Vietnam Structural Steel Fabrication Market Size
| Study Period | 2019-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 2.82 Billion |
| Market Size (2029) | USD 4.19 Billion |
| CAGR (2024 - 2029) | 8.21 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
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Vietnam Structural Steel Fabrication Market Analysis
The Vietnam Structural Steel Fabrication Market size is estimated at USD 2.82 billion in 2024, and is expected to reach USD 4.19 billion by 2029, growing at a CAGR of 8.21% during the forecast period (2024-2029).
- Rapid urbanization, growth in infrastructure and increasing steel within the country have resulted in an astonishing rate of more than 20% growth in the production of Vietnam’s steel industry.
- Finished steel consumption reached about approx. 12.5 million tons, down about 17% year-on-year in 2022. Although finished steel sales declined, steel exports still saw growth. Finished steel exports in the first 6 months reached 3,881 million tons, up 6.5% over the same period in 2021.
- As per industry experts, per capita steel consumption in Vietnam is expected to increase in the next few years driven by the rising infrastructure and property investments.
- Also, the demand for steel in the Vietnam construction sector is expected to rise more than 10% over the next few years.
- Due to the development of the socio-economy along with the trend of globalization, the demand for construction of civil works tends to increase in recent years, so the need to use these materials are a lot of attention and interest.
- Steel structure is one of the most popular types of structures today, fully utilized and applied in a variety of designs and construction of various projects from high-rise buildings to industrial buildings.
- The Vietnam's government's emphasis on developing mordern infrastructure has increased the demand for the structural steel in the market.
Vietnam Structural Steel Fabrication Market Trends
Increase In Infrastructure Activities is boosting the production
Vietnam is currently the top producer in the region because it makes up 29% of all the crude steel made. Vietnam's steel industry has grown rapidly over the last ten years, and by 2021 it is expected to rank 13 globally, with domestic crude steel output reaching a record level of 19.5 million tons per year.
Vietnam has heavily invested in transportation, particularly roads, airports, and seaports. Vietnam’s public and private investment in infrastructure reached 5.7% of GDP in recent years, the highest in Southeast Asia and second highest in Asia after only China (6.8% of GDP).
Recently, the Vietnamese government approved a plan to spend USD 43-65 billion on building and upgrading road, rail, inland waterways, sea, and air transport infrastructure between 2021-2030.
The government also enacted a new Public Private Partnership (PPP) Law, effective March 29, 2021, to support and regulate private investment to scale up infrastructure upgrades, especially in the transportation, power grid, and power plant sectors. This movement is to attract more private investment to reduce the burden on the national debt and fiscal policy.
In addition, rapid urbanization in Vietnam is a strong driver for developing the transport and utilities sector. With 50% of the population estimated to now live in major cities, the rising population has already exceeded the capacity of the existing connectivity networks and utility systems.
When it comes to moving materials, Vietnam follows the standard method of using blast furnaces to turn iron ore and iron smelting into steel. Compared to electric induction furnace technology, which accounts for about 30% of production, this technique accounts for 70%. The OECD (2021) estimated that Vietnam's steelmaking induction furnace capacity is 1.63 million metric tons, ranking third among ASEAN economies.
FDI Inflows are increasing in Vietnam
- In the past few years, political tensions between the U.S. and China have caused multinational companies to move south of the border to diversify their supply chains. This has made Vietnam a hotspot for foreign direct investment.
- Vietnam brought in USD 25.1 billion in the first 11 months of 2022. The Republic of South Korea is the nation that invests the most in Vietnam. By November 2022, the RoK had committed more than USD 80 billion to foreign direct investment projects in Vietnam.
- Vietnam needs FDI because it lacks the capital and various essential skills required to successfully build its economy. Thanks to FDI, which also supplies capital and constructs factories and other facilities, millions of jobs are created for Vietnamese citizens.
- Foreign investment in Vietnam remains a bright spot on Vietnam's economic picture, despite experiencing a year-on-year decrease in value.
- Data from the Ministry of Planning and Investment showed there were 2,036 newly-registered foreign direct investment (FDI) projects worth USD 12.45 billion, up 17.1 per cent year-on-year in the number of projects, but down 18.4 per cent in value.
- In addition, 1,107 projects had their capital adjusted, with a total amount of USD 10.12 billion, up 12.4 per cent and 12.2 per cent year-on-year, respectively.
- Foreign investors poured funds into 19 out of 21 sectors in the national economic classification system, of which the processing and manufacturing industry maintained its lead in terms of attracting FDI with a total investment of over USD 16.8 billion, accounting for 60.6 per cent of the country’s total capital.
Vietnam Structural Steel Fabrication Industry Overview
The Vietnam structural steel fabrication market is fragmented, with many international and domestic players active in the country. Main players in the structural steel fabrication market in Vietnam are covered in the report. In terms of market share, the large players in the country compete with each other to gain a major share as the market is largely occupied by small and medium-sized players.
Vietnam Structural Steel Fabrication Market Leaders
Zamil Steel Buildings Vietnam Company Limited.
