Report Overview

A growing awareness about environmental issues and the government’s supportive regulations and policies to promote recycled plastic usage are expected to boost the growth of Vietnam Recycled Plastics Market during the forecast period between 2024 and 2030.

Vietnam Recycled Plastics Market - Industry Trends & Forecast Report, 2030

The Vietnam Recycled Plastics Market size was estimated to be worth USD 2.75 billion in 2023. During the forecast period between 2024 and 2030, the Vietnam Recycled Plastics Market size is projected to grow at a CAGR of 4.88%, reaching a value of USD 3.89 billion by 2030.

By volume, the Vietnam Recycled Plastics Market size was estimated at 64.12 million tons in 2023. During the forecast period between 2024 and 2030, the Vietnam Recycled Plastics Market size is expected to expand at a CAGR of 3.59% reaching a volume of 70.85 million tons by 2030.

Major growth factors for the Vietnam Recycled Plastics Market include rising plastic consumption across various industries, including automotive, packaging, and building and construction, for the production of lightweight components. In addition, rising volumes of plastic waste ending up in landfills and an increasing focus on environmental sustainability are anticipated to drive the Vietnam Recycled Plastics Market over the forecast period.

Recycled Plastics – Overview

Waste or scrap plastic materials that are converted into functional goods are known as recycled plastics. There are two ways that recycled plastics can lower emissions. They can, first of all, encourage improved recycling and material reuse. Second, materials with high emissions, like steel or brick, can be replaced with recycled plastics. The most recyclable material is most likely polyethylene terephthalate, or PET. It is employed in the commercialization of numerous goods in industries like food, automotive, textile, and medicine.

Vietnam Recycled Plastics Market

Growth Drivers

Rising Focus on Sustainability

The increasing burden of plastic waste is prompting the government as well as private players to move towards sustainable practices. As a result, various regulations are passed to encourage and promote plastic recycling, such as tax incentives or credits. The market is expanding because of the growing demand for sustainable materials, which include recycled and bio-based plastics. These materials are generally advertised as eco-friendly alternatives and have the potential to have a decreased environmental effect.

Challenges

Negative Side Effects of Plastic Recycling

Hazardous microplastics can be released into the environment in significant amounts during the recycling process itself. Furthermore, hazardous substances including pesticides and medications have been shown to be present in recycled plastic. These substances pose a risk to customers, recycling workers, and the environment. Furthermore, the Vietnamese market for recycled plastics is further constrained by the preference of end user industries for virgin plastic due to its superior strength and durability.

Vietnam Recycled Plastics Market

Segmental Coverage

Vietnam Recycled Plastics Market – By Product Type

Based on product type, the Vietnam Recycled Plastics Market is segmented into polyethylene, polyethylene terephthalate, polypropylene, polyvinyl chloride, polystyrene, and others. The polyethylene terephthalate segment holds the largest share in the Vietnam Recycled Plastics Market by product type, owing to the high volume of plastic waste generated due to its wide usage in food packaging and bottling. PET is 100% recyclable, which makes it the desired packaging material across various end user industries. The polypropylene segment is also growing at a significant CAGR owing to its rising demand from the packaging and automotive industries.

Vietnam Recycled Plastics Market – By Source

Based on the source, the Vietnam Recycled Plastics Market is segmented into plastic bottles, plastic films, polymer foam, and others. The plastic film segment holds the highest share in the market by source. The high use of plastic film in various applications, including plastic bags, packaging, building construction, film stock for movies, results in a high volume of plastic film waste, which fuels the need for efficient recycling. The plastic bottle segment is also growing at a substantial rate. They are also used in a wide range of applications, such as storing water, cooking oil, medicine, shampoo, etc.

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. The growth of the market 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 covers 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.

Recent Developments

• In November 2023 – Stavian Recycling Joint Stock Company, a member of Stavian Group, announced the development of the Stavian Recycled Plastic Plant project to establish a circular ecosystem for plastic waste in Vietnam.

Scope of the Report

By Product Type

• Polyethylene

• Polyethylene Terephthalate

• Polypropylene

• Polyvinyl Chloride

• Polystyrene

• Others

By Source

• Plastic Bottles

• Plastic Films

• Polymer Foam

• Others

By Application

• Building & Construction

• Packaging

• Electrical & Electronics

• Textiles

• Automotive

• Others