Vietnam Aluminium Market Report and Forecast 2024-2032

Vietnam Aluminium Market Size

The Vietnam aluminium market reached approximately USD 4.73 billion in 2023. The market is projected to grow at a CAGR of 7.3% between 2024 and 2032, reaching a value of around USD 8.92 billion by 2032.

Vietnam Aluminium Market Outlook

• In 2022, Vietnam's imports of aluminium and related articles reached US$5.49 billion, based on data from the United Nations COMTRADE database on international trade.

• In April 2024, Vinacomin, Vietnam's top mining company, planned to invest 182 trillion dong ($7.3 billion) to expand alumina-aluminium production to meet growing domestic demand.

• Dak Nong province in Vietnam has 5.4 billion tons of bauxite, the main material for alumina and aluminium production.

Vietnam Aluminium Market Growth

Vietnam's swift industrialisation and urbanisation have led to a substantial rise in the need for aluminium. The metal is extensively utilised in multiple sectors, including construction, transportation, packaging, and other industrial uses. The construction sector in Vietnam is projected to grow at a rate of 7.5% in 2024, leading to an increased demand for aluminium. The Vietnamese government's emphasis on infrastructure development, such as the building of roads, bridges, airports, and ports, has further resulted in increasing the demand for aluminium. Aluminium’s robustness, longevity, and lightweight characteristics make it the preferred material for various infrastructure projects.

The automotive sector in Vietnam is experiencing growth, marked by rising vehicle production and sales. The Vietnamese government is anticipating an average annual growth rate of 14.26% in automobile production from 2021 to 2030. Aluminium is highly preferred in automotive manufacturing due to its lightweight nature, which aids in fuel efficiency and emission reduction. The increasing emphasis on electric vehicles (EVs) is also boosting the demand for aluminium.

Aluminium is easily recyclable, with the recycling process requiring much less energy than primary production. The growing focus on environmental sustainability and the push to reduce carbon footprints are fuelling the need for recycled aluminium in Vietnam.

Vietnam Aluminium Industry Segmentation

“Vietnam Aluminium Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Primary

• Secondary

Market Breakup by Processing Method

• Flat Rolled

• Extrusions

• Castings

• Forgings

• Pigments and Powder

• Rod and Bar

• Sheet

• Others

Market Breakup by End Use

• Transport

• Construction

• Electrical

• Machinery and Equipment

• Others

Market Breakup by Region

• Southeast

• Red River Delta

• Mekong River Delta

• South Central Coast

• Others

Vietnam Aluminium Market Share

Based on the end use, the market is segmented into transport, construction, electrical, and machinery and equipment, among others. The transport sector is projected to grow at a CAGR of 8.3% during the forecast period of 2024-2032.  Various forms of transportation, ranging from bicycles to spacecraft, are constructed using aluminium. It is also employed in the manufacturing of engines, transmissions, suspensions, brake parts, magnets for gauges, electrical wiring, air conditioning components, and even structural elements.

Leading Companies in the Vietnam Aluminium Market

Major market players are focusing on technological advancements and sustainable production practices to gain a competitive edge.

• Global Vietnam Aluminium Co., Ltd.

• VIET PHAP SHAL ALUMINUM JOINT STOCK COMPANY

• Sapa Ben Thanh Aluminum Profile Company Limited

• LAP PHAT ALUMINUM PRODUCTION AND TRADING COMPANY LIMITED

• Others

Key Highlights of the Report