Vietnam Industrial Solvents Market size was valued at USD 97.76 million in 2024 and is anticipated to reach USD 179.32 million by 2032, at a CAGR of 7.88% during the forecast period (2024-2032).
The Vietnam industrial solvents market is experiencing robust growth, driven by the expanding industrial sector and increasing demand for solvents in key industries such as chemicals, paints, coatings, adhesives, and automotive. The rising production of consumer goods, coupled with the country’s growing manufacturing base, is contributing to the demand for various solvent types. Additionally, the shift towards environmentally friendly and sustainable solvents, in response to stringent environmental regulations, is becoming a significant trend. Innovations in solvent formulations that offer improved performance, reduced toxicity, and enhanced efficiency are also gaining traction. The ongoing industrialization in Vietnam, fueled by foreign direct investment and infrastructure development, is expected to further accelerate market growth. Furthermore, the growing automotive and construction industries, along with a shift toward high-quality coatings and adhesives, will continue to drive the demand for industrial solvents over the forecast period.
The geographical distribution of Vietnam’s industrial solvents market is closely tied to the country’s major industrial regions, including Southeast, Northern, Central, and Southern Vietnam. Industrial activity is most concentrated in the Southeast and Northern regions, where manufacturing hubs, export-processing zones, and infrastructure development drive strong demand for solvents across sectors like automotive, electronics, paints and coatings, and pharmaceuticals. Central and Southern Vietnam, while less industrialized, are gradually emerging as attractive destinations for investment and manufacturing expansion, supporting the broader market landscape. In terms of key players, the market features a mix of domestic and international companies. Notable participants include Vietnam National Petroleum Corporation (CNPC), Formosa Plastics Corporation, Reliance Industries Limited, and Sinopec Group, alongside global chemical giants such as Mitsubishi Chemical Holdings, Sumitomo Chemical, Toray Industries, LG Chem, Tata Chemicals, and SK Innovation. These companies contribute to the market through robust product portfolios, strategic partnerships, and technological innovation in solvent development and application.
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The Vietnam industrial solvents market was valued at USD 97.76 million in 2024 and is projected to reach USD 179.32 million by 2032, growing at a CAGR of 7.88%.
The global industrial solvents market was valued at USD 34,660.50 million in 2024 and is expected to reach USD 60,647.79 million by 2032, growing at a CAGR of 7.24% during the forecast period (2024-2032).
Growth is driven by expanding manufacturing industries including automotive, paints and coatings, and electronics.
Increasing adoption of green and bio-based solvents is shaping sustainability trends in the market.
Companies are focusing on innovation and developing low-VOC, high-performance solvents to meet environmental regulations.
Market faces restraints such as rising raw material costs and strict environmental compliance requirements.
Southeast and Northern Vietnam are the most active industrial regions, fueling solvent demand through infrastructure and manufacturing growth.
Major players include Vietnam National Petroleum Corporation, Sinopec, Reliance Industries, Mitsubishi Chemical, and LG Chem, intensifying competition through product innovation and regional expansion.
Report Scope
This report segments the Vietnam Industrial Solvents market as follows:
Market Drivers
Growing Industrial Sector and Manufacturing Base
Vietnam’s industrial sector has been expanding rapidly, bolstered by its strong manufacturing base and increasing foreign direct investment (FDI). The country’s industrial growth is creating significant demand for industrial solvents across various sectors such as chemicals, coatings, paints, adhesives, and automotive. With the rise of new industrial facilities and manufacturing plants, solvents play a crucial role in production processes, driving the market for these chemicals. For instance, Vietnam’s solvent market is experiencing growth due to the flourishing chemical, pharmaceutical, and manufacturing industries. As Vietnam continues to be a key player in global supply chains, especially in electronics, textiles, and automotive manufacturing, the demand for solvents used in cleaning, degreasing, and formulation processes is expected to surge.
