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Forecast Period
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2025-2029
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Market Size (2023)
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USD 61.05 Million
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Market Size (2029)
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USD 89.95 Million
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CAGR (2024-2029)
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6.75%
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Fastest Growing Segment
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Water Based Adhesives
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Largest Market
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Central Vietnam
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Market Overview
Vietnam Spray Adhesives Market was valued at USD 61.05 Million in 2023 and is anticipated to project impressive growth in the forecast
period with a CAGR of 6.75% through 2029. This is attributed to the increasing
demand from the construction industry. In 2021, Vietnam's construction sector
accounted for almost six percent of the country's total GDP. Vietnam Spray Adhesives
Market is expected to expand during the projected period due to increasing
demand from construction industry as spray adhesives are widely used for
bonding insulation materials as well as provide effective sealing, preventing
air leakage and improving the thermal performance of buildings. Vietnam Spray
Adhesives Market is a dynamic and competitive sector that offers opportunities
for growth and innovation. The market players are focusing on expanding their
product portfolio, enhancing their quality standards, improving their
distribution network, and increasing their market share. Along with this,
merger, and acquisition activity in the market enhances companies' presence in
the region as these acquisitions help companies to better serve their customers
and meet the growing demand for spray adhesives.
Key Market Drivers
Rising Demand from Packaging Industry
The packaging industry in Vietnam is experiencing
significant growth, driven by expanding domestic consumption and increasing
export activities. Within this dynamic sector, spray adhesives have emerged as
indispensable tools, playing a crucial role in various packaging applications.
Spray adhesives are widely used for carton and box sealing in the packaging
industry. They provide fast and efficient bonding, ensuring secure closures
that protect the contents during storage, transportation, and handling. Spray
adhesives offer strong adhesion to various substrates, including cardboard,
paper, and corrugated materials, creating reliable seals that resist tearing
and tampering. Point of Purchase (POP) displays are essential marketing tools
used to attract customer attention and promote products in retail environments.
Spray adhesives play a vital role in constructing and assembling POP displays,
bonding different materials such as cardboard, foam, plastics, and textiles.
Their fast tack and high bond strength facilitate quick assembly and ensure the
durability of POP displays, even in high-traffic areas. In addition, the spray
adhesives are extensively employed for labeling and laminating applications.
They provide efficient bonding solutions for attaching labels to various
packaging materials, such as glass, plastic, and metal. Spray adhesives also
enable the lamination of films, creating a protective barrier that enhances
product visibility, resistance to moisture, and overall packaging aesthetics. Spray adhesives find applications in specialty packaging
requirements, such as assembling blister packs, attaching inserts or promotional
items, and securing components in display cases. Their versatility allows for
effective bonding of different materials, enabling the creation of innovative
packaging designs that enhance product presentation and consumer experience. For
instance, Henkel produced LOCTITE MR 5416 is a milky white, viscous,
all-purpose, pressure sensitive, solvent-based spray adhesive that allows both
permanent and repositionable bonding and used in packaging application in
paper, cardboard and plastic. Spray adhesives offer quick and
uniform coverage, allowing for fast application and assembly of packaging
materials. They provide instant tack and rapid curing, reducing production time
and improving operational efficiency in packaging lines. Spray adhesives create
durable bonds that withstand the rigors of transportation, storage, and
handling. They offer excellent adhesion to a wide range of substrates, ensuring
secure packaging that minimizes the risk of product damage or leakage. Along
with this, spray adhesives can bond various packaging materials, including
paper, cardboard, plastics, foams, and metals. Their compatibility with diverse
substrates allows for flexibility in packaging design and material selection,
accommodating the unique requirements of different products. Spray adhesives
also enable the attachment of labels, inserts, or promotional items,
facilitating customization and branding opportunities in packaging. They
contribute to the aesthetic appeal of packaging, enhancing brand visibility and
consumer engagement. Manufacturers are increasingly developing spray
adhesives with eco-friendly formulations, addressing the packaging industry's
sustainability goals. Low VOC (volatile organic compound) emissions and
adherence to environmental regulations make these adhesives more appealing to
environmentally conscious companies. For instance, H B Fuller introduced
Millennium Sprayable Single-ply Bonding Adhesive that is applied as a
fast-drying contact adhesive and available for use in both VOC and non-VOC
regulated markets. Therefore, the rising demand from packaging industry led to
the growth of Vietnam Spray Adhesives Market in the projected year.
Growing use of Spray Adhesives in Construction
Industry
Vietnam's construction industry is rising due to
infrastructure development, urbanization, and a rising demand for modern
buildings and infrastructure. As energy efficiency becomes a priority in
construction, spray adhesives are widely used for bonding insulation materials.
