The latest report by IMARC Group, titled “Vietnam Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the Vietnam recycled plastics market size reached a volume of 228.4 Kilo Tons in 2021. Recycled plastics refer to scrap and waste plastic materials that are processed into useful products. Before they are recycled, the plastic materials undergo various stages, such as sorting, washing, shredding, identification and classification of plastic, and extruding. They are used for producing non-biodegradable products such as footwear, bags, toys, fabrics, and toothbrushes. This aids in reducing the amount of waste disposed of at landfill sites, which lowers the amount of greenhouse gas emissions released from landfills. Consequently, recycled plastics are gaining traction across Vietnam as post-consumer and post-industrial plastics are increasingly accumulate in landfills.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Vietnam Recycled Plastics Market Trends:
The market is primarily driven by the rising environmental concerns and the constant lookout for green solutions. In addition, recycled plastics find utilization in producing lightweight components, which are used across building and construction, automotive, electrical and electronics industries. Nowadays, the increasing prices of conventional plastics are also propelling the demand for recycled plastics. Recycled plastics offer reduced energy consumption and natural resources, and lower labor costs compared to virgin plastics, thereby catalyzing their demand in Vietnam. Moreover, the growing environmental consciousness has resulted in the adoption of sustainable materials. Due to this, the Government of Vietnam has undertaken several initiatives to reduce domestic plastic waste. For instance, Zero Plastic Waste City is a new project that aims to empower local waste pickers and improve waste collection rates. Moreover, the Ministry of Natural Resources and Environment in Vietnam is also providing financial assistance to enterprises that offer plastic recycling, thus facilitating the adoption of recycled plastics in the country. Looking forward, the market volume is expected to reach 374.7 Kilo Tons by 2027, exhibiting a CAGR of
8.46% during the forecast period (2022-2027).
- Based on the material, the market has been segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), and others. Amongst these, PET represents the most popular type.
- On the basis of the application, the market has been classified into non-food contact packaging, food contact packaging, construction, household products, and others. Currently, non-food contact packaging represents the largest segment.
- Region-wise, Southern Vietnam exhibits a clear dominance in the market, followed by Northern and Central Vietnam.
- The competitive landscape of the market has been examined, with some of the key players being Vin Thanh Corporation, Trinh Nghi Joint Stock Company, Import and Export Joint Stock Company Suwon Vina, Quynh Quyen Hung Yen Trading & Production Company Limited, Trang Yen Plastic Trading Company Limited, Hung Phu Plastic Investment Company Limited, Tran Thanh Phat Company, Tin Thanh Plastic Production - Trading Corporation Limited, Hiep Phat Plastic Trading Manufacturing Corporation Limited, Thien Phuoc Production & Trading Corporation Limited.
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