Atad Steel Structure Corporation
Universal Vietnam Steel Buildings Company Limited
Triviet Steel Smart Solutions
PEB Steel
*Disclaimer: Major Players sorted in no particular order
Vietnam Structural Steel Fabrication Market News
- January 2023: Vietnam's steel industry is going through a rough stretch as tighter regulations related to real estate are choking demand for new buildings. Hoa Phat Group, the largest steelmaker in Southeast Asia, suspended operation of four blast furnaces in Vietnam in autumn 2022. Other Vietnamese steelmakers using electric furnaces have also been forced to cut production sharply.
- November 2022: A Memorandum of Understanding (MOU) was signed between the Hanoi University of Civil Engineering (HUCE), PEB Steel Buildings Co., Ltd., and HUCE. The MoU represents a significant turning point in the two parties' close cooperation toward the shared objective of creating top-notch civil engineering people resources.
Vietnam Structural Steel Fabrication Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. MARKET INSIGHTS AND DYNAMICS
3.1 Market Overview
3.2 Drivers
3.2.1 Rapid Urbanization
3.2.2 Infrastructure Development
3.3 Restraints
3.3.1 Shortage of skilled labour
3.3.2 Fluctuating prices of raw materials
3.4 Opportunities
3.4.1 Demand for high rise buildings
3.4.2 The growth of renewable energy sector
3.5 Value Chain / Supply Chain Analysis
3.6 Industry Attractiveness - Porter's Five Forces Analysis
3.6.1 Bargaining Power of Buyers/Consumers
3.6.2 Bargaining Power of Suppliers
3.6.3 Threat of New Entrants
3.6.4 Threat of Substitute Products
3.6.5 Intensity of Competitive Rivalry
3.7 Technological Snapshot
3.8 Government Regulations and Key Initiatives
3.9 Impact of COVID-19 on the Mraket
4. MARKET SEGMENTATION
4.1 By End-User Industry
4.1.1 Manufacturing
4.1.2 Power and Energy
4.1.3 Construction
4.1.4 Oil and Gas
4.1.5 Other End-User Industries
4.2 By Product Type
4.2.1 Heavy Sectional Steel
4.2.2 Light Sectional Steel
4.2.3 Other Product Types
5. COMPETITVE LANDSCAPE
5.1 Market Competition Overview
5.2 Key Company Profiles
5.2.1 Zamil Steel Buildings Vietnam Company Limited.
5.2.2 PEB Steel
5.2.3 Atad Steel Structure Corporation
5.2.4 Universal Vietnam Steel Buildings Company Limited
5.2.5 Tri Viet Steel
5.2.6 Kirby Southeast Asia Co. Ltd.
5.2.7 Metalic Vietnam Co. LTD.
5.2.8 PMB STEEL
5.2.9 Dai Dung Metallic Manufacture Construction And Trade Corporation*
6. INVESTMENT ANALYSIS
7. FUTURE OF THE MARKET
8. APPENDIX
Vietnam Structural Steel Fabrication Industry Segmentation
The Vietnam structural steel fabrication report tries to give a complete picture of the market for making structural steel in Vietnam.It focuses on technological advancements, market dynamics, and the analysis of various materials and application kinds. It also examines the dominant companies and the market environment for structural steel fabrication in Vietnam.
The market is segmented by end-use industry (manufacturing, power and energy, construction, oil and gas, and others) and by product type (heavy sectional steel, light sectional steel, and others). The report offers market size and forecasts in value (USD) for all the above segments.
| By End-User Industry | |
| Manufacturing | |
| Power and Energy | |
| Construction | |
| Oil and Gas | |
| Other End-User Industries |
| By Product Type | |
| Heavy Sectional Steel | |
| Light Sectional Steel | |
| Other Product Types |
Vietnam Structural Steel Fabrication Market Research FAQs
How big is the Vietnam Structural Steel Fabrication Market?
The Vietnam Structural Steel Fabrication Market size is expected to reach USD 2.82 billion in 2024 and grow at a CAGR of 8.21% to reach USD 4.19 billion by 2029.
What is the current Vietnam Structural Steel Fabrication Market size?
In 2024, the Vietnam Structural Steel Fabrication Market size is expected to reach USD 2.82 billion.
Who are the key players in Vietnam Structural Steel Fabrication Market?
Zamil Steel Buildings Vietnam Company Limited., Atad Steel Structure Corporation, Universal Vietnam Steel Buildings Company Limited, Triviet Steel Smart Solutions and PEB Steel are the major companies operating in the Vietnam Structural Steel Fabrication Market.
What years does this Vietnam Structural Steel Fabrication Market cover, and what was the market size in 2023?
In 2023, the Vietnam Structural Steel Fabrication Market size was estimated at USD 2.59 billion. The report covers the Vietnam Structural Steel Fabrication Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Structural Steel Fabrication Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Structural Steel Fabrication Industry Report
Statistics for the 2023 null market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. null analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