Expansion of the Paints and Coatings Industry
The paints and coatings industry in Vietnam is another critical driver of industrial solvent demand. As the country experiences urbanization and rapid infrastructure development, the demand for paints and coatings in construction and automotive sectors is growing. Industrial solvents are essential in the production of paints and coatings, helping to control viscosity, improve application properties, and enhance the final product’s quality. With the increasing number of residential, commercial, and industrial construction projects, along with a growing automotive market, the demand for solvents used in these applications is expected to witness sustained growth in the coming years.
Shift Towards Environmentally Friendly Solvents
As environmental concerns become more pronounced, the Vietnam industrial solvents market is witnessing a shift towards the use of eco-friendly and sustainable solvents. In line with global sustainability trends, industries in Vietnam are adopting green solvents to comply with stringent environmental regulations and reduce their carbon footprint. These solvents are often derived from renewable resources and are less toxic, promoting a safer and more sustainable industrial environment. For instance, Vietnam’s solvent industry is under increasing pressure to reduce environmental impact, driven by regulations addressing VOC emissions. As the government continues to implement stricter regulations on volatile organic compounds (VOCs) and hazardous chemicals, the demand for low-VOC, biodegradable, and non-toxic solvents is expected to increase. This shift not only aligns with environmental goals but also meets the growing consumer demand for more sustainable products.
Advancements in Solvent Formulation and Technological Innovation
Technological advancements in solvent formulation are also significantly contributing to the market’s growth. The development of new solvents with better performance characteristics, such as improved solvency power, lower evaporation rates, and higher efficiency, is driving demand across a range of industries. Innovations in solvent technologies that reduce toxicity, enhance product quality, and minimize waste generation are particularly attractive to companies aiming to improve operational efficiency and reduce environmental impact. Additionally, the trend of customized solvent solutions tailored to specific industry needs is gaining momentum. These technological innovations are not only supporting industry demand but are also helping companies maintain competitiveness in a fast-evolving market.
Market Trends
Shift Toward Low-GWP and Environmentally Friendly Solvents
Vietnam’s industrial solvents market is experiencing a significant shift towards low global warming potential (GWP) and environmentally friendly solvents. This trend is driven by stringent environmental regulations and a growing emphasis on sustainability across various industries. Manufacturers are increasingly adopting solvents with reduced environmental impact, such as certain hydrofluoroethers (HFEs) and fluorinated ketones, to align with global and local initiatives aimed at reducing greenhouse gas emissions. These low-GWP solvents offer effective cleaning capabilities without significant environmental impact, making them a preferred choice in applications like precision cleaning in electronics, optics, and healthcare sectors.
Advancements in Solvent Technologies
Technological advancements in solvent formulation are significantly contributing to the growth of Vietnam’s industrial solvents market. The development of high-performance solvents with improved solvency power, reduced toxicity, and enhanced efficiency is meeting the evolving needs of various industries. Innovations such as customized solvent blends tailored to specific applications are gaining popularity, particularly in sectors like electronics and aerospace, where precision and performance are critical. For instance, technological advancements in the paint and coatings industry, such as the development of low-VOC and water-based coatings, are shaping the demand for eco-friendly solvents. These advancements not only support industry demand but also help companies maintain competitiveness in a fast-evolving market.
Expansion of End-Use Industries
The expansion of end-use industries in Vietnam is a key driver of the industrial solvents market. The rapid growth of sectors such as paints and coatings, pharmaceuticals, automotive, and electronics is increasing the demand for various types of solvents. For instance, the paints and coatings industry is witnessing a surge in demand for low-VOC and high-performance coatings, driving the adoption of oxygenated solvents. Similarly, the pharmaceutical industry’s growth is contributing to increased solvent utilization in drug formulation and manufacturing processes. This broadening industrial base is expected to continue fueling the demand for industrial solvents in Vietnam.
