Vietnam Recycled Plastic Market Overview:
The Vietnam recycled plastics market reached a volume of 182,600 Tons in 2018. Plastic is present around us in huge quantities and accounts for almost 90% of the global municipal waste. This waste gets accumulated on land that can be used for other purposes, and thus recycling plastic offers an effective solution for clearing these landfill spaces. Plastic recycling includes the reprocessing of post-consumer or post-industrial plastics instead of the virgin resin. Plastic is also recycled during the manufacture of plastic products such as polyethylene films and bags. A significant fraction of these plastics is further used in the manufacturing of several products such as footwear, bags, toys, fabrics, toothbrushes, etc.
Increasing prices of conventional plastics along with the growing concern for the environment represent the key factors driving the market for recycled plastics in Vietnam. Recycling plastics reduces the amount of energy and natural resources needed to create virgin plastic. Therefore, shifting focus towards sustainability is boosting the demand for recycled plastics across the globe. Moreover, increasing local demand and lower labour costs has expanded the market in the country. Owing to the aforementioned factors, the market is expected to reach a volume of 305,600 Tons by 2024, exhibiting a CAGR of 8.7% during 2019-2024.
Breakup by Material:
The report has segmented the market on the basis of material including Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polypropylene (PP) and others. Amongst these, Polyethylene Terephthalate (PET) represents the most popular type.
Breakup by Application:
On the basis of applications, non-food contact packaging represents the largest segment, followed by food contact packaging, construction, household products and others.
Breakup by Region:
Region-wise, Southern Vietnam is the largest market, followed by Northern Vietnam and Central Vietnam.
The report has also analysed the competitive landscape of the market with some of the key players being Vinh Thanh Corporation, Trinh Nghi Joint Stock Company, Import and Export Joint Stock Company Suwon Vina, Quynh Quyen Hung Yen Trading and Production Company Limited, Trang Yen Plastic Trading Company Limited, Hung Phu Plastic Investment Company Limited, Tran Thanh Phat Company, Tin Thanh Plastic Production - Trading Co., Ltd, Hiep Phat Plastic Trading Manufacturing Co., Ltd., Thien Phuoc Production & Trading Co., Ltd.
This report provides a deep insight into the Vietnam recycled plastics market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Vietnam recycled plastics industry in any manner.
Key Questions Answered in This Report:
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