Vietnam Concrete and Construction Market: Demand Analysis and Growth Forecast
Vietnam’s cement sector is one of the top five in the world in terms of capacity. The demand for infrastructure and housing development is the key driver of the growth of concrete and construction market in the country. The Government of Vietnam aims at reducing the greenhouse emissions by focusing on eco-friendly and energy efficient building construction, which involves the production of pre-fabricated beams, columns, walls, and pre-stressed concrete floors combined with technology solutions to build high-rise structures.
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(2018 - 2023)
This market has various sourcing centers, which differs from the type of building material. It is the primary supply zone for tiles, bricks, and flooring. A new kind of bricks termed as Autoclave Aerated Concrete (AAC) blocks that are lightweight, load-bearing, high-insulating, and durable are produced in a wide range of sizes and strengths. The IndustryARC report projects profitable progression in the Vietnam Concrete and Construction market during the forecast period from 2018 to 2023.
Vietnam Concrete and Construction Market: Key Drivers and Disruptive Trends
- Vietnam's construction industry has developed strongly, contributing to the industrialization and modernization of the country. Many large-scale projects with high technical requirements, concrete structures, and modern technology have been constructed and put into effect. One example can be Son La hydropower project, which has the largest scale in the East. It has about 31 rotary kiln cement projects with a total designed capacity of 39 million tons distributed in many regions such as North, Central, and only 4/31 in the South.
- Rolled concrete called Concrete Canvas is a new construction material in Vietnam, which assures rigidity and durability as required for construction works. When it is exposed to concrete water, the fabric gets rolled up to create a thin, durable concrete layer, which is highly resistant to fire and waterproof.
- According to Vietnam's cement industry development plan, the demand for cement will increase from an estimated 93-95 million tons in 2020 to approximately 113-115 million tons in 2030. The compulsion of green building or sustainable development in construction has become an inevitable trend in the context of global climate change, which is positively stroking the demand for Vietnam concrete and construction market.
Vietnam Concrete and Construction Market: Leading Segments
Based on product, Vietnam concrete and construction market can be segmented into concrete, wet mix concrete, and concrete pumping cars, which can be further sub-segmented into boom pumping car, line pumping car, and stationary trailer-line pumping car. On the basis of end-user, the market can be bifurcated into residential, commercial and infrastructures such as roads, bridges, railways, and ports.
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The Vietnam concrete market plays a key role in the construction and development of eco-friendly buildings by using pre-fabricated beams, columns, walls, pre-stressed concrete floors, and AAC blocks. It has witnessed a remarkable growth in the recent past on the back of upcoming large scale projects. Residential and commercial buildings are some of the end-user industries of this market. Under these favorable scenarios, the market is estimated to witness significant growth in the near future.
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