Vietnam Plastics Market Size (2024 - 2029)

The Vietnam Plastics Market is projected to experience significant growth over the forecast period, driven by rising demand from the construction industry. Despite the negative impact of the COVID-19 pandemic, the market has rebounded to pre-pandemic levels with the resumption of activities in key end-user sectors. However, the market's expansion is challenged by a heavy reliance on imports for raw materials and finished products. Nevertheless, increased foreign investments are anticipated to create opportunities for further market development.

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Market Size of Vietnam Plastics Industry

Vietnam Plastics Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR (2024 - 2029) 8.44 %
Market Concentration High

Major Players

Vietnam Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order

Vietnam Plastic Market Analysis

The Vietnam Plastics Market size is estimated at 10.92 Million tons in 2024, and is expected to reach 16.36 Million tons by 2029, growing at a CAGR of 8.44% during the forecast period (2024-2029).

The COVID-19 pandemic affected the Vietnamese market negatively. However, with the resumption of work in major end-user industries, the market is estimated to have reached pre-pandemic levels.

  • In the short term, the increasing demand from the construction industry is expected to drive market growth.
  • Over-reliance on imports of raw materials and finished plastics is expected to hinder the growth of the market.
  • An increase in foreign investments is expected to offer various opportunities for the growth of the market.

Vietnam Plastic Industry Segmentation

Plastics are a broad category of synthetic or semi-synthetic materials that contain polymers as a primary component. Plastics can be molded, extruded, or pressed into solid objects of various shapes due to their plasticity. This adaptability, along with a variety of other properties, such as being lightweight, durable, flexible, and low cost of production, led to their widespread use. The Vietnamese plastics market is segmented by type, technology, and application. By type, the market is segmented into traditional plastics, engineering plastics, and bioplastics. By technology, the market is segmented into blow molding, extrusion, injection molding, and other technologies. By application, the market is segmented into packaging, electrical and electronics, building and construction, automotive and transportation, housewares, furniture and bedding, and other applications. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).

Type
Traditional Plastics
Polyethylene
Polypropylene
Polystyrene
Polyvinyl Chloride
Engineering Plastics
Polyurethanes
Fluoropolymers
Polyamides
Polycarbonates
Styrene Copolymers (ABS and SAN)
Thermoplastic Polyesters
Other Engineering Plastics
Bioplastics
Technology
Blow Molding
Extrusion
Injection Molding
Other Technologies
Application
Packaging
Electrical and Electronics
Building and Construction
Automotive and Transportation
Housewares
Furniture and Bedding
Other Applications
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Vietnam Plastics Market Size Summary

The Vietnamese plastics industry is poised for significant growth, driven by increasing demand from the construction sector and foreign investments. The market, which experienced setbacks due to the COVID-19 pandemic, has rebounded to pre-pandemic levels. The construction and real estate sectors are major contributors to this growth, with the government's initiatives to build affordable housing and industrial zones boosting the demand for construction and technical plastics. Extrusion molding technology plays a crucial role in the production of various plastic products, particularly in construction, although its limitations in precision are noted. The industry is also undergoing a restructuring process to reduce the focus on packaging and consumer plastics, aiming to enhance the construction and technical plastics segment.

Packaging remains the dominant segment within the Vietnamese plastics market, with polyethylene terephthalate (PET) being a key material due to its favorable properties for food and beverage packaging. The packaging industry is one of the fastest-growing sectors in Vietnam, supported by significant investments and the establishment of numerous factories, particularly in the southern region. The market is characterized by a few consolidated players, with companies like Far Eastern New Century, Nghi Son Refinery and Petrochemical, and SCG Chemicals playing pivotal roles. Recent expansions and investments by these companies highlight the industry's potential and the increasing demand for value-added products.

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Vietnam Plastics Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Growing Demand from the Construction Sector

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Over-reliance on Imports of Raw Materials and Finished Plastics

      2. 1.2.2 Environmental Concerns of Plastics and the Availability of New Substitutes

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

    5. 1.5 Raw Material Analysis

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Type

      1. 2.1.1 Traditional Plastics

        1. 2.1.1.1 Polyethylene

        2. 2.1.1.2 Polypropylene

        3. 2.1.1.3 Polystyrene

        4. 2.1.1.4 Polyvinyl Chloride

      2. 2.1.2 Engineering Plastics

        1. 2.1.2.1 Polyurethanes

        2. 2.1.2.2 Fluoropolymers

        3. 2.1.2.3 Polyamides

        4. 2.1.2.4 Polycarbonates

        5. 2.1.2.5 Styrene Copolymers (ABS and SAN)

        6. 2.1.2.6 Thermoplastic Polyesters

        7. 2.1.2.7 Other Engineering Plastics

      3. 2.1.3 Bioplastics

    2. 2.2 Technology

      1. 2.2.1 Blow Molding

      2. 2.2.2 Extrusion

      3. 2.2.3 Injection Molding

      4. 2.2.4 Other Technologies

    3. 2.3 Application

      1. 2.3.1 Packaging

      2. 2.3.2 Electrical and Electronics

      3. 2.3.3 Building and Construction

      4. 2.3.4 Automotive and Transportation

      5. 2.3.5 Housewares

      6. 2.3.6 Furniture and Bedding

      7. 2.3.7 Other Applications

Vietnam Plastics Market Size FAQs

The Vietnam Plastics Market size is expected to reach 10.92 million tons in 2024 and grow at a CAGR of 8.44% to reach 16.36 million tons by 2029.

In 2024, the Vietnam Plastics Market size is expected to reach 10.92 million tons.

Vietnam Plastic Market Report Snapshots

Vietnam Plastic Industry Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)