Vietnam Paints and Coatings Market Introduction and Overview
According to SPER Market Research, the Vietnam Paints and Coatings Market is estimated to reach USD 27.5 million by 2033 with a CAGR 4.9%.
The report includes an in-depth analysis of the Vietnam Paints and Coatings Market, including market size and trends, product mix, distribution channels, and supplier analysis. Both paint and coating are applied to surfaces to protect them and improve their look, but they serve different functions and have different qualities. Paint is a colored substance made up of pigments suspended in a liquid binder that dries to leave a thin, durable layer on surfaces. It is mostly utilized for aesthetic purposes, such as color and pattern on walls, furniture, and cars. Paint can also provide some protection from environmental conditions such as moisture and UV rays. Coatings, on the other hand, are intended to offer more specific protection and functionality. They frequently integrate additional components to improve durability, chemical resistance, and corrosion protection.
- Nippon Paint has announced plans to build a new resin manufacturing plant in Hanoi, Vietnam. This factory, which will be the third and biggest in Vietnam for the corporation, will produce a variety of goods, such as resin, heavy-duty coatings, ornamental paint, industrial paint, and marine coatings.
- Nippon Paint, a well-known Japanese paint company with superior products and creative solutions, has just released its three-year strategic plan. The corporation intends to build a cutting-edge resin production facility in Hanoi, Vietnam, as part of this plan. In addition to meeting the region's increasing need for Nippon Paint's products, this new facility will boost employment possibilities and promote technological developments, which will benefit the local economy.
Market Opportunities and Challenges
Opportunities: The paints and coatings market in Vietnam has been growing rapidly. Several important elements, most notably the strong success of the nation's manufacturing, automotive, and construction industries, are responsible for this increasing trend. Vietnam's construction sector is booming, as seen by the country's rush of real estate and infrastructure projects. As a result, there is an increasing need for paints and coatings to protect and improve the durability as well as the appearance of buildings and other structures. Furthermore, Furthermore, by improving product performance and durability, technological developments in coating formulations—such as the introduction of nanotechnology—are stimulating market expansion.
Challenges: The paint and coatings industry is significantly dependent on a wide range of raw materials, including solvents, resins, pigments, and other elements that are necessary to create high-quality coatings. Due to a variety of variables, such as changes in supply and demand, currency fluctuations, geopolitical conflicts, and regulatory changes, these substances, which are essential for formulation, frequently experience price swings.
Market Competitive Landscape
The Paints and Coatings market in Vietnam is moderately fragmented. Some of the market key players are Akzo Nobel, NIPPON PAINT, Jotun A/S, TOA Paint, PPG Yung Chi Coatings Co. Ltd, Kansai Paint Co Ltd., Nero Paint Co Ltd, Others.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Material, By Application
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| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region
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| Companies Covered | Akzo Nobel, NIPPON PAINT, Jotun A/S, TOA Paint, PPG Yung Chi Coatings Co. Ltd, Kansai Paint Co Ltd., Nero Paint Co Ltd, Others.
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COVID-19 Impact on Vietnam Paints and Coatings Market
Vietnam's paint and coatings industry was severely disrupted by the COVID-19 epidemic, which caused supply chain disruptions and production schedule adjustments. The first shutdowns of factories and suspension of building projects brought about by lockdowns and restrictions resulted in a decrease in the demand for paints and coatings. Delays in infrastructure projects and lower consumer spending had an impact on the market, impacting both the residential and commercial divisions. But when things got better bit by bit, the market started to bounce again, propelled by a pick-up in building activity and a greater emphasis on home remodeling projects.
