Vietnam Recycled Plastics Market
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Vietnam Recycled Plastics Market, 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), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: June 2024
- Report ID: BWC24415
- Available Format: PDF
- Page: 200
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
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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
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
By Value - USD Billion |
By Volume – Million Tons |
|
Product/ Service Segmentation |
Product Type, Source, Application |
Key Players |
DUYTAN Recycling Corporation, Blueskyvn, Stavian Chemical, Formosa Plastics CO., LTD., IAV Global, PLASTICPeople, Duy Tan Recycling, VietCycle, Alba Group Asia |
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
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- Vietnam Recycled Plastics Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Growing Awareness about Environmental Issues
- Government Regulations and Policies to Promote Recycled Plastic Usage
- Increasing Demand from End-Use Industries
- Restraints
- Increasing Quality Concern
- Limited Awareness Among Consumers and Businesses about Recycled Plastics Benefits
- Opportunities
- Increasing Investment in Infrastructure
- Rising Innovation in Recycled Plastic Technologies
- Consumer Awareness Campaigns to Stimulate Demand for Recycled Plastics
- Challenges
- Changing Regulations and Policies related to Plastics Recycling
- Inadequate Recycling Infrastructure in Vietnam
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Vietnam Recycled Plastics Market: Marketing Strategies
- Vietnam Recycled Plastics Market: Pricing Analysis
- Vietnam Recycled Plastics Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- By Volume (Million Tons)
- Market Share & Forecast
- 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
- By Product Type
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Products
- Vietnam Recycled Plastics Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Development (Merger, Acquisition, Partnership)
- Vietnam Recycled Plastics Market: Import & Export
- Impact of Escalating Geopolitical Tensions on Vietnam Recycled Plastics Market
- Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
- DUYTAN Recycling Corporation
- Blueskyvn
- Stavian Chemical
- Formosa Plastics CO., Ltd
- IAV Global
- PLASTICPeople
- Duy Tan Recycling
- VietCycle
- Alba Group Asia
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 Vietnam Recycled Plastics Market Segmentation
Figure 2 Vietnam Recycled Plastics Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 Vietnam Recycled Plastics Market Size, By Value (USD Billion), 2019–2030
Figure 5 Vietnam Recycled Plastics Market Size, By Volume (Million Tons), 2019–2030
Figure 6 Vietnam Recycled Plastics Market Share, By Product Type, By Value (USD Billion) 2019–2030
Figure 7 Vietnam Recycled Plastics Market Share, By Product Type, By Volume (Million Tons), 2019–2030
Figure 8 Vietnam Recycled Plastics Market Share, By Source, By Value (USD Billion) 2019–2030
Figure 9 Vietnam Recycled Plastics Market Share, By Source, By Volume (Million Tons), 2019–2030
Figure 10 Vietnam Recycled Plastics Market Share, By Application, By Value (USD Billion) 2019–2030
Figure 11 Vietnam Recycled Plastics Market Share, By Application, By Volume (Million Tons), 2019–2030
List of Tables
Table 1 Vietnam Recycled Plastics Market Size, By Value (USD Billion), 2019–2030
Table 2 Vietnam Recycled Plastics Market Size, By Volume (Million Tons), 2019–2030
Table 3 Vietnam Recycled Plastics Market Share, By Product Type, By Value (USD Billion) 2019–2030
Table 4 Vietnam Recycled Plastics Market Share, By Product Type, By Volume (Million Tons), 2019–2030
Table 5 Vietnam Recycled Plastics Market Share, By Source, By Value (USD Billion) 2019–2030
Table 6 Vietnam Recycled Plastics Market Share, By Source, By Volume (Million Tons), 2019–2030
Table 7 Vietnam Recycled Plastics Market Share, By Application, By Value (USD Billion) 2019–2030
Table 8 Vietnam Recycled Plastics Market Share, By Application, By Volume (Million Tons), 2019–2030
Table 9 DUYTAN Recycling Corporation Company Overview
Table 10 DUYTAN Recycling Corporation Financial Overview
Table 11 Blueskyvn Company Overview
Table 12 Blueskyvn Financial Overview
Table 13 Stavian Chemical Company Overview
Table 14 Stavian Chemical Financial Overview
Table 15 Formosa Plastics CO., Ltd Company Overview
Table 16 Formosa Plastics CO., Ltd Financial Overview
Table 17 IAV Global Company Overview
Table 18 IAV Global Financial Overview
Table 19 PLASTICPeople Company Overview
Table 20 PLASTICPeople Financial Overview
Table 21 Duy Tan Recycling Company Overview
Table 22 Duy Tan Recycling Financial Overview
Table 23 VietCycle Company Overview
Table 24 VietCycle Financial Overview
Table 25 Alba Group Asia Company Overview
Table 26 Alba Group Asia Financial Overview
Market Segmentation
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