Market Trends of vietnam architectural coatings Industry
This section covers the major market trends shaping the Vietnam Architectural Coatings Market according to our research experts:
Residential is the largest segment by Sub End User.
- The architectural coatings is one of the major shareholder of around 70% of the total paints and coatings market with residential coating accounting for 66.11% by volume in 2021. The consumption peaked in 2016 and 2017 due to the significant rise in the construction work especially in Ho Chi Minh City were larges scale of housing construction was observed in 2016.
- The decline of -3.47% in architectural coating consumption was seen in 2020 due to covid-19 and lower new completions in both residential and commercial sector. This trend was followed by only a slight recovery in the consumption in 2021 due to resurgence of 2nd wave of covid-19 in the country. The significant growth in 2022 due to the normalizing covid-19 scenario and positive developments in the housing starts and commercial constructions.
- The increase in consumption and sales is expected to grow at a significant rate in the forecasted period due to the rising population in the country and continuous rise in the urbanization which leads to the strong consumption of coatings from urban areas. For instance, According to the world bank, Vietnam’s urbanization rate increased by 7% during the period of 2010-20.
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