially in sectors such as automotive, electronics, and
construction, all of which heavily rely on surface treatment solutions to meet
their quality standards and performance requirements.
Furthermore,
advancements in surface treatment technologies are playing a crucial role in
shaping the market's growth trajectory. The development of environmentally
friendly and efficient surface treatment methods is expected to further boost
the market, as manufacturers increasingly prioritize sustainable practices and
seek innovative solutions.
In
addition, trade shows and events focused on surface treatment are being
organized in major cities across Vietnam. These events provide excellent
opportunities for industry professionals to network, share knowledge, and
showcase the latest advancements in surface treatment technologies. By
attracting potential investors and fostering collaborations, these events
contribute to the overall growth of the market.
The
Vietnam surface treatment market is poised for continuous expansion, driven by
the rising demand from various industries, technological advancements, and the
presence of platforms that facilitate knowledge exchange and business
opportunities.
Key Market Drivers
Growing Demand of Surface
Treatment in Packaging Industry
Surface
treatment plays a crucial role in the packaging industry by enhancing the
adhesion of printing inks and coatings to the packaging material. This not only
ensures high-quality prints and finishes but also improves the durability of
the packaging, providing protection against environmental factors such as
humidity and UV light.
In
the food and beverage sector, surface treatment technologies like corona,
plasma, and flame treatment are extensively used to enhance the sealability and
printability of packaging materials. These technologies not only ensure product
safety but also enhance the visual appeal of the packaging, which is a key
factor influencing consumer purchasing decisions.
The
growing demand for surface treatments in the packaging industry is a
significant driver of Vietnam's surface treatment market. With the country's
booming manufacturing sector and increasing exports, the need for high-quality
packaging solutions has never been higher. Moreover, the rise of e-commerce in
Vietnam has led to an increased demand for durable and attractive packaging.
Therefore, surface treatment technologies that can enhance the appearance and
longevity of e-commerce packaging are in high demand.
Sustainability
is another important factor driving the demand for surface treatments in the
packaging industry. As global awareness of environmental issues grows, there is
a rising demand for eco-friendly packaging solutions. Surface treatments that
facilitate the use of recyclable or biodegradable materials are expected to
witness increased demand in the coming years.
In
conclusion, the growing demand for surface treatments in the packaging industry
is playing a pivotal role in driving the growth of Vietnam's surface treatment
market. With the rise of e-commerce, increasing environmental consciousness,
and the ongoing growth of manufacturing in the country, this trend is set to
continue in the coming years. The importance of surface treatment in ensuring
high-quality, durable, and sustainable packaging solutions cannot be
overstated.
Growing Demand of Surface
Treatment in Construction Industry
Surface
treatment is a critical process that involves a range of techniques applied to
the surface of a material, serving to enhance its durability, appearance, and
adhesion capabilities. Especially in the construction industry, these
treatments play a vital role in improving the longevity and aesthetic appeal of
buildings and infrastructure.
By
applying surface treatments, construction materials are shielded from various
environmental factors such as humidity, UV light, and corrosion. The protective
properties of these treatments ensure that structures withstand the test of
time, maintaining their integrity and structural soundness. Not only do surface
treatments offer long-term protection, but they also contribute to the visual
appeal of buildings, providing a high-quality finish to surfaces that catches
the eye and leaves a lasting impression.
Considering
the rapid growth of Vietnam's construction and infrastructure development
projects, the demand for surface treatments in the country's market has soared.
The construction industry's increasing reliance on surface treatment solutions
has become a significant driver of Vietnam's surface treatment market. As the
industry continues to witness a surge in construction activities, the need for
high-quality and innovative surface treatment solutions has become more
pressing than ever.
Looking
ahead, the future of Vietnam's surface treatment market appears promising,
largely driven by the ongoing growth in the construction industry. As
construction requirements evolve and become more sophisticated, the demand for
advanced and effective surface treatment solutions will continue to rise. The
industry's focus on achieving optimal performance, longevity, and aesthetic
appeal will fuel further expansion in the surface treatment sector, making it
an exciting and dynamic field to watch.
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Key Market Challenges
Volatility in Price of Raw
Materials
Rising
and volatile raw material prices can have a profound impact on the surface
treatment market. The production of surface treatment chemicals heavily relies
on raw materials such as metals, minerals, and chemical compounds, which are
subject to fluctuations in prices. These price fluctuations directly affect the
cost of production, creating pressure on manufacturers' profit margins.
