The Vietnam Asphalt Market has recently expanded, fueled by an increase in road construction and a heightened focus on smart city initiatives. These factors have accelerated the ongoing growth of asphalt in Vietnam. Initiatives such as the construction of the Long Thanh Airport project and various highway expansions are increasing asphalt consumption. Furthermore, rapid urbanization has resulted in more construction activities in cities, further fueling the need for asphalt in road construction and maintenance. The government’s focus on enhancing transportation networks to support economic growth has contributed to the growth of asphalt in Vietnam.
According to the research, Vietnam Asphalt Market is projected to grow at a CAGR of 7.6% from 2024-2030F. This anticipated growth is driven by burgeoning infrastructure and the growth of the residential sector. The government’s ambitious investment plans, including a significant expansion of expressway and highway networks to 2000 km by 2025, along with an additional 3000 km of the highway would greatly impact the asphalt market. Furthermore, planned upgrades to National Highway 53, 62, and 91B in the Mekong Delta, supported by a $386 million investment, highlight the growing need for high-quality asphalt in road construction and maintenance.
Additionally, the expansion of the residential sector fueled by factors such as government interventions & regulatory reforms such as revised land law, to address systemic challenges and improve market operations. Also, government initiatives such as Social Housing Projects like Happy Home Star City in Thanh Hoa & Rice City have played a significant role in the expansion of the residential sector. Collectively, these factors create a strong environment for the growth of the asphalt market in Vietnam, positioning it for sustained development in the coming years.
Market Segmentation By Applications
By Application
Paving is poised to dominate the market during the forecast period, owing to rapid expansion in the construction sector, driven by the increased need for safer roads as high-quality pavements are essential for improving transportation efficiency and safety. Additionally, the government has prioritized upgrading and expanding transportation networks. As Vietnam invests heavily in road construction and maintenance to support its growing economy, the demand for asphalt for paving purposes has surged. Additionally, the durability and performance characteristics of asphalt make it a preferred material for various paving applications, solidifying its leading position in the market.
Market Segmentation By Type
By Type
Hot Mix Asphalt is poised to dominate the market during the forecast period, owing to Infrastructure development including roads, highways and airports. The Vietnamese government is making substantial investments in transportation projects, with a notable program comprising 19 initiatives, including 11 expressways. For instance, the improvement of three national highways in the Mekong Delta, at a cost of $ 386 million, is expected to significantly boost asphalt demand. Furthermore, major infrastructure projects, such as the development of Ho Chi Minh City, the construction of Long Thanh International Airport, and enhancements to the railway network in Hanoi, will further elevate the need for hot-mix asphalt. These factors collectively indicate a robust increase in demand for asphalt in the country over the forecast period.
Key Attractiveness of the Report
- 10 Years Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Vietnam Asphalt Market Overview
- Vietnam Asphalt Market Outlook
- Vietnam Asphalt Market Forecast
- Vietnam Asphalt Market Porter’s Five forces Analysis
- Vietnam Asphalt Market Industry Life Cycle Analysis
- Historical Data and Forecast of Vietnam Asphalt Market Revenues and Volume, for the Period 2020-2030F
- Market Drivers and Restraints
- Historical Data and Forecast of Vietnam Asphalt Market Revenues, By Type, for the Period 2020-2030F
- Historical Data and Forecast of Vietnam Asphalt Market Revenues, By Application, for the Period 2020-2030F
- Key Performance Indicators
- Market Opportunity Assessment
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Type
- Hot Mix Asphalt
- Cold Mix Asphalt
- Warm Mix Asphalt
- Cut Back Asphalt
- Asphalt Emulsion
By Application
- Paving
- Roofing
- Waterproofing
- Others (Flooring Soundproofing etc)
Table of Contents
Companies Mentioned
- Binh Duong ACC Investment and Construction Joint Stock Company
- Asphalt Distribution Co. Ltd
- HTK Transport Construction Material Company Limited
- BMT Investment Construction JSC
- Le Phan Construction Company
- Tan Loc Bridge And Road Construction Company Limited
- Cuong Thuan Idico Investment And Development Joint Stock Company
- Petrolimex Asphalt Company Limited
- Northern Traffic Equipment and Materials Supply Joint Stock Company
- International Investment Construction and Trading Corporation
