PET-based plastic products are widely used in manufacturing water and soft drink bottles, food packaging, and synthetic fibers for textiles. It is also employed in making bearings, gears, and electrical components like LCD screens. Because of its recyclability, PET resin is extensively used, aiding in producing new PET bottles and other products, supporting environmental sustainability initiatives. Major producers of PET resin in the Asia-Pacific region and globally include Indorama Ventures, Alpek, and SABIC. Vietnam has limited PET resin production capacity, making it highly dependent on imports.
Vietnam's manufacturing sector has been developing rapidly, with substantial expansion potential in the plastic industry and its downstream sectors, such as construction, automotive parts manufacturing, electrical cables, textiles, and daily necessities. According to the publisher, in 2023, Vietnam imported 6.82 million tons of plastic raw materials worth US$ 9.76 billion. The export value of Vietnamese plastic products is expected to reach US$ 3.15 billion in 2024, indicating a strong demand for synthetic resins in Vietnam's downstream industries and an increasing market demand for synthetic resins in the country. Vietnam is highly dependent on imported PET resin.
The analysis indicates that Vietnam's domestic capacity for raw materials in the plastic industry is insufficient, with about 70% of raw materials being imported, showing high reliance on imports. In 2023, the total import value of PET resin in Vietnam was approximately US$ 630 million. According to the publisher's data, from January to May 2024, the cumulative import value of PET resin in Vietnam has exceeded US$ 300 million, indicating a continuous growth in market demand.
Driven by the flourishing beverage and packaging industry, the demand for PET resin in Vietnam is substantial. Vietnam imports large quantities of PET resin to meet the needs of its domestic manufacturing sector. The rapid economic growth and increasing consumption of packaged goods in Vietnam have led to a continuous rise in PET resin imports. Both local enterprises and multinational companies actively participate in this market. Overall, PET resin is a key material in the plastic industry, which is interconnected with various other manufacturing sectors. Its usage is expected to grow alongside Vietnam's industrial and economic development.
According to the publisher, from 2021 to 2024, the main sources of PET resin imports to Vietnam include China, South Korea, Taiwan, and Thailand. Major companies exporting PET resin to Vietnam include Haining Hailide Fiber Technology Co., Ltd., HYOSUNG, and Tainan Spinning.
The main importers of PET resin in Vietnam are producers, distributors, and logistics companies of plastic materials and products, primarily foreign-funded enterprises. Many of these are subsidiaries of multinational corporations in Vietnam, such as HYOSUNG VIETNAM, HAILIDE VIETNAM, and Formosa Plastics.
In conclusion, with the growth of Vietnam's population and the continuous advancement of its manufacturing industry, the demand for PET resin will continue to increase. The publisher predicts that in the coming years, Vietnam's PET resin imports will maintain a growth trend.
Topics covered:
- The Import and Export of Polyethylene Terephthalate in Vietnam (2021-2024)
- Total Import Volume of Polyethylene Terephthalate in Vietnam (2021-2024)
- Total Import Value and Growth Rate of Polyethylene Terephthalate in Vietnam (2021-2024)
- Total Import Value and Growth Rate of Polyethylene Terephthalate in Vietnam (January-May 2024)
- Average Import Price of Polyethylene Terephthalate in Vietnam (2021-2024)
- Top 10 Sources of Polyethylene Terephthalate Imports in Vietnam and Their Supply Volume
- Top 10 Suppliers in the Import Market of Polyethylene Terephthalate in Vietnam and Their Supply Volume
- Top 10 Importers of Polyethylene Terephthalate in Vietnam and Their Import Volume
- How to Find Distributors and End Users of Polyethylene Terephthalate in Vietnam
- How Foreign Enterprises Enter the Plastic Raw Material Market of Vietnam
- Forecast for the Import of Polyethylene Terephthalate in Vietnam (2024-2033)
Table of Contents
Companies Mentioned
- Haining Hailide Fiber Technology Co LTD.
- HYOSUNG
- Tainan Spinning Co. LTD.
- Formosa Plastics
- CENTURY SYNTHETIC FIBER CORPORATION
- HAILIDE Vietnam
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.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | July 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 650.8 Million |
| Forecasted Market Value ( USD | $ 871.67 Million |
| Compound Annual Growth Rate | 3.3% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 6 |
