Vietnam Recycled Plastics Market Report and Forecast 2024-2032

Vietnam Recycled Plastics Market Outlook

The Vietnam recycled plastics market size reached a volume of about 257754.81 tons in 2023. The market is further expected to grow at a CAGR of about 9% in the forecast period of 2024-2032 to reach a volume of about 558648.75 tons by 2032.

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Southern Vietnam is the leading market, accounting for the majority of the total Vietnam recycled plastics market. This can be accredited to the robust plastic waste collection rate in the region, which is the highest in the country. The Vietnamese government is introducing legislation to promote and control plastic recycling. It is also undertaking measures to encourage the recycling of plastics in the region. For example, Vietnam's Ministry of Natural Resources and the Environment provides financial support for companies involved in the plastics recycling industry by providing easy access to low (2.6-3.6 percent per year) financing with a maximum lending rate of around 70% of the overall investment in the Environment Protection Fund project.

Properties and Applications

Recycling plastics decrease waste disposal at landfill sites and minimises emissions of greenhouse gases. It requires post-consumer or post-industrial plastics reprocessing. This method involves sorting, cleaning, shredding, product detection, as well as classification and extrusion. A large proportion of the product is also used in the manufacture of toys, bags, clothes, footwear, and toothbrushes.

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On the basis of material, the market can be segmented as follows:

• Polyethylene Terephthalate (PET)
• Polypropylene (PP) 
• High Density Polyethylene (HDPE) 
• Others

It finds wide applications in the following sectors:

• Non-Food Contact Packaging
• Food Contact Packaging
• Construction 
• Household Products
• Others

The regional markets for the product in Vietnam include Southern Vietnam, Northern Vietnam, and Central Vietnam.

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Market Analysis

The rising traditional plastics prices and increasing environmental issues are the key drivers for the growth of the Vietnam recycled plastics market. Recycling plastics eliminates the need for the energy and natural resources required for the manufacturing of virgin plastic. The shift towards sustainability, thus, raises the demand for recycled plastics. In addition, the increased local demand, as well as lower labour costs, have propelled the growth of the market further. The industry is experiencing growth because consumers are increasingly seeking out recycled over virgin plastics because of the extreme contamination from the disposal of used plastics in oceans and the shortage of landfills. Determinants such as the increased use of recycled plastics in the packaging and automotive sectors and various successful measures to encourage the use of the product are providing lucrative opportunities for the development of the Vietnam recycled plastics market. However, intense competition in terms of output with virgin plastics acts as a significant factor restricting the market development.

The report gives a detailed analysis of the major key players in the market in Vietnam, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds. 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.

Key Highlights of the Report