News

Growth Trends in the Chemical Market Globally and in Vietnam

Posted by: VEAS Xky - Views: 1576
The chemical industry plays a crucial role in global economic development, providing raw materials and products for most sectors, including manufacturing, agriculture, healthcare, and energy. In the context of the increasing focus on green and sustainable trends, the chemical market is facing great opportunities and challenges. This article will provide an overview of the chemical market globally and in Vietnam, as well as clarify the prominent trends, development potential, and barriers that are hindering the growth of the market.

Global Chemical Market Overview

The chemical industry is one of the pillars of the global economy, plays an important role in production, agriculture, medicine, energy, and most other industries. The development of this area is attached to urbanization, industrialization, as well as green chemical and the circular economy towards sustainable growth.

The chemical market has grown significantly in recent years, driven by demand in industries such as agriculture, manufacturing, and healthcare. According to the Chemicals Global Market Report 2025, the chemical market will increase from $5,015 billion in 2024 to $5,332.35 billion in 2025, and will continue to grow steadily in the future.

 

Figure 1: Chemical Market Size and Growth Rate (2024-2029), source: Chemical Market Report 2025
Figure 1: Chemical Market Size and Growth Rate (2024-2029), source: Chemical Market Report 2025
Asia-Pacific is currently the largest center of chemical production and consumption, especially in China and India. North America and Europe, although not holding as high a market share, are leaders in the specialty chemicals, biochemicals, and green technology segments.
Figure 2: Asia-Pacific Chemical Market Size and Growth (2024 - 2034), source: Precedence Research.
Figure 2: Asia-Pacific Chemical Market Size and Growth (2024 – 2034), source: Precedence Research.

Researchers forecast that global green chemical market size is expected to reach a value of around US$ 311.5 billion by 2034, from US$ 111.7 billion in 2024, growing at a CAGR of 10.8% during the forecast period from 2025 to 2034.

Figure 3: Global Green Chemicals Market Size (2024-2034), Source: Market.us
Figure 3: Global Green Chemicals Market Size (2024-2034), Source: Market.us

Emerging trends in the global chemical industry

In 2025, a number of trends are significantly reshaping the chemical market. One of the most obvious is the move towards sustainability and greener manufacturing methods. Organizations are increasingly adopting sustainable practices and green chemistry principles, aiming to reduce their environmental impact.

Another key trend is digital transformation in the chemical industry. The integration of Industry 4.0 technologies such as artificial intelligence (AI), the Internet of Things (IoT) and advanced data analytics is revolutionizing the way businesses operate. These technology solutions help businesses monitor production processes in real time, predict risks and maintain equipment more accurately.

Overview of the chemical market in Vietnam

According to the Department of Chemical Industry Development (Ministry of Industry and Trade), the chemical industry is a fundamental economic sector, accounting for 2-5% of total industrial GDP, with an average annual growth rate of 10-11%. The scale of annual market in Vietnam has achieved impressive growth with a CAGR of 6.5%/year in the period 2018-2023 and reached 3.7 billion USD in 2023.
.
Figure 4: Chemical market size in Vietnam (2018-2023), source Statista.
Figure 4: Chemical market size in Vietnam (2018-2023), source Statista.

In Vietnam, chemicals are considered a fundamental industry, providing essential raw materials for many important sectors such as textiles, footwear, plastics, rubber, agriculture, food and medicine. Currently, most basic chemicals still depend on imports, from acids, solvents to plastic raw materials. However, with the expansion of industrial parks and large petrochemical projects such as Nghi Son, Dung Quat, Long Son, the domestic chemical industry is gradually improving its production capacity.

Outstanding trends of the chemical industry in Vietnam

Vietnam’s chemical industry is shifting strongly towards sustainable and environmentally friendly development. According to the Government’s Development Strategy, the Ministry of Industry and Trade is assigned to develop a Development Strategy for Vietnam’s Chemical Industry to 2030, with a vision to 2040. The vision is towards high-tech pharmaceutical chemicals, combined with the application of green technology, improving production processes and raising safety standards.

In addition, the specialty chemicals market for pharmaceuticals, electronics, cosmetics, and high-tech agriculture is growing at an impressive pace. It is forecasted to reach $32.5 billion by 2033, with a CAGR of about 6.2% due to increasing demand from value-added manufacturing industries.

Figure 5: Market of specialty chemicals industry in Vietnam. Source: Imarc.
Figure 5: Market of specialty chemicals industry in Vietnam. Source: Imarc.

In addition, agricultural chemicals (fertilizers, pesticides) and construction chemicals continue to be the main growth drivers. It is forecasted that the construction chemicals market in Vietnam could reach USD 6.6 billion by 2027 thanks to high urbanization rate and the shift to environmentally friendly products.

