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Last Updated: Apr 25, 2025 | Study Period: 2024-2030
Steel is made by combining iron with carbon, recycled steel, and trace amounts of other elements.Steel is an iron and carbon alloy with trace amounts of silicon, phosphorus, sulphur, and oxygen.
The most important building and engineering material in the world is steel. It is found in everything that they use each day, including cars, building supplies, washing machines, refrigerators, cargo ships, and surgical scalpels.
The rapid industrialization and urbanisation of Vietnam has resulted in a notable expansion of the country's steel industry in recent times. Vietnam is home to both major integrated steel mills and smaller independent steel manufacturers.
Hoa Phat Group, Formosa Ha Tinh Steel Corporation, and other domestic and international businesses are significant players.Although the nation imports some steel products to meet domestic demand, it also exports steel, particularly to its neighbours.
The Vietnam steel market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Due to the nation's ongoing economic expansion and progress, the outlook for the Vietnam steel market is generally favourable. The future of the sector will be shaped, nevertheless, by issues like environmental sustainability, technological breakthroughs, and worldwide economic situations.
There is a surplus of certain types of steel in Vietnam compared to the demand, such as cold-rolled steel coil products and concrete iron or steel for construction, which can be attributed to the steel industry's recent sharp increase in production capacity.
The government of Vietnam is aggressively welcoming foreign investors to establish positions in the nation in an effort to decrease significant imports of items like hot-rolled steel coils and electromagnetic steel sheets.
Additionally, the demand for steel will keep rising as Vietnam's building and manufacturing sectors grow quickly.Trade policies, investment incentives, and regulations have all been put in place by the Vietnamese government to support the expansion of the steel industry.
In Vietnam's VSSC Steel Centre LLC, Dongkuk Steel Mill Co. acquired a 15% share. In order to customise steel coils for corporate clients, VSSC is a steel fabricator that cuts completed steel sheets that have been coiled after rolling.
Up to 70,000 tonnes of colour-coated steel sheets can be processed and produced annually by the Vietnamese company. The plant was completed in December of last year, and in the first quarter of this year, the facility's stabilisation was completed.
In the second quarter, the plant will start up for business.Vietnam receives 10,000 tonnes of colour steel sheets from Dongkuk each year.
Dongkuk hopes to increase sales of Luxteel, its premium colour-coated steel brand, in Vietnam as it anticipates that the fastest-growing economy in Southeast Asia will use more and more high-end building supplies.
The Vietnam Steel Association states that the country's steel sector has set its sights on carbon neutrality and is beginning to shift to a more sustainable production model.
With the goal of minimising their negative effects on the environment and maximising energy consumption, a few Vietnamese steel mills have begun producing electricity using the surplus heat from their operations.
The steel sector has embraced technological optimisation, increased efficiency, and digital transformation, aligning with the efforts of the Southeast Asian nation.
Steel is a major contributor to the nation's carbon emissions and fossil fuel consumption, with Vietnam leading ASEAN in both production and consumption of steel products and ranking 13th among the world's largest producers of crude steel.
Vietnam Steel Corporation (VNSTEEL) is established on the basis of merging the production and trading firms in Vietnam's steel industry. VNSTEEL operates under the model of a Joint Stock Company with nearly 40 subsidiaries, joint ventures and affiliates. It has produced and supplied 80 million tons of billet and finished steel.
Pomina Steel Company is established with a capacity of 1.5 million tons per year, Pomina is one of the largest Vietnam steel manufacturers today. Pomina pioneered investing in modern technology and machinery of famous brands such as Tenova, Techint, SMS Concast, and Siemens VAI.With the investment in technology, Pomina resources always bring customers quality products.
Vina Kyoei supplies the market with steel products with a total capacity of nearly 1 million tons annually. Vina Kyoei constantly improves product quality by investing in machines and lines with modern and advanced Japanese technology to produce high-quality products that meet all requirements.
| Sl no | Topic |
| 1 | Market Segmentation |
| 2 | Scope of the report |
| 3 | Abbreviations |
| 4 | Research Methodology |
| 5 | Executive Summary |
| 6 | Introduction |
| 7 | Insights from Industry stakeholders |
| 8 | Cost breakdown of Product by sub-components and average profit margin |
| 9 | Disruptive innovation in the Industry |
| 10 | Technology trends in the Industry |
| 11 | Consumer trends in the industry |
| 12 | Recent Production Milestones |
| 13 | Component Manufacturing in US, EU and China |
| 14 | COVID-19 impact on overall market |
| 15 | COVID-19 impact on Production of components |
| 16 | COVID-19 impact on Point of sale |
| 17 | Market Segmentation, Dynamics and Forecast by Geography, 2024-2030 |
| 18 | Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030 |
| 19 | Market Segmentation, Dynamics and Forecast by Application, 2024-2030 |
| 20 | Market Segmentation, Dynamics and Forecast by End use, 2024-2030 |
| 21 | Product installation rate by OEM, 2024 |
| 22 | Incline/Decline in Average B-2-B selling price in past 5 years |
| 23 | Competition from substitute products |
| 24 | Gross margin and average profitability of suppliers |
| 25 | New product development in past 12 months |
| 26 | M&A in past 12 months |
| 27 | Growth strategy of leading players |
| 28 | Market share of vendors, 2024 |
| 29 | Company Profiles |
| 30 | Unmet needs and opportunity for new suppliers |
| 31 | Conclusion |
| 32 | Appendix |
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