* Market Overview:
The real estate and paint industry in Vietnam are currently going through an exciting phase, with the dynamism in the real estate sector stimulating robust growth in the paint market. With over 600 companies operating in the paint industry, Vietnam has attracted the participation of many prominent global players in the paint industry. This has created intense competition between domestic and foreign paint products.
The recovery of the real estate market has propelled a boom in the paint industry, especially in the segment of paints for residential purposes, which holds a significant share of the overall paint and coating products. It is expected that by the end of 2022, the retail market for decorative paints and coatings in Vietnam will increase by approximately 30%, reaching 107,000 billion VND.
However, the race for quality, product diversity, features, and colors between domestic and foreign enterprises presents numerous challenges. Paint products from foreign companies are often more professional and diverse, serving a wide range of purposes, from ship coating to zinc coating, woodwork, furniture, and many other applications.
* Which paint segment will dominate the market in 2023?
The water-based paint market is expected to continue its strong growth, attracting various businesses. When choosing decorative paints, customers often consider price, quality, and brand. Features such as coverage, gloss, color, and resistance to water, heat, and cracks are becoming more critical than ever.
Health and safety are always top priorities; thus, paints with antibacterial and dust-repelling properties are popular, especially in residential projects. Water-based architectural coating paints are expected to account for up to 62% of the paint and coating market, with acrylic paints predicted to outperform competitors in terms of durability, UV resistance, and color retention. Therefore, the acrylic paint segment is expected to dominate the market in 2023.
As a result, the paint market in Vietnam is going through a dynamic and promising development phase. Competition between domestic and foreign enterprises is driving product diversification and improving paint quality. In the future, concerns regarding features, health protection, and environmental aspects will also play a significant role in shaping the paint market in Vietnam.