Rise of Green and Bio-Based Solvents
The demand for green and bio-based solvents in Vietnam is on the rise, driven by the need to reduce volatile organic compound (VOC) emissions and comply with environmental regulations. Derived from renewable resources, these solvents are gaining traction in applications such as paints, coatings, adhesives, and cleaning products. The Vietnamese government’s active promotion of eco-friendly solvents through policies and incentives, coupled with evolving consumer preferences for sustainable products, is accelerating the adoption of green and bio-based solvents. This shift not only helps industries meet regulatory requirements but also aligns with the growing consumer demand for environmentally friendly products.
Market Challenges Analysis
Regulatory Challenges and Compliance Costs
One of the primary challenges facing the Vietnam industrial solvents market is navigating stringent environmental regulations and compliance costs. As global environmental standards tighten, the Vietnamese government is enforcing stricter regulations on volatile organic compounds (VOCs) and hazardous chemicals used in industrial solvents. These regulations require companies to invest in cleaner technologies and switch to low-VOC and environmentally friendly solvents, which can be more expensive than traditional alternatives. Adapting to these regulations often involves significant capital investment in research and development, as well as in upgrading production facilities. Small and medium-sized enterprises (SMEs) may find it especially challenging to meet these new requirements due to the high costs of compliance, which could limit market participation and hinder growth in some segments of the industry.
Raw Material Supply and Price Volatility
Another challenge faced by the Vietnam industrial solvents market is the volatility in raw material prices and the supply chain. Many solvents are derived from petrochemicals, which are subject to fluctuations in crude oil prices. The global oil market’s instability can lead to significant price increases for solvent manufacturers, impacting the overall cost structure. Additionally, supply chain disruptions, such as those caused by geopolitical tensions or global crises like the COVID-19 pandemic, can lead to delays or shortages in the supply of raw materials. For instance, Vietnam’s petrochemical sector has experienced fluctuations in feedstock availability due to global trade uncertainties and energy price shifts. These factors can create instability in the market, making it difficult for manufacturers to plan effectively and maintain steady pricing. As demand for industrial solvents grows, companies must navigate these challenges while balancing cost management and supply chain reliability.
Market Opportunities
The Vietnam industrial solvents market presents significant growth opportunities driven by the expanding industrial base and evolving consumer preferences. As Vietnam’s manufacturing sector continues to grow, driven by increasing foreign direct investment (FDI) and infrastructure development, the demand for industrial solvents in various applications is expected to rise. Sectors such as automotive, electronics, paints and coatings, and pharmaceuticals are particularly poised for growth, creating ample opportunities for solvent manufacturers. In particular, the surge in construction and infrastructure projects is fueling demand for high-quality coatings and adhesives, both of which rely heavily on solvents. Furthermore, with Vietnam’s strategic position as a manufacturing hub in Southeast Asia, companies have the potential to tap into regional markets, expanding their reach and customer base.
There is also a notable opportunity in the shift toward more sustainable and eco-friendly solvents. As environmental regulations become more stringent globally, manufacturers are seeking alternatives to traditional high-VOC solvents, creating demand for greener, bio-based, and low-GWP solutions. This trend offers opportunities for innovation and product development, as companies invest in research and development to create solvents that meet both environmental standards and performance needs. The growing consumer preference for sustainable products, along with government incentives for green technologies, positions companies well to capitalize on this trend. Additionally, as industries increasingly prioritize safety, health, and environmental compliance, solvent manufacturers can leverage these evolving preferences to provide tailored, sustainable solutions, driving long-term growth in the market.
Market Segmentation Analysis:
By Type:
The Vietnam industrial solvents market is segmented by type into alcohols, ketones, esters, glycols, and others, with each category playing a distinct role in industrial applications. Alcohols hold a dominant share due to their extensive use as solvents in paints, coatings, and cleaning products. Their effectiveness in dissolving oils and resins makes them essential in manufacturing processes. Ketones, especially acetone and methyl ethyl ketone (MEK), are widely used for their fast evaporation rates and strong solvency, making them suitable for adhesives, paints, and degreasing applications. Esters are gaining traction in the market due to their use in coatings and inks, providing excellent solvency with relatively lower environmental impact. Glycols, particularly ethylene and propylene glycol, are used in applications that require higher boiling points and lower volatility, such as in anti-freeze and heat transfer fluids. The “Others” category includes hydrocarbons and chlorinated solvents, which are still used in specific applications despite increasing regulatory scrutiny. Each solvent type supports distinct industrial needs, contributing to overall market diversity and growth.