They ensure a strong bond between insulation panels and various substrates,
such as concrete, metal, and wood. Spray adhesives provide effective sealing,
preventing air leakage and improving the thermal performance of buildings. With
increasing focus on sustainable construction practices, spray adhesives offer
eco-friendly solutions, reducing energy consumption and enhancing overall
building efficiency. Spray adhesives are extensively utilized for attaching
wall coverings, such as wallpapers, veneers, and decorative panels. They
provide reliable adhesion, enabling seamless and long-lasting installation of
decorative materials. Spray adhesives allow for precise and uniform
application, minimizing the risk of adhesive bleed-through or uneven bonding.
With the growing demand for aesthetically appealing interiors, spray adhesives
play a crucial role in enhancing the visual appeal of buildings. Along with
this, spray adhesives are widely employed for installing flooring materials,
including vinyl, laminate, carpet tiles, and rubber flooring. They offer
excellent bonding properties, ensuring a secure attachment between the flooring
material and the subfloor. Spray adhesives provide fast tack and high bond
strength, enabling efficient installation processes. They also offer flexibility,
allowing for easy removal or replacement of flooring materials when necessary. Spray adhesives find extensive use in mounting panels, fixtures,
and architectural elements. They provide strong adhesion to substrates,
enabling the secure attachment of elements such as signage, cladding, ceiling
tiles, and acoustic panels. Spray adhesives ensure quick and efficient bonding,
minimizing the need for additional mechanical fasteners. This leads to
streamlined installation processes and reduced labor costs, making them a
preferred choice in the construction industry. For instance, 3M Hi-Strength 90
Spray Adhesive and 3M Scotch-Weld Holdfast Cylinder Spray Adhesive 70 that are
an extremely versatile, fast-drying spray adhesive that bonds strongly to a
wide range of materials and use in the construction industry as building
envelope. Spray adhesives allow for precise and controlled
application, even on vertical or overhead surfaces. They eliminate the need for
additional tools or equipment, simplifying the installation process and
reducing the risk of adhesive runoff or excess usage. Thus, increasing demand
for construction industry dominate the growth of the Vietnam Spray Adhesives
market in the upcoming years.
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Key Market Challenges
Disruption in Supply Chain
The spray adhesive market in Vietnam is a vital
component of the country's industrial and manufacturing sectors, playing a
pivotal role in bonding materials for a range of applications. However, like
many industries around the world, the spray adhesive market is not immune to
the challenges posed by supply chain disruptions. These disruptions, stemming
from a variety of factors, have the potential to reverberate throughout the
market, impacting production, availability, and ultimately, the economy. Natural
disasters, geopolitical tensions, and unexpected global crises can disrupt
transportation routes, hinder the movement of goods, and lead to delays in
sourcing essential raw materials. The spray adhesive market relies on a range
of raw materials, and shortages or interruptions in the supply of these
materials can lead to production delays and increased costs. Changes in trade
regulations, tariffs, or compliance requirements can impact the ability to
source materials from specific regions or countries. Labor strikes or
shortages in key regions can affect production capacities, further leading to
delays and reduced output.
Price Fluctuations of Raw Materials
The spray adhesive market in Vietnam is a vital
sector that serves diverse industries, from manufacturing to construction. However,
the market faces a formidable challenge in the form of price fluctuations of
raw materials. These fluctuations, driven by a myriad of factors, can disrupt
supply chains, strain profit margins, and impact the overall competitiveness of
the spray adhesive industry. Energy prices, particularly for oil and natural
gas, play a significant role in determining the cost of raw materials used in
adhesive production. Increases in energy prices can cascade down the supply
chain, affecting the cost of manufacturing and, ultimately, the final product. Currency
fluctuations can impact the cost of importing raw materials, especially when
materials are priced in foreign currencies. Exchange rate volatility can lead
to sudden cost escalations or unexpected reductions in material costs. Broader economic trends, such as economic growth, inflation, and
trade policies, can influence raw material prices. Economic downturns can lead
to reduced demand and lower prices, while periods of growth can strain supplies
and drive prices upward.
Key Market Trends
Shift towards Eco-Friendly Formulations
One of the most prominent trends in the Vietnam
spray adhesive market is the increasing demand for eco-friendly and sustainable
adhesive solutions. With growing environmental awareness, both manufacturers
and consumers are seeking adhesive products that have minimal impact on the
planet. As a result, manufacturers are investing in research and development to
create spray adhesives with reduced volatile organic compound (VOC) emissions
and improved biodegradability. This trend aligns with global efforts to promote
green practices and offers a competitive advantage to companies that prioritize
sustainability.
