Vietnam Spray Adhesives Markett to Grow at 6.75% CAGR through 2029
Initiatives
taken by Vietnamese government to support the production of spray adhesives are
the major drivers for the Vietnam Spray Adhesives Market.
According
to TechSci Research report, “Vietnam Spray Adhesives Market
– Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2029F”, the Vietnam Spray Adhesives stood at USD 61.05 Million in
2023 and is anticipated to grow with a CAGR of 6.75% through 2023. This can be
ascribed to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position in the market.
Spray
adhesives offer efficient bonding solutions in furniture assembly, providing
strong and reliable adhesion between different components. Whether it's
attaching upholstery, laminating surfaces, or joining wooden or plastic parts,
spray adhesives ensure secure bonds that withstand the rigors of everyday use.
Their quick tack and fast curing properties enable streamlined production
processes, enhancing productivity and reducing assembly time. The furniture
industry in Vietnam encompasses a wide range of materials, including wood,
plywood, MDF (medium-density fiberboard), metal, plastic, and upholstery
fabrics. Spray adhesives excel in bonding different materials, providing
versatile solutions for diverse furniture manufacturing requirements. They
offer excellent adhesion to various substrates, enabling seamless integration
and enhancing the structural integrity of furniture pieces. In addition, spray
adhesives are extensively used in upholstery applications, ensuring the smooth
and precise attachment of fabric, leather, or foam to furniture frames. They
even provide coverage and prevent fabric distortion or wrinkling, resulting in
a professional and aesthetically pleasing finish.
Spray adhesives also offer flexibility,
allowing repositioning of upholstery materials during installation, ensuring
accurate alignment, and minimizing waste. For instance, SikaBond SprayFix is a
multipurpose, high performance, aerosol spray adhesive which can be used for
both temporary and permanent bonding applications including upholstery, floor
and other repairs, furniture lamination, etc. In recent years, the Vietnamese
government has been demonstrating a strong commitment to fostering domestic industries
and promoting economic growth. One such industry that has seen remarkable
support is the spray adhesives market. Spray adhesives play a pivotal role in
various sectors, ranging from construction and automotive to textiles and
packaging. The government has allocated funds and resources to support local
research institutions and universities to conduct research on innovative
formulations, environmentally friendly ingredients, and advanced application
techniques. By encouraging R&D activities, the government aims to enhance
the quality, efficiency, and safety of spray adhesives, making them more
competitive in both domestic and international markets. The government's
emphasis on eco-friendly and low-VOC (volatile organic compounds) formulations
aligns with global trends towards sustainability and environmentally conscious
manufacturing. Collaborations between adhesive manufacturers and research
institutions have facilitated the development of cutting-edge spray adhesive
formulations.
These
partnerships have enabled the introduction of high-performance products that
cater to the specific needs of industries such as aerospace, electronics, and
healthcare. As a result, the market has witnessed an influx of innovative spray
adhesives with enhanced properties, including high temperature resistance,
conductivity, and biocompatibility. Partnerships spanning the entire supply
chain, from raw material suppliers to distributors, have streamlined the
procurement process and minimized production bottlenecks. Such partnerships
have led to efficient inventory management and reduced lead times, ensuring a
steady supply of spray adhesives to meet market demand. A recent collaboration
related to spray adhesives in Vietnam involves the international adhesive tape
group, tesa, and Save the Children. This partnership aims to support selected
projects in Vietnam, among other countries, by providing assistance and
resources for various initiatives.
However,
disruptions in supply chain and fluctuations in prices of raw materials are
expected to slow down the growth of the market in the coming years.
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The
Vietnam Spray Adhesives Market segmentation is based on type, chemistry, end
user, company, and region.
Based
on end user, the
Construction sector emerges as a dominant force driving demand and consumption.