By Application:
By application, the Vietnam industrial solvents market is segmented into paints & coatings, pharmaceuticals, printing inks, adhesives & sealants, and others. The paints & coatings segment represents the largest share due to the country’s growing construction and automotive industries. Industrial solvents play a crucial role in improving paint viscosity and application properties. Pharmaceuticals is another key segment, where solvents are used in formulation, synthesis, and extraction processes. With the expanding healthcare sector, this segment is expected to see consistent growth. The printing inks segment benefits from Vietnam’s growing packaging and labeling industries, relying on solvents for ink formulation and drying processes. Adhesives & sealants are also significant users, especially in construction and automotive assembly, where solvents enable proper formulation and bonding. The “Others” category includes cleaning agents and chemical processing solvents. Together, these segments underscore the versatility and widespread use of industrial solvents across Vietnam’s rapidly industrializing economy.
Segments:
Based on Type:
Alcohols
Ketones
Esters
Glycols
Others
Based on Application:
Paints & Coatings
Pharmaceuticals
Printing Inks
Adhesives & Sealants
Others
Based on End- Use:
Construction
Automotive
Electronics
Agriculture
Others
Based on Source:
Petrochemical-Based Solvents
Bio-Based Solvents
Based on the Geography:
Southeast Vietnam
Northern Vietnam
Central Vietnam
Southern Vietnam
Regional Analysis
Southeast Vietnam
Southeast Vietnam holds the largest share of the Vietnam industrial solvents market, accounting for approximately 38% of the total market. This region includes Ho Chi Minh City and surrounding provinces, which serve as the country’s primary industrial and commercial hub. The concentration of manufacturing facilities, industrial parks, and export-processing zones drives the high demand for industrial solvents, particularly in paints, coatings, and adhesives. The strong presence of sectors such as electronics, automotive assembly, and construction contributes significantly to solvent consumption. In addition, Southeast Vietnam attracts substantial foreign direct investment (FDI), which continues to fuel industrial expansion and demand for advanced chemical solutions, including eco-friendly solvents.
Northern Vietnam
Northern Vietnam represents around 28% of the industrial solvents market and includes the capital city, Hanoi, and adjacent industrial zones. This region is witnessing rapid development in manufacturing and infrastructure, supported by both domestic initiatives and international investments. The demand for industrial solvents in Northern Vietnam is driven by the electronics, pharmaceuticals, and printing industries. The area’s role in high-tech manufacturing, especially electronics assembly, creates steady demand for high-purity and precision solvents. The development of industrial parks in provinces such as Bac Ninh, Hai Phong, and Hung Yen further stimulates market growth, making Northern Vietnam a key player in the national solvents market.
Central Vietnam
Central Vietnam accounts for approximately 15% of the market and plays a smaller but growing role in the industrial solvents landscape. While this region is less industrialized compared to the north and southeast, cities like Da Nang and surrounding provinces are gradually developing as manufacturing and logistics centers. Demand for industrial solvents in Central Vietnam primarily comes from smaller-scale construction, local manufacturing, and the tourism-related infrastructure sector. The government’s efforts to balance regional development and the introduction of economic zones are expected to gradually increase industrial activity and, subsequently, solvent consumption in the coming years.
Southern Vietnam
Southern Vietnam, excluding the southeast, makes up about 19% of the market and includes provinces with growing industrial footprints. Although traditionally more focused on agriculture, this region is experiencing increasing industrialization with the development of new industrial parks and manufacturing facilities. Demand for solvents is emerging particularly in agrochemical production, food processing, and light manufacturing. As infrastructure improves and investment in secondary cities increases, the southern region is poised to capture a larger share of the industrial solvents market. This gradual shift in industrial activity is expected to promote more balanced growth across Vietnam’s solvent market landscape.
