Market Size of Vietnam Aluminum Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 4.12 Billion |
| Market Size (2029) | USD 6.59 Billion |
| CAGR (2024 - 2029) | 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Vietnam Aluminum Market Analysis
The Vietnam Aluminum Market size is estimated at USD 4.12 billion in 2024, and is expected to reach USD 6.59 billion by 2029, growing at a CAGR of greater than 10% during the forecast period (2024-2029).
The COVID-19 pandemic had a negative impact on the demand for the aluminum market in Vietnam due to various lockdowns and restrictions imposed by the government. The market, however, has been growing gradually with the restrictions being lifted, and this growth trajectory is likely to continue over the forecast period.
- Factors such as the rising demand for the construction industry and the expansion of the automotive industry are driving market growth.
- The growing availability of substitutes, along with stringent regulations, are acting as restraints to market growth.
- The increasing awareness of the usage of recycled aluminum is likely to act as an opportunity through the forecast period.
Vietnam Aluminum Industry Segmentation
Aluminum is a lightweight metal that resembles silver in color and can reflect light. Its properties include softness, non-magnetism, elasticity, and a lower density than other common metals, amounting to roughly one-third that of steel.
The Vietnamese aluminum market is segmented by processing type and end-user industry. By processing type, the market is segmented into castings, extrusions, forgings, flat-rolled products, and pigments and powders. The end-user industry segments the market into automotive, aerospace and defense, building and construction, electrical and electronics, packaging, industrial, and other end-user industries (marine, power, and others). The report also offers market size and forecasts based on volume (kilotons) and value (USD million).
| Processing Type | |
| Castings | |
| Extrusions | |
| Forgings | |
| Flat-rolled Products | |
| Pigments and Powders |
| End-user Industry | |
| Automotive | |
| Aerospace and Defense | |
| Building and Construction | |
| Electrical and Electronics | |
| Packaging | |
| Industrial | |
| Other End-user Industries (Marine, Power, and Others) |
Vietnam Aluminum Market Size Summary
The Vietnam aluminum market is poised for significant growth, driven by the expanding construction and automotive industries. The construction sector, a major contributor to the country's GDP, increasingly utilizes aluminum due to its lightweight and corrosion-resistant properties, making it ideal for various building applications such as windows, roofing, and solar panels. The ongoing development projects, including social housing initiatives and solar photovoltaic systems, are expected to further boost the demand for aluminum. Meanwhile, the automotive industry in Vietnam is embracing aluminum to enhance fuel efficiency and reduce emissions, with its use in various vehicle components becoming more prevalent. The entry of international automobile brands and the focus on electric vehicle production are anticipated to further stimulate the aluminum market.
Despite the positive growth trajectory, the market faces challenges such as the availability of substitutes and stringent regulations. However, the growing awareness and adoption of recycled aluminum present opportunities for market expansion. The aluminum market in Vietnam is partially consolidated, with key players like Vietnam Coal and Mineral Industries Group, Daiki Aluminium Vietnam, and Kobe Steel Ltd playing significant roles. These companies, along with others, are actively contributing to the market's development through strategic initiatives and partnerships. As the market continues to recover from the impacts of the COVID-19 pandemic, it is expected to maintain a robust growth trajectory over the forecast period.
Vietnam Aluminum Market Size - Table of Contents
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1. MARKET DYNAMICS (Market Size in Value and Volume)
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1.1 Driver
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1.1.1 Substitution of Stainless Steel with Aluminum by Automotive Companies
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1.1.2 Growing Construction and Infrastructure Activities in the Country
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1.1.3 Other Drivers
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1.2 Restraint
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1.2.1 Availability of Substitute Products
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1.2.2 High Costs and Stringent Environmental Regulations
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1.2.3 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value and Volume)
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2.1 Processing Type
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2.1.1 Castings
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2.1.2 Extrusions
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2.1.3 Forgings
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2.1.4 Flat-rolled Products
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2.1.5 Pigments and Powders
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2.2 End-user Industry
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2.2.1 Automotive
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2.2.2 Aerospace and Defense
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2.2.3 Building and Construction
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2.2.4 Electrical and Electronics
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2.2.5 Packaging
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2.2.6 Industrial
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2.2.7 Other End-user Industries (Marine, Power, and Others)
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Vietnam Aluminum Market Size FAQs
How big is the Vietnam Aluminum Market?
The Vietnam Aluminum Market size is expected to reach USD 4.12 billion in 2024 and grow at a CAGR of greater than 10% to reach USD 6.59 billion by 2029.
What is the current Vietnam Aluminum Market size?
In 2024, the Vietnam Aluminum Market size is expected to reach USD 4.12 billion.
