Vietnam Decorative Paints market is expected to
register an impressive CAGR during the forecast period. Decorative paints and
coatings, both exterior and interior, do more than add attractive color and
texture to facades and walls. This means that not only does it retain its
original aesthetic appeal, but it does not deteriorate with wear and constant
environmental or human stress. These long-term performance characteristics
reduce maintenance costs for easy cleanability (especially for interior
paints), extending time to restoration. Exterior decorative coatings, on the
other hand, must offer high water repellency and beading properties to optimize
performance and, as an added benefit, contribute to energy savings through
improved thermal insulation.
Decorative elements are found in all kinds of
buildings: churches, courts, libraries, houses, theaters, and museums. The use
of decorative paintings is usually found in period interiors on ceilings and
walls, but also on floors to imitate carpets and furniture for added detail.
Wall decorating techniques are versatile and cover everything from creating
design patterns to mimicking wallpaper, adding borders to accent a room, and
adding dimension and elements of interest to a room.
These properties are becoming increasingly important
in the face of climate change, as extreme weather conditions put pressure on
the continued water resistance of these materials. This prevents water and
moisture penetration, preventing mold and moss formation, loss of insulation,
efflorescence, and increased dirt absorption. Each decorative painting has its
advantages. Some can be used both outdoors and indoors, some can create a
metallic or rust finish, some are waterproof, and others. For this reason, it
is necessary to determine in advance what the requirements for each coating
will be. Bathroom walls, which are exposed to moisture every day, are not the
same as bedroom walls. Many colors serve not only decorative functions but also
enhance walls and floors. They protect the new coating from abrasion,
scratches, bumps, etc. A primer that serves as a base for decorative paints.
The purpose of the primer is to strengthen the substrate and facilitate the
subsequent absorption of the paints used to decorate and finish the walls.
Adhesion improves exponentially, minimizing bumps while reducing coating costs.
According to a report from VPIA (Vietnam Paint and Ink
Association), despite the small volume in 2022, the ink produced by FDI
enterprises accounted for more than 65% of the Vietnamese market in the past
five years, while the ink produced by domestic enterprises accounted for 35% of
the share. Vietnam's paint and coatings industry is projected to grow from USD
383 million in 2018 to USD 459 million by the end of 2022. The industry has
seen steady growth over the years due to the very active development of the
construction sector. Despite being severely impacted by the Covid-19 epidemic,
Vietnam's economy grew significantly by 2.91% in 2020, with many countries in
the world recording negative growth. Stable economic growth over the next few
years is expected to provide a much-needed boost to Vietnam's paints and
coatings industry in the short and medium term.
Increasing Investments in Construction Sector
In 2023, the Vietnamese government approved a project
to build at least 1 million affordable “social housing” units for low-income
people by 2030. The project aims to build 428,000 homes by 2025. The total cost
of the project is expected to be around USD36.1 billion (VND849 trillion).
Construction is expected to be funded by multiple sources. It aims to make
housing affordable for low- and middle-income urban households and workers in
industrial estates. The government is asking local governments to work with the
State Bank of Vietnam to provide nearly USD 5 billion in financing programs for
investors and home buyers. These programs allow investors and buyers to enjoy
interest rates that are 1.5-2% lower than average medium-term bank loans.
In 2022, construction of a 10-square-kilometer
industrial park in southern Vietnam's Binh Thuan province will begin, with a
groundbreaking ceremony attended by Prime Minister Pham Minh Trinh. The
construction cost estimated at USD520 million, will be used in a wide range of
fields from building materials to food processing when completed in 2025. The
park also has two 450 MW gas-fired power plants and a 100-hectare LNG import
port. Prime Minister Chin said the park, which will be one of the country's
largest, will help Vietnam become a middle-income country by 2030 and a
developed country with high per capita income by 2045. Vietnam hopes to achieve
these goals by investing in the digital transformation of existing industries,
the digital economy, green energy, circular economy principles, and adaptation
to climate change.
Latest Project & Investments
- In 2018, Jotun Paint Group leased 10 hectares of
industrial land in Hiep Phuoc Industrial Park to implement a project to
build factories for decorative paints, Hang Hai paints, industrial paints,
and electrostatic paints. This is his second factory in Jotun, Vietnam,
using advanced technology known as "green building" located in
Hiep Phuoc Industrial Park and is 10 times twice as big. The project has a
total investment of USD70 million, with an initial volume of 80 million
liters of liquid paint and 10 million kilograms of powder paint per year.
