Market Size of Vietnam Structural Steel Fabrication Industry
| 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 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 Size Summary
The Vietnam structural steel fabrication market is poised for significant growth, driven by rapid urbanization and substantial investments in infrastructure. The country's steel industry has experienced remarkable expansion, positioning Vietnam as a leading producer in the region. The government's focus on modernizing infrastructure, coupled with the trend of globalization, has spurred increased demand for structural steel. This demand is further fueled by the rising consumption of steel in the construction sector, as Vietnam continues to invest heavily in transportation and utility projects. The market is characterized by a mix of international and domestic players, with large companies competing for market share in a landscape dominated by small and medium-sized enterprises.
Vietnam's strategic initiatives, such as the new Public Private Partnership (PPP) Law, aim to attract private investment to bolster infrastructure development, particularly in transportation and energy sectors. The country's reliance on traditional steel production methods, like blast furnaces, underscores its commitment to maintaining a robust steelmaking capacity. Additionally, foreign direct investment plays a crucial role in Vietnam's economic landscape, with significant capital inflows supporting the processing and manufacturing industries. Despite challenges such as tighter regulations affecting real estate demand, the market remains dynamic, with ongoing collaborations and investments shaping its future trajectory.
Vietnam Structural Steel Fabrication Market Size - Table of Contents
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1. MARKET INSIGHTS AND DYNAMICS
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1.1 Market Overview
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1.2 Drivers
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1.2.1 Rapid Urbanization
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1.2.2 Infrastructure Development
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1.3 Restraints
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1.3.1 Shortage of skilled labour
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1.3.2 Fluctuating prices of raw materials
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1.4 Opportunities
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1.4.1 Demand for high rise buildings
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1.4.2 The growth of renewable energy sector
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1.5 Value Chain / Supply Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Forces Analysis
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1.6.1 Bargaining Power of Buyers/Consumers
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1.6.2 Bargaining Power of Suppliers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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1.7 Technological Snapshot
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1.8 Government Regulations and Key Initiatives
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1.9 Impact of COVID-19 on the Mraket
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2. MARKET SEGMENTATION
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2.1 By End-User Industry
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2.1.1 Manufacturing
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2.1.2 Power and Energy
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2.1.3 Construction
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2.1.4 Oil and Gas
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2.1.5 Other End-User Industries
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2.2 By Product Type
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2.2.1 Heavy Sectional Steel
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2.2.2 Light Sectional Steel
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2.2.3 Other Product Types
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Vietnam Structural Steel Fabrication Market Size 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.
