Vietnam Recycled Plastics Market Size Set to Grow at Steady CAGR to Touch Value of USD 4 Billion & Volume of 71 Million Tons by 2030

Published | 04 June 2024

Vietnam Recycled Plastics Market is flourishing because of the growing awareness about environmental issues and stringent regulations and policies promoting use of recycled plastics.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Vietnam Recycled Plastics Market size at USD 2.75 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Vietnam Recycled Plastics Market size to expand at a CAGR of 4.88% reaching a value of USD 3.89 billion by 2030. By volume, BlueWeave estimated the Vietnam Recycled Plastics Market size at 4.12 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Vietnam Recycled Plastics Market size to expand at a CAGR of 3.59% reaching the volume of 70.85 million tons by 2030. Growing plastic use in a variety of industries, including automotive, packaging, and building & construction, for the creation of lightweight components, is one of the primary growth drivers for the Vietnam Recycled Plastics Market. During the period in analysis, the market will also be driven by an increasingly high amount of plastic trash that end up in landfills and a growing emphasis on environmental sustainability.

Opportunity - Increasing investments in recycling infrastructure

The lack of proper plastic recycling infrastructure acts as one of the major restraining factors for the growth of market in Vietnam. As a result, the government and private players are significantly investing in strengthening the recycling infrastructure, which is anticipated to drive the Vietnam Recycled Plastics Market over the forecast period. For instance, ALBA Group, a waste management and plastic management company, announced its partnership with VietCycle to construct a plastic recycling plant in Vietnam, with a year capacity of 48,000 tons of PET/HDPE resin.

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Vietnam Recycled Plastics Market

Segmental Coverage

Vietnam Recycled Plastics Market – By Application

Based on application, the Vietnam Recycled Plastics Market is segmented into building & construction, packaging, electrical & electronics, textiles, automotive, and others. The packaging segment dominates the Vietnam Recycled Plastics Market by application. The growth of the segment is mainly attributed to the high durability and sealability of plastic. Furthermore, plastic also increases the shelf life of food products with the help of modified atmosphere packaging. Following packaging, the automotive sector also holds a substantial market share in Vietnam owing to the production of various automotive components including door panels, consoles, and seatbacks.

Competitive Landscape

Major players operating in the Vietnam Recycled Plastics Market include DUYTAN Recycling Corporation, Blueskyvn, Stavian Chemical, Formosa Plastics CO., LTD, IAV Global, PLASTICPeople, Duy Tan Recycling, VietCycle, and Alba Group Asia.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Vietnam Recycled Plastics Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Vietnam Recycled Plastics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Vietnam Recycled Plastics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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