- In 2021, Vietnam started with building the first
phase of its largest airport near economic hub Ho Chi Minh City to
accelerate public investment to underpin economic growth amid the
coronavirus pandemic. The first phase of Long Thanh Airport in Dong Nai
Province will cost USD 4.66 billion and is expected to be operational in
2025. It includes a 4 km (2.5 miles) runway, terminals, and associated
facilities capable of serving 25 million passengers and handling 1.2
million tons of cargo annually. According to the government, the entire
project, if fully operational, could carry 100 million passengers a year
and would cost USD16 billion to build. The existing Tan Son Nhat airport
near Ho Chi Minh City, which has become a major transit hub for
international passengers and has been congested since 2015, will be used
as the domestic airport.
- In 2020, Samsung Electronics started construction
of a USD220 million R&D center in Vietnam. Construction of the Hanoi
center will be completed by the end of 2022, and Samsung Vietnam plans to
employ 2,200 to 3,000 people at the center. Samsung is the largest single
foreign investor in Vietnam with a total investment of USD 17 billion. The
planned center will be the largest in Southeast Asia and will enhance the
company's research capabilities in areas such as artificial intelligence,
the Internet of Things, big data, and 5G. Vietnam's exports of smartphones
and spare parts, mostly manufactured by Samsung Electronics, rose 4.4% to
USD51.38 billion last year.
Download Free Sample Report
Market Segmentation
Vietnam Decorative Paints Market is segmented based on
product type, type of paint, application, sales channel, end user, and region. Based
on product type, the market is divided into water based and solvent based.
Based on type of paint, the market is further bifurcated into emulsion, enamel,
distemper, primer, textures, and others. Based on application, the market is
divided into exterior and interior. Based on sales channel, the market is
further bifurcated into offline and online. Based on end user, the market is
further bifurcated into residential and non-residential. Based on region, the
market is bifurcated into the central region, northern region, and southern
region.
Market Players
Major market players in the Vietnam Decorative Paints
Market are Akzo Nobel Coatings Vietnam Ltd., Nippon Paint Vietnam TU, TOA Paint
Vietnam Limited Company, Jotun Paints (Vietnam) Co., Ltd., Hanoi General Paint
Joint Stock Company, Conwood Company Limited, Kansai Paint Co., Ltd – Alphanam,
4 Oranges Co., Ltd., PPG Paints Vietnam, Kova Paint Company Limited.
|
Attribute
|
Details
|
|
Base Year
|
2022
|
|
Historic Data
|
2018–
2021
|
|
Estimated Year
|
2023
|
|
Forecast Period
|
2024
– 2028
|
|
Quantitative Units
|
Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
|
|
Report Coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments Covered
|
Product Type
Type of Paint
Application
Sales Channel
End User
Region
|
|
Regional Scope
|
Central Region, Northern Region, Southern Region
|
|
Key Companies Profiled
|
Akzo Nobel Coatings Vietnam Ltd., Nippon Paint
Vietnam TU, TOA Paint Vietnam Limited Company, Jotun Paints (Vietnam) Co.,
Ltd., Hanoi General Paint Joint Stock Company, Conwood Company Limited,
Kansai Paint Co., Ltd – Alphanam, 4 Oranges Co., Ltd., PPG Paints Vietnam, Kova
Paint Company Limited.
|
|
Customization Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
|
Report Scope:
In this report, the Vietnam decorative paints market
has been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Vietnam Decorative Paints Market, By Product
Type:
- Water Based
- Solvent Based
- Vietnam Decorative Paints Market, By Type of
Paint:
- Enamel
- Primer
- Distemper
- Emulsion
- Textures
- Others
- Vietnam Decorative Paints Market, By Application:
- Vietnam Decorative Paints Market, By Sales
Channel:
- Vietnam Decorative Paints Market, By End User:
- Residential
- Non-Residential
- Online
- Vietnam Decorative Paints Market, By Region:
- Central Region
- Northern Region
- Southern Region
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in the Vietnam decorative paints market.
Available Customizations:
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.
The Vietnam decorative paints 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]