In
conclusion, while the volatility in the price of raw materials poses a
significant challenge for Vietnam's surface treatment market, it is not
insurmountable. By adopting strategic measures such as supplier
diversification, technological investment, and strategic pricing, companies can
navigate these challenges and continue to thrive in this growing market. These
measures will enable companies to mitigate the impact of price fluctuations and
ensure long-term sustainability in the ever-evolving surface treatment
industry.
Key Market Trends
Growing Use of Powder Coatings
Powder
coating is a highly effective and widely used surface treatment method that
involves the application of a free-flowing, dry powder onto a surface. This
powder is then heated or cured to create a hard, durable, and protective
finish. One of the key advantages of powder coatings over traditional liquid
paints is that they do not require a solvent, making them more
environmentally-friendly and cost-effective.
In
addition to their economic and environmental benefits, powder coatings offer
exceptional durability and longevity. They create a more uniform and attractive
finish that is highly resistant to chipping, scratching, fading, and general
wear and tear. These outstanding features make powder coatings the ideal choice
for a wide range of applications, spanning from automotive parts and household
appliances to furniture and even large architectural structures.
The
growing demand for powder coatings is significantly driving Vietnam's surface
treatment market, and several factors contribute to this notable trend.
Firstly, the increasing awareness about the environmental impact of
manufacturing processes has led to a surge in demand for sustainable solutions
like powder coatings. Notably, powder coatings emit either zero or extremely
low levels of volatile organic compounds (VOCs), making them highly appealing
to eco-conscious manufacturers and consumers alike.
Secondly,
Vietnam's industrial sector, particularly the thriving automotive and
electronics industries, is playing a crucial role in the rising demand for
powder coatings. These industries require finishes that are not only visually
appealing but also durable and of exceptional quality. Powder coatings
perfectly meet these requirements, making them the preferred choice in these
sectors.
Lastly,
the growing middle-class population in Vietnam is fueling the demand for
high-quality consumer goods, including appliances and furniture. As consumers
seek products that not only provide longevity but also an aesthetically
pleasing appearance, the need for powder coatings has witnessed a significant
uptick. These coatings can deliver the desired durability and an attractive
finish that enhances the overall appeal of these consumer goods.
In
summary, powder coatings have emerged as a favored surface treatment solution
in Vietnam due to their numerous advantages. Their environmental friendliness,
cost-effectiveness, exceptional durability, and aesthetic appeal make them the
go-to-choice across various industries. As the demand for high-quality and
sustainable finishes continues to grow, powder coatings are expected to further
flourish in Vietnam's surface treatment market.
Segmental Insights
Chemical Type Insights
Based
on the category of chemical type, the plating chemicals segment emerged as the
dominant player in the Vietnamese market for surface treatment in 2022. The
primary drivers of the need for chemical surface treatment in Vietnam are the
automotive, aerospace, and construction industries. These sectors require
high-quality, durable finishes for their products, and plating chemicals can
meet these needs effectively. For instance, in the automotive industry,
advanced ornamental plating techniques are in demand to create eye-catching
finishes that enhance the overall aesthetic appeal of vehicles.
Additionally,
anti-corrosive coatings are essential to protect automotive components from the
harsh effects of weather and environmental factors, ensuring their longevity
and performance. Furthermore, treatments that enhance surface durability are
crucial in the aerospace industry, where aircraft parts and components must
withstand extreme conditions and maintain structural integrity.
Plating
chemicals offer numerous advantages that contribute to their dominance in the
surface treatment market. They help reduce bath solution losses, lower scrap
rates, and improve the quality of the treated surfaces. These benefits make
plating chemicals an attractive option for manufacturers seeking to enhance
their products' performance and longevity. By reducing bath solution losses,
manufacturers can minimize waste and optimize the efficiency of their
production processes. Lower scrap rates mean fewer rejected parts, resulting in
cost savings and increased productivity. Moreover, the improved quality of
treated surfaces translates into products that meet or exceed the required
standards, ensuring customer satisfaction and brand reputation.
Moreover,
plating chemicals can provide a wide range of aesthetic finishes, from glossy
to matte, metallic to non-metallic, making them versatile for various
applications. This versatility allows manufacturers in diverse industries to
achieve different visual effects and tailor their products to specific market
preferences. For example, the construction industry may require metallic
finishes for architectural hardware, while the consumer electronics industry
may prefer non-metallic finishes for a sleek and modern appearance.
