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Vietnam Plastics Market Size, Share, Growth, Analysis: By Type: Polyethylene, Polyethylene Terephthalate, Polyvinyl Chloride, Polypropylene, Polycarbonate, Polyurethane, Polystyrene, Others; By Application: Injection Moulding, Blow Moulding, Casting, Thermoforming, Extrusion, Others; By End Use; Competitive Landscape; 2024-2032
Vietnam Plastics Market Outlook
The Vietnam plastics market size was nearly 10.27 million tonnes in 2023. The market is estimated to grow at a CAGR of 8.4% during 2024-2032, to reach around 21.38 million tonnes by 2032.
Key Trends in the Market
Plastic is a critical material used in various sectors across the world. These sectors include packaging, textiles, transportation, healthcare, electronics, and consumer products, among others. Some most eminent and widely used plastic materials are acrylic, polycarbonate, polyethylene, and polypropylene, among others.
- The Vietnam plastics market demand is being supported by the robust growth of the packaging sector. As plastic is highly flexible and elastic in nature and is suitable for applications that need designing options, moulding properties, geometry, and distinct textures, they are a crucial raw material in the packaging sector.
- One of the key Vietnam plastics market trends is the contribution of the sector to the Vietnamese economy. Plastics are the backbone of the Vietnamese economy, a major source of employment, and significantly enhance export and import activities. The country produced 8.89 million tonnes of plastic products in 2019, and the plastic sector contributed approximately US$17.5 billion to the economy, representing 6.7 % of the GDP, according to the World Bank.
- Plastic pollution has emerged as a major concern in Vietnam, and it ranks fourth out of the top ten countries contributing plastic leakages into the marine environment. Hence, the growing concerns regarding plastic pollution and the shift towards eco-friendly solutions are likely to positively influence the Vietnam plastics market growth in the coming years.
The government is actively introducing initiatives like the Việt Nam National Plastic Action Partnership to mitigate plastic pollution and develop a plastic circular economy by promoting recycling and reuse. Besides, the increasing trend of sustainability is prompting key domestic players to invest in green plastic production methods and promote a circular economy.
- The Vietnam plastics market development is expected to be fuelled by the expansion of e-commerce platforms in the country. This is also anticipated to surge the usage of plastic packaging to ensure the safe and secure movement of goods at a far destination in the coming years.
Market Analysis
Based on type, the Vietnam plastics market segmentation includes polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polycarbonate, polyurethane, and polystyrene, among others.
On the basis of application, the market is divided into injection moulding, blow moulding, casting, thermoforming, and extrusion, among others. Based on end use, the market is divided into packaging, building and construction, automotive and transportation, electrical and electronics, housewares, furniture, and medical devices, among others.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Vietnam plastics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- LyondellBasell Industries N.V.
- Nan Ya Plastics Corporation
- Hyosung Corp.
- NSRP LLC
- Vietnam Polystyrene co. Ltd.
- Siam Cement PCL
- Far Eastern Group (FENC)
- TPC VINA Plastic and Chemical Corporation Limited
- Kanetora Vietnam Joint Stock Company
- Tamatra Co. Ltd.
- Others
Market Share by Application
Injection moulding holds a significant portion of the Vietnam plastics market share due to its advantages, including high efficiency, fast production, and flexibility. Plastic injection moulding can also handle complex parts, maximise the quality and precision of components, and optimise the design and manufacturing of different parts.
In the coming years, the growing adoption of automation technologies in plastic injection moulding processes to minimise per-component costs and decrease cycle times is anticipated to favour the segment’s development. Besides, the rising environmental concerns are expected to bolster the demand for electric injection moulding machines with improved energy savings in the forecast period.
Market Share by End Use
As per the Vietnam plastics market analysis, plastic is widely used in the packaging sector due to its durability, cost-effectiveness, sealability, flexibility, and design freedom, among others. Plastic packaging increases the shelf life of a product due to its durable nature.
FMCG companies in the country are actively attempting to use sustainable plastic packaging solutions and enhance the recyclability of plastic packaging. For instance, in 2022, Unilever launched a small-scale trial for recyclable mono-material sachets of Clear shampoo in Hanoi, Vietnam, to ease the plastic recycling process.
Meanwhile, the flourishing construction and building sector in the country is also surging the use of plastics in building components such as screws, wall coverings, hinges, and flooring, among others. Favourable properties such as chemical resistance, lightweight, low maintenance, fire resistance, dimensional stability, durability, and ductility are further likely to boost the usage of plastics in construction activities.
Competitive Landscape
LyondellBasell Industries N.V. is a global chemical company that offers solutions to promote environmentally conscious living. The company operates in diverse segments, including polymers, chemicals, fuels, and technologies. It also offers solutions for use in different applications, including food safety, vehicle emission and fuel efficiency, quality healthcare, and agriculture efficiency, among others.
