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Vietnamese Market Study for Nordic Supplier of Raw Foundry Materials
The client, one of the leading suppliers of raw material to foundry-based products in the Nordics, considered entering the Vietnamese market and decided to conduct a general study of potential customers and competitors on the new, but highly lucrative, market.
The aim of the project was to gain an overall understanding on the market size for foundry products in Vietnam, who the potential customers are, which competitors currently holds a presence on the market, and what actions are needed to enter the market.
The study involved an estimation of the foundry output in Vietnam over the past years, characteristics of the market, a list of potential large customers, a list of current competitors and their offered products. The study also identified highly important industry trends, laying the foundation for a successful market entry for the client.
Opportunity
Currently, Vietnam has an increasing trend of cast iron production, offering big opportunities, especially within the automotive, machinery, and shipbuilding sectors. More and more foundries in Vietnam are adopting new high-tech technologies for precision casting, offering a great opportunity for our client and their products.
Approach
ARC Consulting initiated the process by conducting a high-level desk study for the project.
During the desk research, a market analysis was established. The analysis included, but was not limited to, these key areas:
- Yearly output production of several cast-iron categories
- Market characteristics and trends
- Analysis of influential foundries in Vietnam
- Benchmark study of current competitors on the market
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