Vietnam Plastics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Type (Traditional Plastics, Engineering Plastics, and Bioplastics), Technology (Blow Molding, Extrusion, Injection Molding, and Other Technologies), and Application (Packaging, Electrical and Electronics, Building and Construction, Automotive and Transportation, Housewares, Furniture and Bedding, and Other Applications). The report offers market size and forecasts for the Vietnam Plastics Market in value (USD million) for all the above segments.

Market Snapshot

Vietnam Plastics Market Overview
Study Period:

2016 - 2026

Base Year:

2020

CAGR:

>3 %

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Market Overview

The Vietnam plastics market is projected to register a CAGR of over 3% during the forecast period (2021-2026).

Owing to the COVID-19 impact in the first half of 2020, various production facilities and manufacturing activities have been halted in industries such as automotive and transportation, building and construction, and electronics. This, in turn, has negatively affected the consumption of plastics in these end-user industries in Vietnam.

  • In the short term, the increasing demand from end-user industries such as packaging, electrical and electronics, and construction 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.

Scope of the Report

The Vietnam 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 others. 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 value (USD million).

Type
Traditional Plastics
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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Key Market Trends

Injection Molding Technology to Dominate the Market

  • Injection molding is mostly done using virgin or high-quality processing resins. High-performance plastic pallets are usually injection molded. Injection molding is a relatively capital-consuming process but offers the advantage of high-speed processes.
  • Therefore, injection molding is found to be beneficial in the bulk production of plastic pallets. Injection molding processes are used in wire spools, packaging, bottle caps, automotive dashboards, pocket combs, etc.
  • The explosive growth of the local automotive, packaging, and chemical processing industries in the country is expected to provide a favorable market for injection molding. For instance, automobile production in the country has witnessed a 5.5% growth. However, it slowed down in 2020 due to the COVID-19 impact.
  • Owing to the advantageous geographical location of Vietnam, with easy access to the rapidly growing Asia-Pacific end users, the consumption of injection-molded plastic pallets is expected to increase drastically.
  • However, Vietnam is also becoming increasingly competitive in the field of injection molding. Many Japanese companies moved their production of automotive plastic parts from China to Vietnam, where technologies such as injection molding are used at the highest level.
  • Owing to the increasing demand from various end-user industries, the market for injection molding is projected to increase over the forecast period.
Vietnam Plastics Market Share

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Growing Demand from the Packaging Industry

  • Packaging accounts for the largest application segment in the Vietnamese plastics market. The prime reasons for the growing application of engineering plastics in the packaging segment are better to wear and chemical resistance, ease of molding, recyclability, puncture resistance, and high mechanical strength.
  • Some major applications of engineering plastics in the packaging segment are as follows: packaging of bottled water, flexible packaging, such as sausage skin, flexible foils, such as shopping bags.
  • Polyethylene terephthalate (PET) is one of the plastics majorly used for packaging purposes, mostly in the food and beverage industry. Portability, design flexibility, ease of cleaning, lightweight, and protection against moisture are few properties of PET, which make it suitable for packaging purposes. In addition, low handling hazards, low toxicity, and the absence of bisphenol A (BPA) and heavy metals are some other factors that allow PET to be used in food packaging.
  • PETs are used for making clamshells, bakery and take-out containers, microwaveable food trays, carbonated soft drink bottles, and other packages. Other applications include packaging materials for cooking oils, shampoo, hand wash, and more products.
  • Polyamide is another major engineering plastic that finds major application in the packaging sector. Bi-axially oriented and non-oriented polyamide films are used in medical and food packaging, owing to the former’s high impact strength and good heat resistance.
  • Increasing household and commercial applications for containers, plastic bags, canisters, and tableware, among others, are expected to drive the consumption demand for plastics in the packaging sector, during the forecast period.
  • The usage of plastics for packaging products is expected to experience a fairly steady demand during the forecast period. Requirements for rubber gloves in the healthcare sector, stretch films, garbage bags, and other medical devices, are anticipated to witness greater demand in the coming years.
Vietnam Plastics Market Growth

Competitive Landscape

The Vietnamese plastics market is fragmented, with the top five players accounting for a small chunk of the market, with a huge dependency on import share. Some major companies in the Vietnamese plastics market include SCG Chemicals Co. Ltd, Vietnam Oil & Gas Group, NAN YA PLASTICS CORPORATION, AGC Chemicals Vietnam Co. Ltd, and Vinaplast.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from the End-user Industries

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Over-reliance on Imports of Raw Materials and Finished Plastics

      2. 4.2.2 Impact of COVID-19 on the Market Studied

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Degree of Competition

    5. 4.5 Raw Material Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Type

      1. 5.1.1 Traditional Plastics

      2. 5.1.2 Engineering Plastics

      3. 5.1.3 Bioplastics

    2. 5.2 Technology

      1. 5.2.1 Blow Molding

      2. 5.2.2 Extrusion

      3. 5.2.3 Injection Molding

      4. 5.2.4 Other Technologies

    3. 5.3 Application

      1. 5.3.1 Packaging

      2. 5.3.2 Electrical and Electronics

      3. 5.3.3 Building and Construction

      4. 5.3.4 Automotive and Transportation

      5. 5.3.5 Housewares

      6. 5.3.6 Furniture and Bedding

      7. 5.3.7 Other Applications

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AGC Chemicals Vietnam Co. Ltd

      2. 6.4.2 P&C DANANG

      3. 6.4.3 DuPont

      4. 6.4.4 LyondellBasell Industries Holdings BV

      5. 6.4.5 NAN YA PLASTICS CORPORATION

      6. 6.4.6 Solvay

      7. 6.4.7 Toray Industries Inc.

      8. 6.4.8 SCG Chemicals Co. Ltd

      9. 6.4.9 Vietnam Oil & Gas Group

      10. 6.4.10 Vinaplast

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increase in Foreign Investments

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Vietnam Plastics Market market is studied from 2016 - 2026.

The Vietnam Plastics Market is growing at a CAGR of >3% over the next 5 years.

  • SCG Chemicals Co., Ltd.
  • Vietnam Oil & Gas Group
  • AGC Chemicals Vietnam Co. Ltd
  • NAN YA PLASTICS CORPORATION
  • Vinaplast

Are the major companies operating in Vietnam Plastics Market.

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