Key Player Analysis
Vietnam National Petroleum Corporation (CNPC)
Formosa Plastics Corporation
Reliance Industries Limited
Sinopec Group
Mitsubishi Chemical Holdings Corporation
Sumitomo Chemical Co., Ltd.
Toray Industries, Inc.
LG Chem Ltd.
Tata Chemicals Ltd.
SK Innovation Co., Ltd.
Competitive Analysis
The Vietnam industrial solvents market is characterized by strong competition among both domestic and international players, with key participants including Vietnam National Petroleum Corporation (CNPC), Formosa Plastics Corporation, Reliance Industries Limited, Sinopec Group, Mitsubishi Chemical Holdings Corporation, Sumitomo Chemical Co., Ltd., Toray Industries, Inc., LG Chem Ltd., Tata Chemicals Ltd., and SK Innovation Co., Ltd. These companies are actively strengthening their market presence through strategies such as product innovation, expansion of production capacities, and partnerships with local distributors. Multinational players leverage advanced technologies and strong R&D capabilities to introduce high-performance and eco-friendly solvent solutions, aligning with the global shift towards sustainability. Local players, on the other hand, focus on competitive pricing and regional supply efficiency. In addition to innovation, companies are also leveraging strategic partnerships, regional expansions, and mergers to strengthen their market positions. Local manufacturers benefit from cost-effective production and established domestic distribution channels, while international firms bring advanced technologies and broader product portfolios. The competitive landscape is influenced by ongoing industrial growth, regulatory pressures, and customer preferences, pushing all players to adapt rapidly to shifting market dynamics and technological advancements.
Recent Developments
In April 2025, Eastman announced off-list price increases for several EOD (Ethylene Oxide Derivatives) solvents, including Eastman™ DB Solvent, effective April 7, 2025, reflecting ongoing cost and market pressures.
In March 2025, BASF reported generating approximately €11 billion in 2024 sales from products launched in the past five years, driven by R&D focused on sustainability, biodegradable materials, and digital transformation. The company filed 1,159 new patents in 2024, with 45% targeting sustainability. R&D investment in 2024 was €2.1 billion, with a similar budget planned for 2025.
In March and April 2025, Shell is restructuring its global chemicals business to boost profitability and reduce capital spending by 2030. This includes exploring strategic partnerships in the U.S., potentially closing some European assets, and selling existing assets like the Singapore refinery and chemical complex. The company aims to streamline operations, focus on core businesses, and improve returns for shareholders.
In March 2025, BASF is expanding its production capacity for aminic antioxidants at its Puebla, Mexico site, targeting the growing demand for long-life lubricants. The project is set for completion in 2026.
In March 2025, ExxonMobil announced a $100 million upgrade to its Baton Rouge, Louisiana plant to produce ultra-high-purity (99.999%) isopropyl alcohol (IPA) for the semiconductor industry by 2027.
In March 2024, Dow announced plans to invest in new ethylene derivatives capacity-including carbonate solvents-on the U.S. Gulf Coast. This investment, supported by the U.S. Department of Energy, aims to supply carbonate solvents for lithium-ion batteries, supporting the domestic EV and energy storage market. The facility will capture over 90% of CO₂ from ethylene oxide production, aligning with sustainability goals.