An
increase in adaptation to plating is creating the demand for plating chemicals
in the surface treatment market. As industries recognize the benefits of
chemical surface treatment, they are increasingly adopting plating techniques
to enhance the performance and durability of their products. The ability of
plating chemicals to provide a high-quality, durable finish has led to their
increased usage across different industries. This trend is expected to continue
as manufacturers strive to meet the evolving demands of customers and remain
competitive in the market.
End User Insights
The
transportation segment is projected to experience rapid growth during the
forecast period. One of the key reasons why transportation is dominating
Vietnam's surface treatment market is the government's proactive initiatives to
improve road infrastructure. By investing in the development and maintenance of
high-quality roads, there is a significant increase in the demand for surface
treated materials such as steel and aluminum. These materials, which are
commonly used in road construction, undergo surface treatments to enhance their
durability, corrosion resistance, and longevity, thereby making them highly
suitable for infrastructure projects of all scales.
In
addition to the government's efforts, the logistics and freight transport
market in Vietnam also plays a crucial role in driving the growth of the
surface treatment industry. As this industry continues to expand, there is a
substantial surge in the demand for surface treated materials. This demand
stems from the manufacturing of transportation vehicles and equipment, where
surface treatments are extensively utilized. For instance, in the automotive
sector, surface treatments are employed to protect car parts from wear and
tear, while also providing a visually appealing finish that meets consumer
expectations.
Moreover,
the surface treatment market in Vietnam receives a significant boost from the development
of liquid goods trucking services. These specialized services require the use
of storage tanks that are often subjected to surface treatment for corrosion
resistance. This ensures the safe transportation of liquid goods, bolstering
the demand for surface treated materials in this sector. By addressing the
specific needs of liquid goods transport, the surface treatment industry
contributes to the overall efficiency and safety of the logistics and
transportation network in Vietnam.
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Regional Insights
Central emerged as the dominant player
in the Vietnam Surface Treatment Market in 2022, holding the largest market
share in terms of value. One of the primary reasons for the central region's
dominance in Vietnam's surface treatment market is its thriving industrial
sector. With a strong emphasis on manufacturing and production, the central
region has become a hub for various industries, including electronics,
automotive, and aerospace. The electronics industry (EI) in particular plays a
crucial role in driving the demand for surface treatments. As electronic
components and devices require precise and reliable surface treatments
treatments to ensure optimal performance and longevity, the market for surface
treatments in the central region has experienced significant growth.
In addition to the flourishing
industrial sector, infrastructure development has also played a key role in
driving the surface treatment market in the central region. The central region
has witnessed remarkable progress in terms of infrastructure, with the
construction of new roads, bridges, and buildings. These infrastructure
projects not only enhance connectivity and facilitate transportation, but also
create a demand for durable materials like steel and aluminum. These materials,
often subjected to surface treatments, are essential for ensuring longevity,
corrosion resistance, and overall structural integrity.
Recent Developments
- In
December 2022, BASF, a leading chemical company, and Saigon Chemical
Corporation (SCC) have joined forces in an exciting collaboration aimed at
developing cutting-edge surface treatment technologies tailored specifically
for the Vietnamese market. This collaboration marks a significant milestone in
addressing the growing demand for innovative, sustainable, and eco-friendly
surface treatment solutions in Vietnam. By combining their expertise and
resources, BASF and SCC are poised to revolutionize the industry, offering
advanced technologies that will not only meet but exceed the expectations of
customers in terms of performance, durability, and environmental
responsibility. Together, they are committed to driving positive change and
contributing to a more sustainable future for Vietnam and beyond.
Key Market Players
- Henkel AG
- Chemetall Ltd
- JCU Corporation
- Solvay Chemicals International SA
- Platform Specialty Products Corp.
|
By Chemical Type
|
By
End User
|
By
Region
|
- Cleaners
- Plating
Chemicals
- Conversion
Coating
- Others
|
- Transportation
- Construction
- Packaging
- Others
|
|
Report Scope:
In this report, the Vietnam Surface Treatment
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
- Vietnam Surface Treatment Market, By Chemical Type:
o Cleaners
o Plating Chemicals
o Conversion Coating
o Others
- Vietnam Surface Treatment Market, By End User:
o Transportation
o Construction
o Packaging
o Others
- Vietnam Surface Treatment Market, By Region:
o Northern
o Central
o Southern
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Vietnam
Surface Treatment Market.
Available Customizations:
Vietnam Surface Treatment Market report with the
given market data, Tech Sci 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 Surface Treatment 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]