E-Commerce and Online Distribution
In the fast-paced landscape of Vietnam's industrial
sectors, a powerful trend is emerging that is transforming the way spray
adhesives are bought, sold, and distributed – the rise of e-commerce and online
distribution. As Vietnam embraces the digital age, the spray adhesive market is
undergoing a significant evolution, driven by the convenience, accessibility,
and efficiency offered by online platforms. E-commerce platforms provide a
digital storefront accessible to a vast audience. Manufacturers and
distributors of spray adhesives can showcase their products to a wider customer
base, breaking down geographical barriers and reaching clients in remote or
underserved areas. E-commerce streamlines the procurement process by offering
quick and efficient online ordering. Businesses can replenish their adhesive
supplies promptly, reducing downtime and ensuring uninterrupted operations. E-commerce platforms often employ data-driven algorithms to recommend
relevant products to customers based on their browsing history and preferences.
This personalized experience enhances customer satisfaction and loyalty.
Segmental Insights
Type Insights
In 2023, the Spray Adhesives market was dominated
by the water-based segment and is predicted to continue expanding over the
coming years. One of
the primary reasons for the dominance of water-based products is their
eco-friendly nature. As global awareness of environmental issues grows, industries
are increasingly gravitating towards sustainable solutions. Water-based spray
adhesives have a lower volatile organic compound (VOC) content compared to
solvent-based counterparts, contributing to reduced air pollution and indoor
air quality improvement. This eco-conscious approach aligns with both
regulatory requirements and the growing demand for greener alternatives in
various sectors. Water-based spray adhesives offer improved safety and health
benefits for both workers and end-users. With lower VOC emissions and reduced
exposure to harmful chemicals, these adhesives provide a safer working
environment. Industries in Vietnam, such as textiles, automotive manufacturing,
and construction, prioritize worker well-being and compliance with health and
safety regulations.
Chemistry Insights
In 2023, the Vietnam Spray
Adhesives market was dominated by Synthetic Rubber segment and is predicted to
continue expanding over the coming years. Synthetic rubber offers a wide range of
properties that can be tailored to specific adhesive formulations. This
versatility allows manufacturers to create spray adhesives with varying levels
of tackiness, flexibility, and durability, making them suitable for diverse
applications. In many cases, synthetic rubber-based adhesives can be more
cost-effective to produce than natural rubber-based adhesives. This cost
advantage can make them an attractive option for both manufacturers and
end-users. Synthetic rubber-based adhesives often offer enhanced durability and
resilience compared to other adhesive types. This makes them well-suited for
applications that require long-term bonding performance, such as in the
automotive, construction, and packaging industries.
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Regional Insights
The Central Vietnam region has established itself
as the leader in the Vietnam Spray Adhesives Market. Central Vietnam has been a focus of economic
development initiatives, there might be a concentration of businesses and
industries that contribute to the demand for spray adhesives. Government
incentives and investments can drive industrial growth and influence market
dynamics. The presence of industry clusters or collaborative networks in
Central Vietnam could lead to a concentration of businesses that rely on spray
adhesives. Clusters often foster innovation, knowledge sharing, and specialized
expertise. Central Vietnam is strategically located near industries
that extensively use spray adhesives, it may serve as a convenient distribution
hub. This proximity can reduce transportation costs and ensure timely supply to
manufacturers and businesses in the area.
Key Market Players
- 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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By Type
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By Chemistry
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By End User
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By Region
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- Solvent Based
- Water Based
- Hot Melt
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- Epoxy
- Polyurethane
- Synthetic Rubber
- Vinyl Acetate Ethylene
- Others
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- Transportation
- Construction
- Furniture
- Packaging
- Textiles
- Others
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- Northern Vietnam
- Central Vietnam
- Southern Vietnam
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Report Scope:
In this report, the Vietnam Spray Adhesives Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Vietnam Spray Adhesives Market, By Type:
- Solvent Based
- Water Based
- Hot Melt
- Vietnam Spray Adhesives Market, By Chemistry:
- Epoxy
- Polyurethane
- Synthetic Rubber
- Vinyl Acetate Ethylene
- Others
- Vietnam Spray Adhesives Market, By End User:
- Transportation
- Construction
- Furniture
- Packaging
- Textiles
- Others
- Vietnam Spray Adhesives Market, By Region:
- Northern
- Southern
- Central
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Vietnam Spray Adhesives Market.
Available Customizations:
Vietnam Spray Adhesives 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 Spray Adhesives 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]