Market Concentration & Characteristics
The Vietnam industrial solvents market exhibits a moderate to high level of market concentration, with a mix of established domestic companies and multinational corporations operating across key industrial zones. The market is characterized by strong demand from end-use sectors such as paints and coatings, pharmaceuticals, adhesives, and electronics manufacturing. Key characteristics include price sensitivity, growing preference for sustainable and low-VOC solvents, and an increasing emphasis on regulatory compliance. The presence of a few major players with extensive product portfolios and distribution networks influences pricing and innovation trends within the industry. Despite competitive pressure, barriers to entry remain due to technological requirements, capital intensity, and regulatory complexities. Furthermore, customer loyalty is shaped by consistent supply, technical support, and solvent performance, making long-term partnerships critical. The ongoing expansion of Vietnam’s industrial sector, supported by foreign investment and government initiatives, continues to shape the structure and dynamics of the solvents market.
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The research report offers an in-depth analysis based on Type,Application, End-Use,Source and Geography. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.
Future Outlook
The market is projected to experience steady growth driven by industrial expansion and increasing demand across various sectors.
The paints and coatings industry will continue to be a significant consumer, propelled by ongoing construction and infrastructure projects.
Pharmaceutical applications are expected to rise, with solvents playing a crucial role in drug formulation and manufacturing processes.
There is a growing shift towards bio-based and environmentally friendly solvents, aligning with global sustainability trends.
Technological advancements in solvent production and purification methods will enhance product quality and efficiency.
Manufacturers are likely to invest in research and development to create specialized solvents tailored to specific industry needs.
Regulatory frameworks will become more stringent, prompting companies to adopt greener practices and comply with environmental standards.
Supply chain optimization and local production are anticipated to mitigate risks associated with raw material availability and price volatility.
The integration of digital technologies in manufacturing processes will improve operational efficiency and product consistency.
Strategic collaborations and partnerships among industry players will foster innovation and expand market reach.
CHAPTER NO. 1 : INTRODUCTION 19
1.1.1. Report Description 19 Purpose of the Report 19 USP & Key Offerings 19
1.1.2. Key Benefits for Stakeholders 19
1.1.3. Target Audience 20
1.1.4. Report Scope 20 CHAPTER NO. 2 : EXECUTIVE SUMMARY 21
2.1. Industrial Solvents Market Snapshot 21
2.1.1. Vietnam Industrial Solvents Market, 2018 – 2032 (USD Million) 22 CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 23
3.1. Russia-Ukraine and Israel-Palestine War Impacts 23 CHAPTER NO. 4 : INDUSTRIAL SOLVENTS MARKET – INDUSTRY ANALYSIS 24
4.1. Introduction 24
4.2. Market Drivers 25
4.2.1. Rising demand for eco-friendly and bio-based solvents 25
4.2.2. Increasing use of solvents in the automotive and construction industries 26
4.3. Market Restraints 27
4.3.1. Stringent environmental regulations regarding the use of volatile organic compounds (VOCs) 27
4.4. Market Opportunities 28
4.4.1. Innovations in green chemistry to develop sustainable solvent alternatives 28
4.5. Porter’s Five Forces Analysis 29
