Vietnam Aluminium Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Aluminium Market Analysis
The Vietnam aluminum market is estimated to register a CAGR of over 7% during the forecast period.
The COVID-19 era negatively impacted the market. In 2020, widespread lockdowns, temporary factory closures, and trade sanctions caused significant global supply chain network disruptions. The market, however, grew gradually due to the restrictions being lifted and is therefore likely to continue this growth trajectory for the forecast period.
- Factors such as the construction industry's rising demand and the automotive sector's expansion are driving the market growth.
- The depreciating revenues from bauxite-alumina projects 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 Aluminium Market Trends
This section covers the major market trends shaping the Vietnam Aluminum Market according to our research experts:
Growth from the Building and Construction Industry
- Aluminum is the second most widely utilized metal in the building and construction industry. It is widely used in windows, curtain walls, roofing and cladding, solar shade, solar panels, railings, shelves, and other temporary structures due to its lightweight and corrosion resistance.
- Since the COVID-19 era, the Vietnam construction sector was one of the best performing in the Asia-Pacific region. With the tremendous rise of industrial real estate during and after the pandemic, many new investors, including domestic developers, opted to enter the market.
- According to the General Statistics Office of Vietnam, the construction sector significantly contributed to the country's GDP with about 38.26% of the total contribution. Vietnam's GDP growth rate was estimated to be about 8.8% in 2022.
- The Ministry of Construction stated that the country's construction industry achieved a growth rate of about 8.5% during 2022, contributing to bringing the economy's overall growth rate surpassing the 6-6.5% plan set by the Government.
- In its recent publication, the Ministry of Construction of Vietnam also stated that the People's Committee of Ha Long City in Quang Ninh Province commenced construction of a social housing project for nearly 1,000 apartments in Ha Long City's Hong Hai Ward and Cao Thang Ward in the early November of 2022.
- The overall investment in the project is projected to be around VND 1.3 trillion (USD 52.3 million), with completion scheduled for the first quarter of 2026. After completion, the project aims to house more than 3,880 employees and low-income residents.
- According to the ministry, 63 commercial projects were completed in 2022, with nearly 15,000 apartments being constructed in the covered area. Contrarily, there were more unfinished and ongoing commercial housing projects than ever, totaling around 1,102 projects (302,616 apartments) in the same year, while 104 additional projects were simultaneously given investment approval.
- Due to aluminum's critical role in the industry and the growing number of construction projects, these investments from domestic and foreign companies are projected to raise the demand for aluminum during the projection period.
Automotive Industry to Dominate the Market
- As the automobile industry focuses more and more on fuel efficiency, lowering CO2 emissions, and design flexibility, aluminum plays an increasingly significant role in modern vehicles. The use of aluminum reduces the overall weight of an automobile by several kilograms in various areas.
- Many automobile components, including radiators, wheels, suspension components, bumpers, transmission bodies, engine cylinder blocks, and body components like hoods, doors, and even frames, are constructed of aluminum. It is helping the aluminum market to grow exponentially.
- According to the Vietnam Automobile Manufacturers Association, a total number of 17,314 units of automobiles were being produced in the country, the prominent share being of passenger cars (14,036 units) followed by commercial vehicles (3,174 units) and special purpose vehicles (104 units).
- Furthermore, in 2022, the passenger cars market in Vietnam is estimated to have generated USD 6,332.8 million in revenue. The automobile will likely grow at a 1.64% CAGR, resulting in a market volume of USD 6,757.8 million over the next three years.
- The Vietnam Automobile Manufacturers Association (VAMA) also suggested that the National Automobile Development Strategy (2021-2050) promote manufacturing and boost the use of e-vehicles. The number of electric vehicles will considerably expand between 2030 and 2040, reaching a production capacity of 3.5 million vehicles by that year.
- Therefore, owing to all the factors above, the development of the automotive industry and its fast-paced growth in Vietnam is likely to help the aluminum market to expand during the forecast period.
Vietnam Aluminium Industry Overview
The aluminum market in Vietnam is fragmented in nature. Some major players (in no particular order) include Resonac Holdings Corporation, Dynacast, TSUKUBA DIECASTING Co., Ltd., GARMCO, and Global Vietnam Aluminium Co. Ltd (RUBY).
Vietnam Aluminium Market Leaders
GARMCO
Dynacast
Global Vietnam Aluminium Co. Ltd (RUBY)
Resonac Holdings Corporation
TSUKUBA DIECASTING Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Vietnam Aluminium Market News
- January 2023: The Ministry of Industry and Trade of Vietnam issued the results of the second review of the application of anti-dumping measures on some aluminum products from China. Vietnam will implement anti-dumping measures against several imported aluminum, alloy, and non-alloy products in the form of bars, rods, and shapes that have been extruded, whether they have been surface treated or further processed, and that are categorized under various HS codes.
- March 2022: The Aluminium Stewardship Initiative (ASI) announced that TBC Ball Beverage Can Vietnam Limited was successfully certified against the ASI Performance Standard (Provisional) and Chain of Custody Standard for responsible aluminum production, sourcing, and stewardship for its production facility outside of Ho Chi Minh City, Vietnam.
Vietnam Aluminium Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 Growth of the Automotive Industry
4.1.2 Growing Demand from the Building and Construction Industry
4.2 Restraints
4.2.1 Depreciating Revenues from Bauxite-Alumina Projects
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value and Volume)
5.1 Processing Type
5.1.1 Castings
5.1.2 Extrusions
5.1.3 Forgings
5.1.4 Flat Rolled Products
5.1.5 Pigments and Powders
5.2 End-user Industry
5.2.1 Automotive
5.2.2 Aerospace and Defense
5.2.3 Building and Construction
5.2.4 Electrical and Electronics
5.2.5 Packaging
5.2.6 Industrial
5.2.7 Other End-user Industries
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Dynacast
6.4.2 GARMCO
6.4.3 Global Vietnam Aluminium Co. Ltd (RUBY)
6.4.4 Resonac Holdings Corporation
6.4.5 Showa Leadfu Co. Ltd
6.4.6 State Power Investment Corporation (SPIC)
6.4.7 TBC Ball Beverage Can Vietnam Limited
6.4.8 Tsukuba Diecasting Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Recycling of Aluminum for Further Usage
Vietnam Aluminium 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, roughly one-third that of steel. The Vietnam 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 industries. 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 |
Vietnam Aluminium Market Research FAQs
What is the current Vietnam Aluminum Market size?
The Vietnam Aluminum Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Vietnam Aluminum Market?
GARMCO, Dynacast, Global Vietnam Aluminium Co. Ltd (RUBY), Resonac Holdings Corporation and TSUKUBA DIECASTING Co., Ltd. are the major companies operating in the Vietnam Aluminum Market.
What years does this Vietnam Aluminum Market cover?
The report covers the Vietnam Aluminum Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Aluminum Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Aluminium Industry Report
Statistics for the 2024 Vietnam Aluminium market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Aluminium analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
