Report Overview

Rapid industrialization and urbanization and expansion of manufacturing sector are expected to boost the growth of Vietnam Specialty Chemicals Market during the forecast period between 2024 and 2030.

Vietnam Specialty Chemicals Market - Industry Trends & Forecast Report, 2030

Vietnam Specialty Chemicals Market size was estimated to be worth USD 17.3 million in 2023. During the forecast period between 2024 and 2030, Vietnam Specialty Chemicals Market size is projected to grow at a CAGR of 6.30%, reaching a value of USD 26.3 million by 2030.

By volume, Vietnam Specialty Chemicals Market size was estimated at 3.9 million tons in 2023. During the forecast period between 2024 and 2030, Vietnam Specialty Chemicals Market size is expected to expand at a CAGR of 3.80% reaching a volume of 5.1 million tons by 2030.

Major growth factors for Vietnam Specialty Chemicals Market include rapid urbanization and industrialization, stringent environmental regulations, expanding agriculture and manufacturing sectors, and rising investment in research and development activities.

Specialty Chemicals – Overview

Specialty chemicals are either single chemical substances or combinations of several chemical components created for particular uses and occasionally for specific clients. Typically, they are extremely high purity, low volume, high value compounds utilized as steps in bio-pharmaceutical or high-tech processes. Specialty chemicals are chemical substances used as intermediates or raw ingredients at different stages throughout the production of pharmaceuticals. They are materials that are employed based on their functionality or performance.

Vietnam Specialty Chemicals Market

Growth Drivers

Rising Adoption of Sustainable Practices

The increasing shift towards sustainability is emerging as one of the major driving factors for the growth of Vietnam specialty chemicals market. Growing environmental consciousness and regulatory requirements are driving the demand for sustainable and eco-friendly specialty chemicals. Vietnamese companies are investing in green chemistry and sustainable manufacturing practices to meet changing customer demands and regulatory requirements, which is propelling the country's specialty chemicals market growth.

Challenges

Fluctuations in Availability of Raw Materials and Supply Chain

Vietnam Specialty Chemicals Market faces significant challenges due to fluctuations in raw material pricing and supply chain inefficiencies, which act as a barrier to its market growth. The fluctuations in raw material pricing result in inflation in the price of products and supply chain inefficiencies lead to delays in the production of the goods as it hinders the procurement of materials.

Vietnam Specialty Chemicals Market

Segmental Coverage

Vietnam Specialty Chemicals Market – By Product Type

Based on product type, Vietnam Specialty Chemicals Market is segmented into agrochemicals, rubber processing chemicals, construction chemicals, food & feed additives, cosmetic chemicals, oilfield chemicals, specialty pulp & paper chemicals, specialty textile chemicals, water treatment chemicals, pharmaceutical & nutraceutical additives, CASE (coatings, adhesives, and sealants & elastomers), and others (institutional & industrial cleaners, electronic chemicals, and mining chemicals). The institutional & industrial cleaners segment holds the largest share of Vietnam Specialty Chemicals Market. The stringent regulations around maintaining cleanliness and hygiene of products and surroundings act as a major driving factor for institutional & industrial cleaners.

Vietnam Specialty Chemicals Market – By End User Industry

On the basis of end user industry, Vietnam Specialty Chemicals Market is divided into automotive, construction, consumer goods, food & beverages, healthcare, industrial manufacturing, oil & gas, and other (packaging, personal care, water treatment) segments. The construction sector dominates Vietnam Specialty Chemicals Market. Specialty chemicals play a vital role in the construction sector by protecting concrete from air deterioration and improving its strength and quality. The rapid industrialization and urbanization for infrastructural development and economic growth act as a major catalyst for the rising demand for specialty chemicals in the sector.

Competitive Landscape

Major companies in the intensely competitive Vietnam Specialty Chemicals Market include K.D. Feddersen Vietnam Co., Ltd, Oxy Chemicals Co., Ltd, AVCO, Trung Nguyen, MICHEM VIETNAM, Duc Giang Chemical Group Joint Stock Company (DGC), Wacker Chemie AG, VIET A CHEMICAL COMPANY LIMITED, and Adchem Joint Stock Company. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In May 2024 – DKSH’s Business Unit Performance Materials, a distributor of specialty chemicals and materials, signed a distribution agreement with Chemours for potential business growth in Southeast Asia, including Vietnam.

Scope of the Report

By Product Type

• Agrochemicals

• Rubber Processing Chemicals

• Construction Chemicals

• Food & Feed Additives

• Cosmetic Chemicals

• Oilfield Chemicals

• Specialty Pulp & Paper Chemicals

• Specialty Textile Chemicals

• Water Treatment Chemicals

• Pharmaceutical & Nutraceutical Additives

• CASE (Coatings, Adhesives, Sealants & Elastomers)

• Others (Institutional & Industrial Cleaners, Electronic Chemicals, Mining Chemicals)

By End User Industry

• Automotive

• Construction

• Consumer Goods

• Food & Beverages

• Healthcare

• Industrial Manufacturing

• Oil & Gas

• Others (Packaging, Personal Care, Water Treatment)