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Vietnam Recycled Plastics Market

Vietnam Recycled Plastics Market

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.

Vietnam Recycled Plastics Market

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 Share

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

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

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Vietnam Recycled Plastics Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growing Awareness about Environmental Issues
        2. Government Regulations and Policies to Promote Recycled Plastic Usage
        3. Increasing Demand from End-Use Industries
      2. Restraints
        1. Increasing Quality Concern
        2. Limited Awareness Among Consumers and Businesses about Recycled Plastics Benefits
      3. Opportunities
        1. Increasing Investment in Infrastructure
        2. Rising Innovation in Recycled Plastic Technologies
        3. Consumer Awareness Campaigns to Stimulate Demand for Recycled Plastics
      4. Challenges
        1. Changing Regulations and Policies related to Plastics Recycling
        2. Inadequate Recycling Infrastructure in Vietnam
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Vietnam Recycled Plastics Market: Marketing Strategies
  5. Vietnam Recycled Plastics Market: Pricing Analysis
  6. Vietnam Recycled Plastics Market Overview
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
      2. By Volume (Million Tons)
    2. Market Share & Forecast
      1. By Product Type
        1. Polyethylene
        2. Polyethylene Terephthalate
        3. Polypropylene
        4. Polyvinyl Chloride
        5. Polystyrene
        6. Others
      2. By Source
        1. Plastic Bottles
        2. Plastic Films
        3. Polymer Foam
        4. Others
      3. By Application
        1. Building & Construction
        2. Packaging
        3. Electrical & Electronics
        4. Textiles
        5. Automotive
        6. Others
  7. Competitive Landscape
    1. List of Key Players and Their Products
    2. Vietnam Recycled Plastics Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
  8. Vietnam Recycled Plastics Market: Import & Export
  9. Impact of Escalating Geopolitical Tensions on Vietnam Recycled Plastics Market
  10. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
    1. DUYTAN Recycling Corporation
    2. Blueskyvn
    3. Stavian Chemical
    4. Formosa Plastics CO., Ltd
    5. IAV Global
    6. PLASTICPeople
    7. Duy Tan Recycling
    8. VietCycle
    9. Alba Group Asia
    10. Other Prominent Players
  11. Key Strategic Recommendations
  12. Research Methodology
    1. Qualitative Research
      1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*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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Frequently Asked Questions (FAQs):

Ans: Vietnam Recycled Plastics Market size was estimated at USD 2.75 billion in 2023.
Ans: Vietnam Recycled Plastics Market size is expected to grow at a CAGR of 4.88% during the forecast period between 2024 and 2030.
Ans: Vietnam Recycled Plastics Market size is forecast to reach a value of USD 3.89 billion by 2030.
Ans: Major factors driving the growth of the Vietnam Recycled Plastics Market include growing awareness about environmental issues and government regulations and policies to promote recycled plastic usage.
Ans: The packaging segment holds the highest market share in the Vietnam Recycled Plastics Market by application.
Ans: The plastic film segment is expected to grow at the highest CAGR in the Vietnam Recycled Plastics Market during the forecast period between 2024 and 2030.