Development potential of the chemical market in the world and in Vietnam

Potential of the world chemical market

Firstly, the global chemical industry is considered the backbone of the world economy, providing raw materials and products for most important sectors such as manufacturing, agriculture, healthcare, energy and high technology. Therefore, the chemical market always maintains stable growth and has great potential in the long term. 

Second, according to Chemicals Global Market Report 2025, the market will increase from USD 5,015 billion in 2024 to USD 5,332 billion in 2025, and continue to grow steadily.

In particular, green chemicals are a prominent trend, forecast to reach 311.5 billion USD by 2034 with a CAGR of 10.8%. This shows the huge potential of the industry, opening up investment and technological innovation opportunities for global businesses.

Figure 6: Illustration
Figure 6: Illustration

Potential of chemical market in Vietnam

The Vietnamese chemical market has great potential to grow in the coming years. Firstly, the rapid industrialization and urbanization process has led to a great demand for construction materials, coatings, solvents and auxiliary chemicals. This is the driving force for market expansion.

Second, Vietnam is a country with strengths in agriculture, so the demand for agricultural chemicals such as fertilizers and pesticides is always large. With a population of nearly 100 million people and an orientation towards exporting agricultural products, the demand for chemicals for agriculture will continue to increase.
In addition, Vietnam has a strategic location in Asia – Pacific, convenient for connecting to the global supply chain. Therefore, Vietnam is becoming a destination to attract foreign direct investment (FDI) in the chemical industry thanks to a stable investment environment, competitive costs and upgraded infrastructure.

 

Figure 7: Illustration
Figure 7: Illustration

Challenges for the global chemical industry and in Vietnam.

Challenges for the global chemical industry

The chemical market is facing a number of challenges worldwide. In Europe, the continuous increase in energy and raw material prices has made the chemical industry’s production costs more expensive. In addition, the European Union is implementing strict regulations such as REACH, eliminating free carbon permits and banning certain chemicals.
In addition, the global economy is weakening due to inflation, thus hindering the investment plans for research activities in the chemical market. This forces many companies to cut operating costs, and limit investment in research (R&D). In the long term, reducing investment in technological innovation will make it difficult for businesses to keep up with the trends in the green chemical market.
In particular, trade wars such as those between the US and China have led to tariffs on goods, disrupting the supply chain in the chemical market. Many businesses are facing input shortages and difficulties in production planning. That is posing a big challenge for chemical businesses.
Figure 8: Illustration
Figure 8: Illustration

Challenges for the chemical industry in Vietnam

Besides the advantages, the chemical market also faces many challenges. Specifically, domestic raw materials for chemical production are scarce, so it depends on imported raw materials from abroad, leading to difficulty in controlling input costs when raw material prices fluctuate.

In addition, competition is increasingly fierce from foreign rivals, especially Chinese enterprises with advantages in scale and price. Increasingly high requirements for quality and environmental standards also require enterprises to constantly innovate technology and production processes.

In addition, the chemical industry requires highly skilled and professional human resources. However, in Vietnam today, the labor force in the industry is still lacking in both quantity and quality. Not only is there a lack of good engineers and experts in the field of product research and development, but even the workforce directly operating the factory has not met modern technical requirements.

Finally, the chemical industry generates a variety of wastes that require strict treatment. However, waste treatment infrastructure in Vietnam is weak, ranging from a lack of treatment plants to lax monitoring. This increases the risk of long-term environmental damage.

It can be seen that the chemical industry in Vietnam is facing many opportunities for breakthroughs. To grasp these opportunities, businesses need to constantly update trends, innovate technology and expand international cooperation.

One of the ideal destinations to connect and find strategic partners is the International Chemical Industry Exhibition – Chemexpo Vietnam 2026. The event brings together hundreds of domestic and foreign enterprises, displaying the most advanced products, solutions and technologies in the chemical field. This is also a golden opportunity for Vietnamese enterprises to introduce their capacity, learn new trends, and expand export markets. Register to book a booth to not miss this special opportunity at Chemexpo Vietnam 2026.

Reserve your space early to get the best from ChemExpo Vietnam 2027

Exhibition is the most efficient way to meet potential partners, Connect - Network - Trade

Zalo Hotline

    When do you prefer to meet exhibitors? *

    By submitting this form, you agree to be contacted by the Organizer and receive updates about the event.

    Information provided will be kept strictly confidential.

      Seminar Registration

      Please complete the form below to register for the seminar.

      Morning, 10 June 2026Afternoon, 10 June 2026Morning, 11 June 2026Afternoon, 11 June 2026Morning, 12 June 2026Afternoon, 12 June 2026

      By submitting this form, you agree to be added to our mailing list and be sent updates about the event.

      Information provided will be kept strictly confidential.