4.6. Buying Criteria 30 CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 31
5.1. Import Analysis by Vietnam 31
5.1.1. Vietnam Industrial Solvents Market Import Volume/Revenue, By Vietnam, 2018 – 2023 31
5.2. Export Analysis by Vietnam 32
5.2.1. Vietnam Industrial Solvents Market Export Volume/Revenue, By Vietnam, 2018 – 2023 32 CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 33
6.1. Demand Analysis by Vietnam 33
6.1.1. Vietnam Industrial Solvents Market Demand Volume/Revenue, By Vietnam, 2018 – 2023 33
6.2. Supply Analysis by Vietnam 34
6.2.1. Vietnam Industrial Solvents Market Supply Volume/Revenue, By Vietnam, 2018 – 2023 34 CHAPTER NO. 7 : PRODUCTION ANALYSIS 35
7.1. Production Analysis by Vietnam 35
7.1.1. Vietnam Industrial Solvents Market Production Volume/Revenue, By Vietnam, 2018 – 2023 35 CHAPTER NO. 8 : PRICE ANALYSIS 36
8.1. Price Analysis by Type 36
8.1.1. Vietnam Industrial Solvents Market Price, By Type, 2018 – 2023 36
8.1.2. Vietnam Type Market Price, By Type, 2018 – 2023 36 CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 37
9.1. Key Raw Materials and Suppliers 37
9.2. Key Raw Materials Price Trend 37 CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 38
10.1. Manufacturing Cost Analysis 38
10.2. Manufacturing Process 38 CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 39
11.1. Company Market Share Analysis – 2023 39
11.2. Value Chain Analysis 39
11.2.1. Vietnam Industrial Solvents Market: Company Market Share, by Volume, 2023 40
11.2.2. Vietnam Industrial Solvents Market: Company Market Share, by Revenue, 2023 41
11.2.3. Vietnam Industrial Solvents Market: Top 6 Company Market Share, by Revenue, 2023 41
11.2.4. Vietnam Industrial Solvents Market: Top 3 Company Market Share, by Revenue, 2023 42
11.3. Vietnam Industrial Solvents Market Company Volume Market Share, 2023 43
11.4. Vietnam Industrial Solvents Market Company Revenue Market Share, 2023 44
11.5. Company Assessment Metrics, 2023 44
11.5.1. Stars 44
11.5.2. Emerging Leaders 44
11.5.3. Pervasive Players 44
11.5.4. Participants 44
11.6. Start-ups /SMEs Assessment Metrics, 2023 44
11.6.1. Progressive Companies 44
11.6.2. Responsive Companies 45
11.6.3. Dynamic Companies 45
11.6.4. Starting Blocks 45
11.7. Strategic Developments 46
11.7.1. Acquisitions & Mergers 46 New Product Launch 46 Vietnam Expansion 46
11.8. Key Players Product Matrix 47 CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 48
12.1. PESTEL 48
12.1.1. Political Factors 48
12.1.2. Economic Factors 48
12.1.3. Social Factors 48
12.1.4. Technological Factors 48
12.1.5. Environmental Factors 48
12.1.6. Legal Factors 48
12.2. Adjacent Market Analysis 48 CHAPTER NO. 13 : INDUSTRIAL SOLVENTS MARKET – BY TYPE SEGMENT ANALYSIS 49
13.1. Industrial Solvents Market Overview, by Type Segment 49
13.1.1. Industrial Solvents Market Revenue Share, By Type, 2023 & 2032 50
13.1.2. Industrial Solvents Market Attractiveness Analysis, By Type 51
13.1.3. Incremental Revenue Growth Opportunity, by Type, 2024 – 2032 51
13.1.4. Industrial Solvents Market Revenue, By Type, 2018, 2023, 2027 & 2032 52
13.2. Alcohols 53
13.3. Ketones 54
13.4. Esters 55
13.5. Glycols 56
13.6. Others 57 CHAPTER NO. 14 : INDUSTRIAL SOLVENTS MARKET – BY APPLICATION SEGMENT ANALYSIS 58
14.1. Industrial Solvents Market Overview, by Application Segment 58
14.1.1. Industrial Solvents Market Revenue Share, By Application, 2023 & 2032 59
14.1.2. Industrial Solvents Market Attractiveness Analysis, By Application 60
14.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 60
14.1.4. Industrial Solvents Market Revenue, By Application, 2018, 2023, 2027 & 2032 61
14.2. Paints & Coatings 62
14.3. Pharmaceuticals 63
14.4. Printing Inks 64
