Vietnam Asphalt Market is projected to grow at a CAGR of 7.6% from 2024-2030F

Paving Segment by Application held the highest revenue share of Vietnam Asphalt Market -6Wresearch

The paving segment held the largest share of the asphalt market and it will continue to lead the market driven by high demand for road construction and maintenance. The extensive use of asphalt for paving highways, streets, and urban roads surpasses its applications in roofing and waterproofing, highlighting its dominant role in infrastructure development and overall market demand.

According to 6Wresearch, Vietnam Asphalt Market is projected to grow at a CAGR of 7.6% from 2024-2030F. Vietnam's asphalt market has experienced notable growth, largely fuelled by governmental initiatives aimed at road infrastructure development. The approval of the Road Development Plan 2021-2030, which targets the construction of 5,000 km of expressways by 2030, represents a substantial increase from the 3,841 km in 2021. This ambitious plan is expected to sustain and further elevate the demand for asphalt, driven by the need to improve road quality across the country.

Vietnam's road construction initiatives are poised to elevate asphalt demand, as detailed by the Ministry of Transport. The country's extensive transportation development program, continuing into 2024, involves launching 19 key projects, with 11 expressways among them. Notable routes include connections between Lo T and Rach Soi, Cho Moi and Bac Kan, as well as Dau Giay and Tan Phu. This expansive infrastructure development is anticipated to significantly augment the demand for asphalt, integral for the construction and upkeep of resilient, high-quality transportation infrastructure.

According to Sumit, Senior Research Analyst, 6Wresearch, the Hot Mix Asphalt segment leads the asphalt market, driven by its widespread application in paving, waterproofing, and road construction. The government's heightened investment in road infrastructure is expected to further accelerate the growth of this segment, underscoring its essential role in national construction activities.

Vietnam Asphalt Market (2024-2030) report provides an in-depth analysis with 17 figures and 8 tables, covered in 69 pages. The report thoroughly covers market by type & applications. Vietnam Asphalt Market outlook report provides an unbiased and detailed analysis of the on-going Vietnam Asphalt Market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.