Vietnam Plastic Market Overview
Vietnam's plastic waste discharge is among the highest in the world, it said, without revealing specific ranking. While more than half (55 percent) of respondents in the country said plastic waste is a serious problem, one third (33 percent) said plastic bottles and food wrap are indispensable in their daily life. Vietnam annually produces 1.8 million tons of plastic waste, but only 27 percent is recycled, the report said. The government has been making increasing efforts to combat the plastic waste epidemic, with Prime Minister Nguyen Xuan Phuc calling for action to achieve zero disposable plastic use in urban shops, markets and supermarkets by 2021 and nationwide by 2025. The report warned that these targets would not be easy due to poor public awareness of the impacts of plastic waste on the environment and low taxes on plastic products. It also said Vietnam is at high risk of becoming the world’s landfill with many countries taking advantage of policy gaps to ship large volumes of plastic waste to the country. The biggest sources of plastic recyclable wastes to Vietnam are Japan, Hong Kong and Thailand, according to environmental organization Greenpeace. So, meanwhile it become even more important for the one to think that how would he/she supposed to recycle it and would use it in better form in context to above line to ensure the limit use of plastics.
Vietnam Plastic Market Drivers & Restraints
Widespread Application of Plastics Packaging
Increase growth of factory in turn increase demand of plastics packaging is added tremendous growth to market. Plastics have distinct characteristics depending on the type, however, most plastics tend to possess general attributes such as resistivity to chemicals & corrosion, thermal resistivity, being lightweight while portraying various degrees of strength, lower in cost, easy to handle, and it is also available in various colors. Such factors make plastics the best option for packaging purposes for the Vietnam market; also making plastic packaging the largest application of plastics in Vietnam.
Vast Adopted Applications of plastics in electrical and electronics
New innovations and continuous development of smaller circuit boards and components are taking place almost every day, and the demand for high-performance plastics is increasing, owing to the property of plastics to withstand stress in assembling operations. Plastics help in increasing the functionality of the circuit in use, while also contributing to the decreasing size of the circuit.
Stringent Regulations
However, stringent regulations posed by government in associated with harmful effect of plastics on earth is foreseen to act as a restraint in coming years. The government has been making increasing efforts to combat the plastic waste epidemic, with Prime Minister Nguyen Xuan Phuc calling for action to achieve zero disposable plastic use in urban shops, markets and supermarkets by 2021 and nationwide by 2025.
Vietnam Plastic Market Segmentations & Regional Insights
Vietnam plastic market is segmented based on Product Type, Technology, and region.
Based on product type, the Vietnam plastic market is segmented into traditional plastics, engineering plastics, and bio-plastics. Based on technology, the target market is segmented into technology, extruding, injection molding, and others. Based on application, the target market is segmented into packaging, electrical & electronics, building & construction, automotive & transportation, housewares, furniture & bedding, and others.
Vietnam Plastic Market Report Scope:
Attribute |
Details |
Base year for estimation |
2020 |
Forecast period |
2020 – 2030 |
Market representation |
Revenue in USD Billion & CAGR from 2020 to 2030 |
Market Segmentation |
By Product Type - Traditional Plastics, Engineering Plastics, and Bio-plastics By Technology – Technology, Extruding, Injection Molding, and Others By Application- Packaging, Electrical & Electronics, Building & Construction, Automotive & Transportation, Housewares, Furniture & Bedding, and Others |
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|
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest Type industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the global Vietnam plastic market report based on Product Type, Technology, and region:
Vietnam Plastic Market, By Product Type:
- Traditional Plastics
- Engineering Plastics
- Bio-plastics
Vietnam Plastic Market, By Technology:
- Technology
- Extruding
- Injection Molding
- Others
Vietnam Plastic Market, By Application:
- Packaging
- Electrical & Electronics
- Building & Construction
- Automotive & Transportation
- Housewares
- Furniture & Bedding
- Others
Vietnam Plastic Market Competitive Landscape & Key Players
The key players operating the Vietnam Plastic market includes SCG Chemicals Co., Ltd., Vietnam Oil & Gas Group, Nan Ya Plastics Corporation (Formosa), AGC Chemicals Vietnam Co. Ltd, and Vinaplast. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in September 2019, SCG Partners with Dow to Sustainably Tackle Plastic Waste by Developing Recycling and Renewable Solutions to Build the Circular Plastic Economy.
Vietnam Plastic Market Company Profile
- SCG Chemicals Co., Ltd.
- Vietnam Oil & Gas Group,
- Nan Ya Plastics Corporation (Formosa)
- AGC Chemicals Vietnam Co. Ltd.
- Vinaplast
Vietnam Plastic Market Highlights
FAQs
Vietnam plastic market is segmented based on product type, technology, and region.
The market is driven due to widespread application of plastics packaging
Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in September 2019, SCG Partners with Dow to Sustainably Tackle Plastic Waste by Developing Recycling and Renewable Solutions to Build the Circular Plastic Economy.