According to the publisher's analysis, the two categories that account for the largest share of Vietnam's plastics industry are packaging plastics and household plastics. However, they have the lowest added value. Engineering plastics, on the other hand, have high added value, but only account for less than one-fifth of the market size.
Vietnam produces more than one million tons of packaging plastics, which mainly serve the food and non-alcoholic beverage processing industries. Therefore, the growth of packaging plastics will depend on the growth of these two market segments.
Application areas of construction plastics in Vietnam include PVC pipes, plastic doors, ceilings, furniture, etc. The growth rate of this segment is expected to increase due to the development of the real estate market in Vietnam. The main raw materials for these products are PVC, PP and HDPE resins.
Engineering plastics are used to assemble automobiles, motorcycles and electronic plastic devices, and it accounts for 15% of the output value of the final product. Although the number of enterprises is small, the market size of this segment accounts for 20% of the total production of the whole industry.
Since 2021, Vietnam's plastics industry has seen a resurgence in growth, with imports of plastic raw materials reaching US$11.69 billion and imports of plastic products reaching US$7.96 billion in 2021. Among them, PET, ABS and PE plastic raw materials imports have increased significantly. South Korea is one of the main sources of plastic raw material imports into Vietnam. Imports of PVC, PE, PP raw materials resin imports from the Korean market increased significantly. From January to July 2022, Vietnam imported US$7.89 billion of plastic raw materials, up 11.1% year-on-year, and US$4.90 billion of plastic products, up 6.6% year-on-year.
In terms of exports, Vietnam's exports of both plastic raw materials and products are generally on the rise. In 2021, Vietnam exported US$2.26 billion in plastic raw materials and US$4.93 billion in plastic products, up 34.9% year-on-year. The United States, the European Union and Japan are the main export markets for Vietnam's plastic products.
The publisher expects the plastics industry in Vietnam to continue to grow and the market size to further expand during 2023-2032.
Topics covered:
- Vietnam's Plastic Raw Materials Industry Status and Major Sources in 2018-2022
- What is the Impact of COVID-19 on Vietnam's Plastic Raw Materials Industry?
- Which Companies are the Major Players in Vietnam's Plastic Raw Materials Industry Market and What are their Competitive Benchmarks?
- Key Drivers and Market Opportunities in Vietnam's Plastic Raw Materials Industry
- What are the Key Drivers, Challenges, and Opportunities for Vietnam's Plastic Raw Materials Industry during 2023-2032?
- What is the Expected Revenue of Vietnam's Plastic Raw Materials Industry during 2023-2032?
- What are the Strategies Adopted by the Key Players in the Market to Increase Their Market Share in the Industry?
- What are the Competitive Advantages of the Major Players in Vietnam's Plastic Raw Materials Industry Market?
- Which Segment of Vietnam's Plastic Raw Materials Industry is Expected to Dominate the Market in 2032?
- What are the Major Adverse Factors Facing Vietnam's Plastic Raw Materials Industry?
Table of Contents
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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