Vietnam Plastics Market – Growth, Trends, and Forecast (2019 – 2024)

The market is segmented by Product Type (Traditional Plastics, Engineering Plastics, and Bio-plastics), Technology (Blow Molding, Extruding, Injection Molding, and Others), and Application (Packaging, Electrical & Electronics, Building & Construction, Automotive & Transportation, Housewares, Furniture & Bedding, and Others)

Market Snapshot

Vietnam Plastics Market - Market Summary
Study Period:

2016-2024

Base Year:

2018

Key Players:

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Market Overview

The market for vietnam plastics is expected to witness a CAGR of around 6.5% during the forecast period of 2019-2024. Major factors driving the market are the rapis increase in downstream processing capacity and growing demand from various end-user industries.

  • The packaging application dominated the market in 2018 and is expected to grow during the forecast period.
  • Development of nnovative application products is likely to act as an opportunity in the future.

Scope of the Report

The vietnam plastics market report includes:

Product Type
Traditional Plastics
Engineering Plastics
Bio-plastics
Technology
Technology
Extruding
Injection Molding
Others
Application
Packaging
Electrical & Electronics
Building & Construction
Automotive& Transportation
Housewares
Furniture & Bedding
Others

Report scope can be customized per your requirements. Click here.

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 local automotive, packaging, and chemical processing industries, across the world, is expected to provide  a favorable market for injection molding.
  • 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, China leads the market, and holds a competitive edge, thereby hindering the growth of the Philippine plastics market to an extent.
  • However, Vietnam is also becoming increasingly competitive in the field of injection molding. Many Japanese companies has moved their production of automotive plastic parts from China to Vietnam where technologies such as injection molding is 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 - Segmentation

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Electronics Industry to Drive the Market Growth

  • There are several applications of plastics in electrical and electronics, some of them include use of plastics in all forms of display products, audio devices, cables and wires, circuit breakers and switch gears, fuse boxes, switches and knobs, transformers, food processing units, electrical kettles, refrigerator, microwave grills, and numerous other electronic goods. Apart from safety, durability, and efficiency in electrical and electronics products, plastics provide resistivity from electrical sources and mechanical shocks.
  • Use of plastics in electronic products have been existing since the longest time. New innovations and continuous development of smaller circuit boards and components are taking place almost every day, and the demand for high-performance plastics is increasing, owing to the property of plastics to withstand stress in assembling operations. Plastics help in increasing the functionality of the circuit in use, while also contributing to the decreasing size of the circuit.
  • Vietnam is identified as one of the top-five fastest growing technology equipment markets in the world, and one of the fastest growing markets in Southeast Asia. The electronics sector grew rigorously in the early half of the decade. Globally, the country ranks 12th in electronic exports. According to the Ho Chi Minh City Department of Industry and Trade, for the first 10 months of 2018, the production index of electronic goods increased by more than 17% and the overall industrial production index (IIP) grew by 7.85%. This is because of the rise in consumer demands and growth in investment in chip technology, electronic boards, and semiconductors.
  • Vietnam has captured market share from many other countries in the region. The country’s electronic and refrigeration engineering products consumption level is expected to rise from the current 7.3% to 11.9% in 2019.
  • Apart from the smartphone or tablet products, the country has also witnessed a fair share growth in other electronics items, including refrigerators, other display products, and various electrical appliances. The Vietnamese electronics sector is attracting several opportunities from the foreign markets, which is boosting the growth of the electronics market, thus fuelling the demand for plastics in the country.
Vietnam Plastics Market - Electronics Segment

Competitive Landscape

The vietnam plastics market is fragmented with the top five players accounting for a small chunk of the market, with a huge dependency on import share. Few market leaders are vertically integrated, with a broad product portfolio of plastics for packaging and building & construction, among others. The prominent resin manufacturers in the market include SCG Chemicals Co., Ltd., Vietnam Oil & Gas Group, Nan Ya Plastics Corporation (Formosa), AGC Chemicals Vietnam Co. Ltd, and Vinaplast, among others.

Major Players

  1. SCG Chemicals Co., Ltd.
  2. Vietnam Oil & Gas Group
  3. Nan Ya Plastics Corporation (Formosa)
  4. AGC Chemicals Vietnam Co. Ltd
  5. Vinaplast

* Complete list of players covered available in the table of contents below

Vietnam Plastics Market - Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Report

    2. 1.2 Study Assumptions

    3. 1.3 Study Deliverables

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rapid Increase in Downstream Processing Capacity

      2. 4.1.2 Growing Demand In End-user Markets

      3. 4.1.3 Government Support

    2. 4.2 Restraints

      1. 4.2.1 Environmental Concerns

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porters 5 Force Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      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 PESTEL Analysis

    6. 4.6 Imports and Exports

    7. 4.7 Price Analysis

    8. 4.8 Machinery and Technology

    9. 4.9 Government Plans & Policies

    10. 4.10 Macroeconomic Factors

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Traditional Plastics

      2. 5.1.2 Engineering Plastics

      3. 5.1.3 Bio-plastics

    2. 5.2 Technology

      1. 5.2.1 Technology

      2. 5.2.2 Extruding

      3. 5.2.3 Injection Molding

      4. 5.2.4 Others

    3. 5.3 Application

      1. 5.3.1 Packaging

      2. 5.3.2 Electrical & Electronics

      3. 5.3.3 Building & Construction

      4. 5.3.4 Automotive& Transportation

      5. 5.3.5 Housewares

      6. 5.3.6 Furniture & Bedding

      7. 5.3.7 Others

  6. 6. COMPETITIVE LANDSCAPE

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

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles (Overview, Financials**, Products & services, and Recent Developments)

      1. 6.4.1 Plastic Resin Manufacturers

        1. 6.4.1.1 AGC Chemicals Vietnam Co. Ltd

        2. 6.4.1.2 BASF SE

        3. 6.4.1.3 Danang Chemical And Plastic Joint Stock Company

        4. 6.4.1.4 LyondellBasell Industries Holdings BV

        5. 6.4.1.5 Nan Ya Plastics Corporation (Formosa)

        6. 6.4.1.6 SCG Chemicals Co., Ltd.

        7. 6.4.1.7 Solvay Chemicals Vietnam Limited

        8. 6.4.1.8 Toray Industries Inc.

        9. 6.4.1.9 Vietnam Oil & Gas Group

        10. 6.4.1.10 Vinaplast

      2. 6.4.2 Product Manufacturers

        1. 6.4.2.1 An Phat Bioplastics

        2. 6.4.2.2 BINH MINH PLASTICS

        3. 6.4.2.3 CHAN THUAN THANH Plastic

        4. 6.4.2.4 CHOLON PLASTIC PRODUCING - TRADING CO.,LTD

        5. 6.4.2.5 DuyTan Plastics Corp

        6. 6.4.2.6 JSC Bavico

        7. 6.4.2.7 Minh Hung Plastics Joint Stock Company

        8. 6.4.2.8 NamThaiSon

        9. 6.4.2.9 Ngoc Nghia Industry-Service-Trading Joint Stock Company

        10. 6.4.2.10 NTP GROUP

        11. 6.4.2.11 Opec Plastics

        12. 6.4.2.12 Plastic Industrial Co. Hoa Gia

        13. 6.4.2.13 RANG DONG PLASTIC JOINT-STOCK COMPANY

        14. 6.4.2.14 Tan Dai Hung Co.

        15. 6.4.2.15 Tapack

        16. 6.4.2.16 TIN THANH PACKING JOINT STOCK COMPANY (BATICO)

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovative Applications/Products

**Subject to Availability

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