Vietnam Plastics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Vietnam Plastics 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 volume (kilo tons) for all the above segments.

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Vietnam Plastics Market Size

Vietnam Plastics Market Summary
Study Period: 2018 - 2028
CAGR: 8.44 %

Major Players

Vietnam Plastics Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Vietnam Plastics Market Analysis

The Vietnam Plastics Market size is expected to grow from 9,215.98 kilotons in 2022 to 15,093.27 kilotons by 2028, at a CAGR of 8.44% during the forecast period (2023-2028).

The COVID-19 pandemic affected the Vietnamese market negatively. However, with the resumption of work in major end-user industries, the market is estimated to have reached pre-pandemic levels.

  • In the short term, the increasing demand from the construction industry 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.

Vietnam Plastics Industry Segmentation

Plastics are a broad category of synthetic or semi-synthetic materials that contain polymers as a primary component. Plastics can be molded, extruded, or pressed into solid objects of various shapes due to their plasticity. This adaptability, along with a variety of other properties, such as being lightweight, durable, flexible, and low cost of production, led to their widespread use. The Vietnamese 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 other technologies. 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 volume (kilo tons).

Type
Traditional Plastics
Polyethylene
Polypropylene
Polystyrene
Polyvinyl Chloride
Engineering Plastics
Polyurethanes
Fluoropolymers
Polyamides
Polycarbonates
Styrene Copolymers (ABS and SAN)
Thermoplastic Polyesters
Other 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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Vietnam Plastics Market Trends

This section covers the major market trends shaping the Vietnam Plastics Market according to our research experts:

Extrusion Technology to Dominate the Market

  • In Vietnam, extrusion molding technology is used to make products such as PVC, PE pipe, aluminum and plastic pipe, fiber, PVC doors, frames, roofings, and wall coverings. An extrusion molding process involves lower production costs and faster setup time. However, it provides mediocre precision and is mostly suitable for uniform cross-section parts and not complex parts.
  • This technology is used mainly in construction activities, and the main products include PVC, HDPE, PPR pipes, profile bars, plastic doors and windows, panels, and furniture.
  • According to the plastic industry development plan of 2020, the plastics industry will be restructured toward reducing the proportion of packaging and consumer plastics and increasing the percentage of the construction and technical plastics segment.
  • Vietnam’s construction plastics segment accounts for around one-fourth of the total plastics industry. Developing the construction and real estate sector is boosting the demand for plastic construction products.
  • In addition, the country's government aims to build a million affordable houses in more than 350 industrial zones. These infrastructural development projects and the increasing number of factories being installed are robustly increasing the demand for construction and technical plastics in the country.
  • In April 2022, one of the top PET packaging businesses in Vietnam, Ngoc Nghia Industry - Service - Trading Joint Stock Company (NN), was acquired by Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company. The acquisition will strengthen IVL's market position as it broadens its integrated PET product offering to significant multinational customers throughout the country.
  • In September 2022, the US-based beverage company The Coca-Cola Company introduced fully recycled plastic bottles in Vietnam. The company claims to meet both Vietnamese regulations and international standards for food-grade rPET packaging.
  • Based on the aforementioned aspects, extrusion technology is expected to dominate the market.
Vietnam Plastics Market, Volume CAGR (%), By Technology, Global, 2022-2027

Packaging Segment to Dominate the Market

  • Packaging accounts for the largest share of the Vietnamese plastics market. Factors like light weight and thermal, chemical, and corrosion resistance make plastics a viable choice for packaging purposes in the Vietnamese market.
  • In the packaging industry, plastics are used for healthcare packaging, food and beverage packaging, consumer packaged goods, consumer and personal care packaging, and in the home and garden.
  • Polyethylene terephthalate (PET) is one of the majorly used plastics for packaging purposes, mostly in the food and beverage industry. Portability, design flexibility, ease of cleaning, light weight, and protection against moisture are a few properties of PET that make them suitable for packaging purposes.
  • In addition, low handling hazards, low toxicity, absence of Bisphenol A (BPA), and heavy metals favor the PET market for the food packaging industry.
  • With a growth rate of 15% to 20% in the upcoming years, the packaging industry is one of Vietnam's fastest-growing sectors. Over 900 factories are currently in operation in the sector, with approximately 70% of them located in the Southern region, primarily in Ho Chi Minh City, Binh Duong, and Dong Nai.
  • In March 2022, Tetra Pak, a well-known F&B company, with an additional USD 5.9 million investment into its USD 141.2 million packaging material factory in the province of Binh Duong, proved its confidence in Vietnam. To meet the growing demand for aseptic packages in Vietnam and other regional markets, the additional investment will increase the factory's annual output from the current 11.5 billion to 16.5 billion packages.
  • Thus, based on the aforementioned aspects, the packaging segment is expected to dominate the market.
Vietnam Plastics Market, Volume CAGR (%), By Application, Vietnam, 2022-2027

