Vietnam Plastics Market Report and Forecast 2024-2032

Vietnam Plastics Market Outlook

The Vietnam plastics market size was nearly 10.27 million tonnes in 2023. The market is estimated to grow at a CAGR of 8.4% during 2024-2032, to reach around 21.38 million tonnes by 2032.

Key Trends in the Market

Plastic is a critical material used in various sectors across the world. These sectors include packaging, textiles, transportation, healthcare, electronics, and consumer products, among others. Some most eminent and widely used plastic materials are acrylic, polycarbonate, polyethylene, and polypropylene, among others.

• The Vietnam plastics market demand is being supported by the robust growth of the packaging sector. As plastic is highly flexible and elastic in nature and is suitable for applications that need designing options, moulding properties, geometry, and distinct textures, they are a crucial raw material in the packaging sector.

• One of the key Vietnam plastics market trends is the contribution of the sector to the Vietnamese economy. Plastics are the backbone of the Vietnamese economy, a major source of employment, and significantly enhance export and import activities. The country produced 8.89 million tonnes of plastic products in 2019, and the plastic sector contributed approximately US$17.5 billion to the economy, representing 6.7 % of the GDP, according to the World Bank.

• Plastic pollution has emerged as a major concern in Vietnam, and it ranks fourth out of the top ten countries contributing plastic leakages into the marine environment. Hence, the growing concerns regarding plastic pollution and the shift towards eco-friendly solutions are likely to positively influence the Vietnam plastics market growth in the coming years.

The government is actively introducing initiatives like the Việt Nam National Plastic Action Partnership to mitigate plastic pollution and develop a plastic circular economy by promoting recycling and reuse. Besides, the increasing trend of sustainability is prompting key domestic players to invest in green plastic production methods and promote a circular economy.

• The Vietnam plastics market development is expected to be fuelled by the expansion of e-commerce platforms in the country. This is also anticipated to surge the usage of plastic packaging to ensure the safe and secure movement of goods at a far destination in the coming years.

Market Analysis

Based on type, the Vietnam plastics market segmentation includes polyethylene, polyethylene terephthalate, polyvinyl chloride, polypropylene, polycarbonate, polyurethane, and polystyrene, among others.

On the basis of application, the market is divided into injection moulding, blow moulding, casting, thermoforming, and extrusion, among others. Based on end use, the market is divided into packaging, building and construction, automotive and transportation, electrical and electronics, housewares, furniture, and medical devices, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Vietnam plastics market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• LyondellBasell Industries N.V. 

• Nan Ya Plastics Corporation 

• Hyosung Corp. 

• NSRP LLC 

• Vietnam Polystyrene co. Ltd.

• Siam Cement PCL 

• Far Eastern Group (FENC) 

• TPC VINA Plastic and Chemical Corporation Limited  

• Kanetora Vietnam Joint Stock Company 

• Tamatra Co. Ltd.  

• Others

Market Share by Application

Injection moulding holds a significant portion of the Vietnam plastics market share due to its advantages, including high efficiency, fast production, and flexibility. Plastic injection moulding can also handle complex parts, maximise the quality and precision of components, and optimise the design and manufacturing of different parts.

In the coming years, the growing adoption of automation technologies in plastic injection moulding processes to minimise per-component costs and decrease cycle times is anticipated to favour the segment’s development. Besides, the rising environmental concerns are expected to bolster the demand for electric injection moulding machines with improved energy savings in the forecast period.

Market Share by End Use

As per the Vietnam plastics market analysis, plastic is widely used in the packaging sector due to its durability, cost-effectiveness, sealability, flexibility, and design freedom, among others. Plastic packaging increases the shelf life of a product due to its durable nature.

FMCG companies in the country are actively attempting to use sustainable plastic packaging solutions and enhance the recyclability of plastic packaging. For instance, in 2022, Unilever launched a small-scale trial for recyclable mono-material sachets of Clear shampoo in Hanoi, Vietnam, to ease the plastic recycling process.

Meanwhile, the flourishing construction and building sector in the country is also surging the use of plastics in building components such as screws, wall coverings, hinges, and flooring, among others. Favourable properties such as chemical resistance, lightweight, low maintenance, fire resistance, dimensional stability, durability, and ductility are further likely to boost the usage of plastics in construction activities.

Competitive Landscape

LyondellBasell Industries N.V. is a global chemical company that offers solutions to promote environmentally conscious living. The company operates in diverse segments, including polymers, chemicals, fuels, and technologies. It also offers solutions for use in different applications, including food safety, vehicle emission and fuel efficiency, quality healthcare, and agriculture efficiency, among others.

Nan Ya Plastics Corporation introduced its plant in Vietnam in 2010 and has an annual plastic wrap production volume of 15,000 tons. The company operates the brand, FORMOSA WRAP, under its name. Its products are marketed to Southeast Asia, Africa, the USA, Europe, and India.

TPC VINA Plastic and Chemical Corporation Limited was established in 1995 and is headquartered in Ho Chi Minh City, Vietnam. Through constant efforts, the company contributes to the development of the petrochemical industry in Vietnam. It deals in multiple PVS suspension resins, including SG580, SG660, SP660, and SG710.

Other Vietnam plastics market players include Hyosung Corp., NSRP LLC, Vietnam Polystyrene co. Ltd., Siam Cement PCL, Far Eastern Group (FENC), Kanetora Vietnam Joint Stock Company, and Tamatra Co. Ltd.

Key Highlights of the Report