14.5. Adhesives & Sealants 65
14.6. Others 66 CHAPTER NO. 15 : INDUSTRIAL SOLVENTS MARKET – BY END-USE INDUSTRY SEGMENT ANALYSIS 67
15.1. Industrial Solvents Market Overview, by End-Use Industry Segment 67
15.1.1. Industrial Solvents Market Revenue Share, By End-Use Industry, 2023 & 2032 68
15.1.2. Industrial Solvents Market Attractiveness Analysis, By End-Use Industry 69
15.1.3. Incremental Revenue Growth Opportunity, by End-Use Industry, 2024 – 2032 69
15.1.4. Industrial Solvents Market Revenue, By End-Use Industry, 2018, 2023, 2027 & 2032 70
15.2. Construction 71
15.3. Automotive 72
15.4. Electronics 73
15.5. Agriculture 74
15.6. Others 75 CHAPTER NO. 16 : INDUSTRIAL SOLVENTS MARKET – BY SOURCE SEGMENT ANALYSIS 76
16.1. Industrial Solvents Market Overview, by Source Segment 76
16.1.1. Industrial Solvents Market Revenue Share, By Source, 2023 & 2032 77
16.1.2. Industrial Solvents Market Attractiveness Analysis, By Source 78
16.1.3. Incremental Revenue Growth Opportunity, by Source, 2024 – 2032 78
16.1.4. Industrial Solvents Market Revenue, By Source, 2018, 2023, 2027 & 2032 79
16.2. Petrochemical-Based Solvents 80
16.3. Bio-Based Solvents 81 CHAPTER NO. 17 : INDUSTRIAL SOLVENTS MARKET – VIETNAM ANALYSIS 82
17.1. Type 82
17.1.1. Vietnam Industrial Solvents Market Revenue, By Type, 2018 – 2023 (USD Million) 82
17.2. Vietnam Industrial Solvents Market Revenue, By Type, 2024 – 2032 (USD Million) 82
17.3. Application 83
17.3.1. Vietnam Industrial Solvents Market Revenue, By Application, 2018 – 2023 (USD Million) 83
17.3.2. Vietnam Industrial Solvents Market Revenue, By Application, 2024 – 2032 (USD Million) 83
17.4. End-Use Industry 84
17.4.1. Vietnam Industrial Solvents Market Revenue, By End-Use Industry, 2018 – 2023 (USD Million) 84
17.4.2. Vietnam Industrial Solvents Market Revenue, By End-Use Industry, 2024 – 2032 (USD Million) 84
17.5. Source 85
17.5.1. Vietnam Industrial Solvents Market Revenue, By Source, 2018 – 2023 (USD Million) 85
17.5.2. Vietnam Industrial Solvents Market Revenue, By Source, 2024 – 2032 (USD Million) 85 CHAPTER NO. 18 : COMPANY PROFILES 86
18.1. Vietnam National Petroleum Corporation (CNPC) 86
18.1.1. Company Overview 86
18.1.2. Product Portfolio 86
18.1.3. Swot Analysis 86
18.1.4. Business Strategy 87
18.1.5. Financial Overview 87
18.2. Formosa Plastics Corporation 88
18.3. Reliance Industries Limited 88
18.4. Sinopec Group 88
18.5. Mitsubishi Chemical Holdings Corporation 88
18.6. Sumitomo Chemical Co., Ltd. 88
18.7. Toray Industries, Inc. 88
18.8. LG Chem Ltd. 88
18.9. Tata Chemicals Ltd. 88
18.10. SK Innovation Co., Ltd. 88
What is the current size of the Vietnam Industrial Solvents?
The Vietnam Industrial Solvents market was valued at USD 97.76 million in 2024 and is projected to reach USD 179.32 million by 2032, growing at a CAGR of 7.88%.
What factors are driving the growth of the Vietnam Industrial Solvents?
Growth is driven by expanding manufacturing sectors, rising demand in paints and coatings, and a shift toward sustainable and eco-friendly solvents.
What are the key segments within the Vietnam Industrial Solvents?
Key segments include alcohols, ketones, esters, glycols, and applications in paints & coatings, pharmaceuticals, adhesives, and printing inks.
What are some challenges faced by the Vietnam Industrial Solvents?
Challenges include raw material price volatility, supply chain disruptions, and regulatory compliance with VOC and environmental standards.
Who are the major players in the Vietnam Industrial Solvents?
Major players include Vietnam National Petroleum Corporation, Reliance Industries, Sinopec, LG Chem, Mitsubishi Chemical, and SK Innovation.
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