Key Target Audience:
- Construction Companies
- Architects and Interior Designers
- Homeowners and DIY Enthusiasts
- Industrial and Manufacturing Sectors
- Government and Municipalities
- Property Management Firms
- Retailers and Distributors
Our in-depth analysis of the Vietnam Paints and Coatings Market includes the following segments:
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By Product:
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Waterborne Coatings
Solvent-borne Coatings
Powder Coatings
High Solids/Radiation Curing
Others
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By Material:
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Acrylic
Alkyd
Polyurethane
Epoxy
Polyester
Others
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By Application:
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Architectural and Decorative
Non-Architectural
Automotive and Transportation
Wood
General Industrial
Marine
Protective
Others
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Key Topics Covered in the Report:
- Vietnam Paints and Coatings Market Size (FY’2024-FY’2033)
- Overview of Vietnam Paints and Coatings Market
- Segmentation of Vietnam Paints and Coatings Market By Product (Waterborne Coatings, Solvent-borne Coatings, Powder Coatings, High Solids/Radiation Curing, Others)
- Segmentation of Vietnam Paints and Coatings Market By Material (Acrylic, Alkyd, Polyurethane, Epoxy, Polyester, Others)
- Segmentation of Vietnam Paints and Coatings Market By Application (Architectural and Decorative, Non-Architectural)
- Expansion Analysis of Vietnam Paints and Coatings Market
- Problems and Obstacles in Vietnam Paints and Coatings Market
- Competitive Landscape in the Vietnam Paints and Coatings Market
- Impact of COVID-19 and Demonetization on Vietnam Paints and Coatings Market
- Details on Current Investment in Vietnam Paints and Coatings Market
- Competitive Analysis of Vietnam Paints and Coatings Market
- Prominent Players in the Vietnam Paints and Coatings Market
- SWOT Analysis of Vietnam Paints and Coatings Market
- Vietnam Paints and Coatings Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Vietnam Paints and Coatings Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Vietnam Paints and Coatings Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Vietnam Paints and Coatings Market
7. Vietnam Paints and Coatings Market, By Product (USD Million) 2020-2033
7.1. Vietnam Paints and Coatings Market Size, Share and Forecast, By Product, 2020-2026
7.2. Vietnam Paints and Coatings Market Size, Share and Forecast, By Product, 2027-2033
7.3. Waterborne Coatings
7.4. Solvent-borne Coatings
7.5. Powder Coatings
7.6. High Solids/Radiation Curing
7.7. Others
8. Vietnam Paints and Coatings Market, By Material (USD Million) 2020-2033
8.1. Vietnam Paints and Coatings Market Size, Share and Forecast, By Material, 2020-2026
8.2. Vietnam Paints and Coatings Market Size, Share and Forecast, By Material, 2027-2033
8.3. Acrylic
8.4. Alkyd
8.5. Polyurethane
8.6. Epoxy
8.7. Polyester
8.8. Others
9. Vietnam Paints and Coatings Market, By Application (USD Million) 2020-2033
9.1. Vietnam Paints and Coatings Market Size, Share and Forecast, By Application, 2020-2026
9.2. Vietnam Paints and Coatings Market Size, Share and Forecast, By Application, 2027-2033
9.3. Architectural and Decorative
9.4. Non-Architectural
9.4.1. Automotive and Transportation
9.4.2. Wood
9.4.3. General Industrial
9.4.4. Marine
9.4.5. Protective
9.4.6. Others
10. Vietnam Paints and Coatings Market Forecast, 2020-2033 (USD Million)
10.1. Vietnam Paints and Coatings Market Size and Market Share
11. Vietnam Paints and Coatings Market, By Region, 2020-2033 (USD Million)
11.1. Vietnam Paints and Coatings Market Size and Market Share By Region (2020-2026)
11.2. Vietnam Paints and Coatings Market Size and Market Share By Region (2027-2033)
11.3. Eastern Region
11.4. Western Region
11.5. Northern Region
11.6. Southern Region
12. Company Profile
12.1. Akzo Nobel
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. NIPPON PAINT
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Jotun A/S
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. TOA Paint
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. PPG Yung Chi Coatings Co. Ltd
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. Kansai Paint Co Ltd.
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. Nero Paint Co Ltd
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. Others
13. Conclusion
14. Reference Links
15. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