Vietnam Plastics Industry Overview

The Vietnamese plastics market is a consolidated market with a limited number of players engaged in the production of plastic resins. Some of the key players in the market include Far Eastern New Century, Nghi Son Refinery and Petrochemical (NSRP), Hyosung Chemicals, Billion Industrial Holdings Limited, and SCG Chemicals Public Company Limited (TPC VINA), among others (not in any particular order).

Vietnam Plastics Market Leaders

  1. Far Eastern New Century

  2. Hyosung Chemicals

  3. Nghi Son Refinery and Petrochemical (NSRP)

  4. Billion Industrial Holdings Limited 

  5. SCG Chemicals Public Company Limited (TPC VINA)

*Disclaimer: Major Players sorted in no particular order

Vietnam Plastics Market Concentration

Vietnam Plastics Market News

  • In September 2022, Billion Industrial Holdings Limited announced the expansion of the manufacturing facilities for polyester bottle chips in Vietnam. This manufacturing facility will have a production capacity of 300,000 tons of polyethylene terephthalate resin.
  • In August 2022, SCG Chemicals Co. Ltd announced an investment of USD 22.7 million in the AJ Plastproject to produce biaxially oriented polyethylene terephthalate (BOPET) in Vietnam. The BOPET project will boost the company’s product portfolio with a value-added product designed to meet the growing consumer demand.

Vietnam Plastics Market Report - 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 Construction Sector

      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 Environmental Concerns of Plastics and the Availability of New Substitutes

    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 and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Raw Material Analysis

  5. 5. MARKET SEGMENTATION (Market Size in Volume)

    1. 5.1 Type

      1. 5.1.1 Traditional Plastics

        1. 5.1.1.1 Polyethylene

        2. 5.1.1.2 Polypropylene

        3. 5.1.1.3 Polystyrene

        4. 5.1.1.4 Polyvinyl Chloride

      2. 5.1.2 Engineering Plastics

        1. 5.1.2.1 Polyurethanes

        2. 5.1.2.2 Fluoropolymers

        3. 5.1.2.3 Polyamides

        4. 5.1.2.4 Polycarbonates

        5. 5.1.2.5 Styrene Copolymers (ABS and SAN)

        6. 5.1.2.6 Thermoplastic Polyesters

        7. 5.1.2.7 Other 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 Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Agc Inc.

      2. 6.4.2 Billion Industrial Holdings Limited

      3. 6.4.3 Far Eastern New Century Corporation

      4. 6.4.4 Hyosung Chemical

      5. 6.4.5 Lyondellbasell Industries Holdings Bv

      6. 6.4.6 Nan Ya Plastics Corporation

      7. 6.4.7 Nsrp Llc

      8. 6.4.8 Scg Chemicals Public Company Limited

      9. 6.4.9 Toray Industries Inc.

      10. 6.4.10 Vietnam Oil And Gas Group

      11. 6.4.11 Vietnam Polystyrene Co. Ltd

      12. 6.4.12 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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Vietnam Plastics Market Research FAQs

The Vietnam Plastics Market is studied from 2018 - 2028.

The Vietnam Plastics Market is growing at a CAGR of 8.44% over the next 5 years.

The Vietnam Plastics Market is expected to reach 13,819.40 kilotons in 2023 and grow at a CAGR of 8.44% to reach 15093.27 kilotons by 2028.

Far Eastern New Century, Hyosung Chemicals, Nghi Son Refinery and Petrochemical (NSRP), Billion Industrial Holdings Limited, SCG Chemicals Public Company Limited (TPC VINA) are the major companies operating in Vietnam Plastics Market.

Vietnam Plastics Industry Report

Statistics for the 2023 Vietnam Plastics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Plastics analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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