As Vietnam experiences rapid urbanization and infrastructural development, the
construction industry remains buoyant, creating a significant need for spray
adhesives in various construction applications. Spray adhesives play a crucial
role in bonding materials such as insulation, panels, tiles, and flooring in
both residential and commercial construction projects. Spray adhesives offer
advantages like ease of application, fast curing times, and strong adhesion,
making them preferred choices for construction professionals seeking efficient
and reliable bonding solutions. The Furniture sector also holds substantial
influence in the Vietnam Spray Adhesives Market. Vietnam is known for its
robust furniture manufacturing industry, exporting furniture products
worldwide. Spray adhesives are extensively utilized in furniture production for
bonding wood, laminate, veneer, and upholstery materials. With growing demand
for high-quality furniture products domestically and internationally, the
demand for spray adhesives in the furniture sector is expected to continue
expanding.
While Construction and Furniture
dominate the market, other sectors such as Transportation, Packaging, and
Textiles also contribute to the demand for spray adhesives, albeit to a lesser
extent. As Vietnam's economy continues to diversify and industrialize, these
sectors may witness increased adoption of spray adhesives for various
applications, further fueling market growth and development.
Based
on region, Central
Vietnam emerges as a dominant force in the Vietnam Spray Adhesives Market due
to several key factors. The region's strategic location at the heart of the
country facilitates convenient access to both domestic and international
markets, enabling efficient distribution of spray adhesives across Vietnam and
beyond. Central Vietnam boasts a thriving manufacturing sector and industrial
infrastructure, with key industrial zones and production facilities
concentrated in cities like Da Nang and Quang Nam. This concentration of
manufacturing activity creates a strong demand for spray adhesives, which are
widely used in various industries such as automotive, furniture, construction,
and packaging.
Central Vietnam is home to a diverse
range of businesses, including small and medium enterprises (SMEs) and large
corporations, all of which contribute to the growing demand for spray
adhesives. The region's favorable business environment, supported by government
incentives and infrastructure development initiatives, encourages investment
and business expansion, further fueling the demand for adhesive products.
Central Vietnam's robust economic growth and rapid industrialization drive the
construction and automotive sectors, both of which are significant consumers of
spray adhesives for bonding and assembly applications. The combination of
strategic location, thriving manufacturing sector, and favorable business
environment positions central Vietnam as a dominant player in the Vietnam Spray
Adhesives Market.
Major
companies operating in the Vietnam Spray Adhesives Market are:
·
Henkel
Adhesive Technologies Vietnam Co., Ltd
·
3M Vietnam Limited Liability Company
·
Sika Limited Vietnam
·
H.B. Fuller International Inc., Rep. Office
·
Ellsworth Adhesives Vietnam Co., Ltd.
·
Daihan Science Vietnam Co., Ltd.
·
Scilab Vietnam
·
BMA Vietnam Industries Co., Ltd.
·
Schomburg Vietnam Co., Ltd.
·
Vu Le Technology Co., Ltd.
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“The future of the Vietnam Spray
Adhesives Market appears promising, poised for sustained growth and innovation.
As Vietnam continues its trajectory of rapid industrialization and economic
development, the demand for spray adhesives is expected to escalate across
various sectors, including automotive, construction, packaging, and furniture.
Factors such as increasing urbanization, infrastructure development projects,
and rising disposable incomes contribute to the expanding market opportunities
for spray adhesives. As environmental awareness and regulations become more
stringent, there is a growing preference for eco-friendly and low-VOC (volatile
organic compound) adhesive solutions. This shift towards sustainable practices
presents opportunities for manufacturers to develop and introduce innovative,
environmentally friendly spray adhesive formulations. Advancements in
technology, such as improved bonding performance, faster curing times, and
enhanced durability, will drive product innovation and market competitiveness.
With favorable economic conditions, evolving consumer preferences, and
technological advancements, the Vietnam Spray Adhesives Market is poised for
robust growth in the foreseeable future," said Mr. Karan Chechi, Research
Director, TechSci Research, a research-based Global management consulting firm.
"Vietnam
Spray Adhesives Market, By Type (Solvent Based, Water Based, Hot Melt), By
Chemistry (Epoxy, Polyurethane, Synthetic Rubber, Vinyl Acetate Ethylene,
Others), By End User (Transportation, Construction, Furniture, Packaging,
Textiles, Others), By Region, Competition, Forecast & Opportunities,
2019-2029F" has evaluated the future growth potential of Vietnam
Spray Adhesives Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
innovative 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 Spray
Adhesives Market.
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