Vietnam Aluminum Market is Expected to be Dominated by the Flat Rolled Segment through 2028
Rising demand of automotive industry and Increasing popularity of secondary
aluminum are the main drivers for the Vietnam aluminum market growth.
According
to TechSci Research report, “Vietnam Aluminum Market - By Region,
Competition, Forecast, & Opportunities, 2028”, the Vietnam aluminum market will grow in forecast period
due to its exceptional qualities, which makes it a material suitable for
application in a variety of end-use industries, including ductility,
durability, high strength, corrosion resistance, and reflectivity, among
others. Aluminum also has the benefit of having an almost limitless capacity
for recycling, which makes it a better option in terms of environmental
conservation. However, high manufacturing costs are a significant problem, with
high power costs accounting for 20–30% of production and having the potential
to restrain market expansion during the forecast period. Other difficulties
encountered during mining, such as slow clearances, poor connectivity, land
acquisition obstacles, and others, can further limit market expansion.
The
Vietnam construction industry has had finest years of supply in the
Asia-Pacific area since 2020. Many new investors, including domestic
developers, chose to enter the market due to the significant growth of
industrial real estate during and after the epidemic.
Vietnam's
General Statistics Office reports that the construction industry made a
considerable contribution to the GDP of the nation, accounting for around
38.26% of the total. The predicted 2022 GDP growth rate for Vietnam is 8.8%.
According
to the Ministry of Construction of Vietnam's most recent publication, the
People's Committee of Ha Long City in Quang Ninh Province started building a
social housing project for nearly 1,000 apartments in Hong Hai Ward and Cao
Thang Ward of Ha Long City in early November of 2022. The project's estimated
total investment is VND 1.3 trillion (USD 52.3 million), and its completion is directed
for the first quarter of 2026. The project will eventually house more than
3,880 workers and low-income households.
According
to the ministry in 2022, 63 commercial projects were finished, and roughly
15,000 dwellings were built in the covered area. On the other hand, there were
more continuing and unfinished commercial housing projects than ever before,
reaching about 1,102 projects (302,616 units) in the same year, while 104 additional
projects received investment approval at the same time. These domestic and
international investments are anticipated to increase demand for aluminum
during the estimate period due to aluminum's crucial position in the industry
and the rising number of construction projects.
As
work progresses on significant infrastructure projects aimed at enhancing
logistics in the nation, Vietnam's competitive advantage will continue to grow.
For example, the North-South Motorway, which has an increased domestic
transportation capacity along with a corridor connecting industrial zones with
urban centers, ports, and the border with China, is also being built between
Hanoi and Ho Chi Minh City, due to which the aluminum market will grow.
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The
Vietnam aluminum market is segmented into type, application, processing method,
region, and company. Based on type, the market can be fragmented into rolled
products, extruded products, bus wire, and wire rods. Based on application, the market can be
categorized into transport, building & construction, electrical
engineering, consumer goods, foil & packaging, machinery & equipment,
and others. Based on processing method, the market can be segmented into flat
rolled, castings, extrusions, forgings, pigments & powder, and rod &
bar. Based on region, the market is segmented into Northern Vietnam, Central
Vietnam, and Southern Vietnam.
Based
on application, the market can be categorized into transport, building &
construction, electrical engineering, consumer goods, foil & packaging,
machinery & equipment, and others. The building & construction segment
will dominate the market as the second-most used metal in the building and
construction sector is aluminum. Due to its light weight and corrosion
resistance feature, it is frequently used in windows, curtain walls, roofing
and cladding, solar shades, solar panels, railings, shelves, and other
temporary structures.
Key
market players in the Vietnam aluminum market include:
- Dynacast International Inc.
- Garmco Metals Vietnam Co., Ltd
- Global Vietnam Aluminum Co. Ltd (RUBY)
- Resonac Holdings Corporation
- Showa Leadfu Co. Ltd
- State Power Investment Corporation (SPIC)
- TBC Ball Beverage Can Vietnam Limited
- Tsukuba Diecasting Co. Ltd
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The
Vietnam aluminum market will grow in the forecast period due to the high demand
for easy to use materials in the automotive industry. Through the projected
period, the rising public awareness of the use of recycled aluminum is likely
to present a business opportunity”, said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Vietnam Aluminum Market Segmented By Type (Rolled
products, Extruded Products, Bus Wire, and Wire Rods), By Application
(Transport, Building & Construction, Electrical Engineering, Consumer
Goods, Foil & Packaging, Machinery & Equipment, and Others), By Processing
Method (Flat Rolled, Castings, Extrusions, Forgings, Pigments & Powder, and
Rod & Bar), By Region, Competition, Forecast, & Opportunities, 2028”,
has evaluated the future growth potential of Vietnam aluminum market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended 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 present in the Vietnam aluminum market.
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