In recent years, Vietnam's manufacturing sector has seen rapid development, particularly in the plastics industry and its downstream sectors such as construction, automotive parts manufacturing, electrical cables, textiles, and daily necessities, which have significant market expansion potential. This growth has led to an increasing demand for ABS resin in Vietnam. According to the publisher, there are currently about 4,000 plastic companies in Vietnam, and the plastic industry is experiencing robust growth, attracting many international investors. In 2023, Vietnam imported 6.82 million tons of plastic raw materials worth US$ 9.76 billion. The export value of plastic products is expected to reach US$ 3.15 billion in 2024, indicating the strong demand for synthetic resins in Vietnam's downstream industries.
The analysis also shows that Vietnam's domestic production capacity for plastic raw materials is insufficient, with about 70% of the raw materials being imported. In 2023, the total import value of ABS resin in Vietnam was approximately US$ 460 million. From January to May 2024, the cumulative import value of ABS resin in Vietnam exceeded US$ 220 million based on the data of the publisher, showing continuous market demand growth. With the rapid industrialization and urbanization in Vietnam, the demand for ABS resin is steadily increasing. The fast growth in Vietnam's electronics and electrical appliances manufacturing and automotive assembly sectors has significantly driven the demand for high-performance materials like ABS resin. Many local and foreign companies are increasing their investments in ABS resin application fields to meet the growing market demand.
According to the publisher, from 2021 to 2024, the main sources of Vietnam's ABS resin imports included China, South Korea, Taiwan, and Malaysia. Key exporters of this product to Vietnam are LOTTE Chemical, INEOS Styrolution Korea Ltd., and INABATA. The main importers of ABS resin in Vietnam are plastic material and product manufacturers, distributors, and logistics companies, primarily foreign-invested enterprises. Many of these importers are subsidiaries of multinational companies in Vietnam, such as Konoike Vinatrans Logistics Co. Ltd., SIK Vietnam Co., Ltd., and Honda Trading Vietnam Co., Ltd.
Overall, with the growth of Vietnam's population and the continued development of the manufacturing industry, the publisher expects that in the next few years, Vietnam's ABS Resin imports will continue to maintain a growth trend.
Topics covered:
- The Import and Export of ABS Resin in Vietnam (2021-2024)
- Total Import Volume of ABS Resin in Vietnam (2021-2024)
- Total Import Value and Growth Rate of ABS Resin in Vietnam (2021-2024)
- Total Import Value and Growth Rate of ABS Resin in Vietnam (January-May 2024)
- Average Import Price of ABS Resin in Vietnam (2021-2024)
- Top 10 Sources of ABS Resin Imports in Vietnam and Their Supply Volume
- Top 10 Suppliers in the Import Market of ABS Resin in Vietnam and Their Supply Volume
- Top 10 Importers of ABS Resin in Vietnam and Their Import Volume
- How to Find Distributors and End Users of ABS Resin in Vietnam
- How Foreign Enterprises Enter the Plastic Raw Material Market of Vietnam
- Forecast for the Import of ABS Resin in Vietnam (2024-2033)
Table of Contents
Companies Mentioned
- LOTTE CHEMICAL
- INEOS STYROLUTION KOREA LTD.
- INABATA
- Konoike Vinatrans Logistics Co. Ltd
- SIK Vietnam Co. LTD.
- Honda Trading Viet Nam Co. LTD.
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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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | July 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 474.7 Million |
| Forecasted Market Value ( USD | $ 630.28 Million |
| Compound Annual Growth Rate | 3.2% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 6 |
