Research Report on Vietnam's Plastic Raw Materials Industry 2023-2032

Research Report on Vietnam's Plastic Raw Materials Industry 2023-2032

The plastics industry makes a significant contribution to the Vietnamese economy. Plastics are used in a wide range of industries in the country, including packaging, consumer goods, electronics, automotive, aviation, textiles and agriculture. With a significant increase in investment from FDI companies and domestic enterprises, the production scale of Vietnam's plastics industry is also expanding, with a clear trend of shifting production of green and environmentally friendly products, Vietnam has become a production base for plastic products, taking orders from many large import markets. In 2021, Vietnam produced about 10 million tons of plastic products, up 24.9% year-on-year.

According to CRI'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.

CRI 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?