Vietnam Plastic Market - Growth, Trends and Forecast (2018 - 2023)

Market Overview 

The Vietnamese plastic market is expected to register a CAGR of 6.63% during the forecast period of 2018-2023. The packaging industry accounted for the largest share of around 50% of the global market, in 2017.

Rapid Increase in Downstream Processing Capacity Additions

A report published by the Vietnam Ministry of Industry and Trade states that during the first two quarters of 2015, oil production in the country increased by 11%, reaching 838 million tons, compared to the previous year. The oil & gas industry of Vietnam is the highest foreign currency earner. In 2009, the Dung Quant started operating and now produces approximately 30 million metric tons of crude oil, accounting for 30% of the demand for energy. On an average, 340,000 barrels of crude oil is produced per day, in the country.

The reserve in Vietnam contains 630 million metric tons of crude oil, making it the second largest in East Asia, after China. The largest oil producing fields in the country are – Bach Ho (White Tiger), Hang Ngoc, Rang Dong (Dawn), Su Tu Den (Ruby), and Dai Hung (Big Bear).

The services of the industry in this region have been involved in various areas, such as extraction, exploration, process, supply chain, training, etc.

Vietnam Oil and Gas Group PetroVietnam and Azerbaijan’s state oil company SOCAR signed a memorandum of understanding, contributing to the development of energy cooperation between the firms.

Recently, owing to their unique array of properties, including electrical, temperature, and chemical resistance, and durability, the oil & gas industry has been increasingly using high-performance plastics in various applications in the oil & gas industry.

Packaging Industry Dominated the Plastics Market

Plastics have distinct characteristics depending on type. However, most plastics tend to possess general attributes, such as resistivity to chemicals and corrosion, thermal resistivity, being lightweight while portraying various degrees of strength, low cost, ease of handling, and availability in various colors. These factors make plastics the best option for packaging purposes in the Vietnamese market, also making plastic packaging the largest application of plastics in the country.

In the packaging industry, plastics are used for healthcare packaging, food & beverage packaging, consumer packaged goods, consumer & personal care packaging, and home & garden. Food & beverage packaging occupies the lion’s share in the plastics market, with plastics used in the manufacturing process of bottles, containers, pots, plastic utensils, and cups, among various other items. Owing to the increasing demand for consumer goods and foodstuffs, Vietnam has been experiencing a rapid growth in the packaging sector. The increasing household and commercial applications, such as containers, plastic bags, canisters, tableware, etc., are expected to drive the demand for plastics in the packaging industry, during the forecast period.

Injection Molding

Injection molding technology accounted for the largest share and held around 61% of the share in 2017. Injection molding is used to manufacture thin-walled plastic parts for various applications, such as housing appliances, consumer electronics, medical devices (such as valves & syringes), power tools, automotive dashboards and car bumpers, open containers, fittings, toothbrushes, and toys, among various other products. Products manufactured by injection molding technology can be of complex shapes, while having excellent surface finish, good dimensional accuracy, low labor cost, and high production rate.

Vietnam is becoming increasingly competitive in the field of injection molding. Many Japanese companies have moved their production bases of automotive plastic parts from China to Vietnam, where technologies, such as injection molding, are used at the highest level. The increasing use of injection molding technology in the packaging, healthcare, automotive, construction, and other industries is expected to drive the market for injection molding technology in Vietnam, over the forecast period.

Reasons to Purchase this report:

– The market estimate (ME) sheet in Excel format

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– 3 months of analyst support

Table of Contents

1. Introduction

1.1 Research Phases

1.2 Scope of the Report

1.3 Study Deliverables

2. Executive Summary  

3. Market Insights

3.1 Industry Value Chain Analysis

3.2 Industry Attractiveness – Porter’s Five Forces Analysis

3.2.1 Bargaining Power of Suppliers

3.2.2 Bargaining Power of Consumers

3.2.3 Threat of New Entrants

3.2.4 Threat of Substitute Products and Services

3.2.5 Degree of Competition

3.3 PESTLE Analysis

3.4 Imports and Exports

3.5 Price Analysis

3.6 Raw Material Analysis

4. Market Segmentation and Analysis (Market Size, Growth, and Forecast)

4.1 Vietnam Plastic Market Drivers

4.1.1 Rapid Increase in Downstream Processing Capacity Additions

4.1.2 Growing Demand from End-user Industries

4.1.3 Government Support through Incentives and Policies

4.2 Vietnam Plastic Market Constraints

4.2.1 Volatility in Raw Material Prices  

4.2.2 Environmental Concerns

4.3 Vietnam Plastic Market Opportunities

4.3.1 Innovative Application Products

4.3.2 Other Opportunities    

5. Regional Market Analysis (Market Size, Growth and Forecast)

5.1 Vietnam Plastic Market By Product Type

5.1.1 Traditional Plastics

5.1.2 Engineering Plastics

5.1.3 Bio-plastics

5.2 Vietnam Plastic Market By Technology

5.2.1 Blow Molding

5.2.2 Extruding

5.2.3 Injection Molding

5.2.4 Others

5.3 Vietnam Plastic Market By Application

5.3.1 Packaging

5.3.2 Electrical & Electronics

5.3.3 Building & Construction

5.3.4 Automotive & Transportation

5.3.5 Housewares

5.3.6 Furniture & Bedding

5.3.7 Others

6. Vietnam Plastic Market Competitive Landscape

6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis

6.3 Strategies Adopted by Leading Players

7. Future of the Vietnam Plastic Market 

8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)

8.1 Plastic Resin Manufacturers

8.1.1 AGC Chemicals Vietnam Co. Ltd

8.1.2 BASF SE

8.1.3 Danang Chemical And Plastic Joint Stock Company

8.1.4 DuPont

8.1.5 LyondellBasell Industries Holdings BV

8.1.6 Nan Ya Plastics Corporation (Formosa)

8.1.7 Solvay Chemicals Vietnam Limited

8.1.8 Toray Industries Inc.

8.1.9 The Siam Cement Public Company Limited (SCG)

8.1.10 Vietnam Oil & Gas Group

8.1.11 Vietnam Plastics Corporation

8.2 Plastic Product Manufacturers

8.2.1 Bavico Ltd

8.2.2 Binh Minh Plastic

8.2.3 Chan Thuan Thanh Plastic Mechanical & Trading Co. Ltd

8.2.4 Cholon Plastic Co. Ltd

8.2.5 Duy Tan Plastics Corporation

8.2.6 Proampac

8.2.7 LG Vina Chem

8.2.8 TPC Vina

8.2.9 BSR Co. Ltd

8.2.10 AGC Chemicals Vietnam Co. Ltd

8.2.11 BASF SE

8.2.12 Danang Chemical And Plastic Joint Stock Company

8.2.13 DuPont

8.2.14 LyondellBasell Industries Holdings BV

8.2.15 Nan Ya Plastics Corporation (Formosa)

8.2.16 Solvay Chemicals Vietnam Limited

8.2.17 Toray Industries Inc.

8.2.18 The Siam Cement Public Company Limited (SCG)

8.2.19 Vietnam Oil & Gas Group

8.2.20 Vietnam Plastics Corporation

9. Disclaimer

Market Segmentation

Vietnam Plastic Market Drivers

Rapid Increase in Downstream Processing Capacity Additions

Growing Demand from End-user Industries

Government Support through Incentives and Policies

Vietnam Plastic Market Constraints

Volatility in Raw Material Prices  

Environmental Concerns

Vietnam Plastic Market Opportunities

Innovative Application Products

Other Opportunities