Nan Ya Plastics Corporation introduced its plant in Vietnam in 2010 and has an annual plastic wrap production volume of 15,000 tons. The company operates the brand, FORMOSA WRAP, under its name. Its products are marketed to Southeast Asia, Africa, the USA, Europe, and India.
TPC VINA Plastic and Chemical Corporation Limited was established in 1995 and is headquartered in Ho Chi Minh City, Vietnam. Through constant efforts, the company contributes to the development of the petrochemical industry in Vietnam. It deals in multiple PVS suspension resins, including SG580, SG660, SP660, and SG710.
Other Vietnam plastics market players include Hyosung Corp., NSRP LLC, Vietnam Polystyrene co. Ltd., Siam Cement PCL, Far Eastern Group (FENC), Kanetora Vietnam Joint Stock Company, and Tamatra Co. Ltd.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Application |
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| Breakup by End Use |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Plastics Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Plastics Historical Market (2018-2023)
8.3 Asia Pacific Plastics Market Forecast (2024-2032)
8.4 Asia Pacific Plastics Market breakup by Country
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 ASEAN
8.4.5 Australia
8.4.6 Vietnam
8.4.7 Others
9 Vietnam Plastics Market Overview
9.1 Key Industry Highlights
9.2 Vietnam Plastics Historical Market (2018-2023)
9.3 Vietnam Plastics Market Forecast (2024-2032)
10 Vietnam Plastics Market by Type
10.1 Polyethylene
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Polyethylene Terephthalate
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Polyvinyl Chloride
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Polypropylene
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Polycarbonate
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Polyurethane
10.6.1 Historical Trend (2018-2023)
10.6.2 Forecast Trend (2024-2032)
10.7 Polystyrene
10.7.1 Historical Trend (2018-2023)
10.7.2 Forecast Trend (2024-2032)
10.8 Others
11 Vietnam Plastics Market by Application
11.1 Injection Moulding
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Blow Moulding
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Casting
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Thermoforming
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Extrusion
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Vietnam Plastics Market by End Use
12.1 Packaging
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Building and Construction
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Automotive and Transportation
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Electrical and Electronics
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Housewares
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Furniture
12.6.1 Historical Trend (2018-2023)
12.6.2 Forecast Trend (2024-2032)
12.7 Medical Devices
12.7.1 Historical Trend (2018-2023)
12.7.2 Forecast Trend (2024-2032)
12.8 Others
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Value Chain Analysis
15 Trade Data Analysis (HS Code-39)
15.1 Major Importing Countries
15.1.1 By Volume
15.1.2 By Value
15.2 Major Exporting Countries
15.2.1 By Volume
15.2.2 By Value
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 LyondellBasell Industries N.V.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Nan Ya Plastics Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Hyosung Corp.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 NSRP LLC
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Vietnam Polystyrene co. Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Siam Cement PCL
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Far Eastern Group (FENC)
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 TPC VINA Plastic and Chemical Corporation Limited
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Kanetora Vietnam Joint Stock Company
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Tamatra Co. Ltd.
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Plastics Market: Key Industry Highlights, 2018 and 2032
2. Vietnam Plastics Market: Key Industry Highlights, 2018 and 2032
3. Vietnam Plastics Historical Market: Breakup by Type (USD Million tons), 2018-2023
4. Vietnam Plastics Market Forecast: Breakup by Type (USD Million tons), 2024-2032
5. Vietnam Plastics Historical Market: Breakup by Application (USD Million tons), 2018-2023
6. Vietnam Plastics Market Forecast: Breakup by Application (USD Million tons), 2024-2032
7. Vietnam Plastics Historical Market: Breakup by End Use (USD Million tons), 2018-2023
8. Vietnam Plastics Market Forecast: Breakup by End Use (USD Million tons), 2024-2032
9. Major Importing Countries by Volume
10. Major Exporting Countries by Volume
11. Major Importing Countries by Value
12. Major Exporting Countries by Value
13. Vietnam Plastics Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate volume of 10.27 million tonnes.
The market is estimated to grow at a CAGR of 8.4% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of around 21.38 million tonnes by 2032.
The market is being driven by the wide use of plastic in different sectors and increased use of plastics in the expanding e-commerce sector.
The key trends aiding the market expansion are the growing use of plastic as a raw material in packaging industry, the wide contribution of the plastic industry on the Vietnamese economy, and the introduction of plastic waste management initiatives by the Vietnamese government.
The major applications of the product are injection moulding, blow moulding, casting, thermoforming, and extrusion, among others.
The different end uses of the product are packaging, building and construction, automotive and transportation, electrical and electronics, housewares, furniture, and medical devices, among others.
The key players in the market are LyondellBasell Industries N.V., Nan Ya Plastics Corporation, Hyosung Corp., NSRP LLC, Vietnam Polystyrene co. Ltd., Siam Cement PCL, Far Eastern Group (FENC), TPC VINA Plastic and Chemical Corporation Limited, Kanetora Vietnam Joint Stock Company, Tamatra Co. Ltd., among others.
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