EXPLORE VIETNAM PAINT MARKET TRENDS

Overview of Vietnam paint market.

The real estate market and paint industry in Vietnam are going through an exciting period, as the excitement in the real estate sector is stimulating strong growth of the paint market. With more than 600 businesses operating in the paint industry, Vietnam has attracted the participation of many big names in the paint industry globally. This has created fierce competition between domestic and foreign paint products.

The recovery of the real estate market has fueled a boom in the paint industry, especially the residential paint segment, which accounts for a large proportion of total paint and coatings industry products. It is expected that by the end of 2022, the retail market for paints and decorative coatings in Vietnam will increase by about 30% to VND 107,000 billion.

However, the race for quality, product diversity, features and colors between domestic and foreign businesses is posing many challenges. Paint products from foreign companies are often more professional and diverse, serving many different purposes, from shipbuilding to painting galvanized steel, woodwork, furniture and many other applications.

Which paint segment will dominate the market in 2023?

The water paint market is expected to continue to grow strongly, attracting many different businesses. Customers when choosing decorative paint often consider price, quality and brand. Features such as coverage, gloss, color and waterproofing, heat resistance, and crack resistance are also becoming more important than ever.

Health and safety are also always top priorities, so paints with antibacterial and dust-proof properties are popular, especially in apartment projects. The architectural coatings category is expected to account for 62% of the paint and coatings market, with acrylic paint expected to beat the competition with durability, UV resistance and color retention. Therefore, the acrylic paint segment is expected to dominate the market in 2023.

Therefore, the paint market in Vietnam is going through a period of exciting and potential development. Competition between domestic and foreign enterprises is promoting product diversification and improving paint quality. In the future, attention to functionality, health protection and environmental protection will also play an important role in shaping the paint market in Vietnam.