Advancements in plastic recycling technologies and encouragement to bolster the concept of circular economy is driving the growth of Vietnam’s Plastic Recycling Market in the forecast period 2023-2027. According to TechSci Research report, “Vietnam Plastic Recycling Market – By Region, Competition Forecast & Opportunities, 2017-2027,” the Vietnam Plastic Recycling market is forecast to grow at an impressive CAGR of 7.75% in the forecast period due to rapidly surging demand from various sectors like packaging, automotive, and construction, etc.;
The Important Elements of the Vietnam Plastic Recycling Market
the increasing number of sustainable plastic packaging products launched by market players, and the growing concept of plastic circularity. Due to the lesser rate of plastic recycling potential in Vietnam, the country was heavily dependent on Imported Plastic Recycled Material until recently. In 2018, the Vietnamese Government, in an effort to reduce this dependency, announced a ban on importing recycled plastic products from foreign countries like China.
In response to this act, domestic recyclers in Vietnam were forced to optimize the plastic recycling rates across the country’s Southern, Northern, and Central regions. Recyclers who use core technology to convert waste streams aggregated from various channels to pellets or granules are not solely responsible for handling plastic circularity. Informal players in the circular plastic chain have some significant responsibilities to have hold of, like an adequate collection of solid waste, careful segregation/sorting of plastic waste from the lot, and finally, sending off the refined waste to plastic recyclers for further recycling treatment.
Upgradation in Plastic recycling technology, enhancement in the working methodology of small-scale informal plastic waste collectors and segregation, and advancements in after-sales services are various factors that have attracted a consumer base around the country and, therefore, contributed to the growth of the Plastic Recycling Market in Vietnam.
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The Vietnam Plastic Recycling Market is segmented into Type, Source, Method, End User, Region, and Competitive landscape.
Based on Type, the market is divided into Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), and Others. The Polyethylene Terephthalate (PET) led the market with a market share of 40.44% in 2021. Due to a limited number of end-use applications used by PET packaging than other key resins, it becomes easier to facilitate the collection of PET packaging waste material and thus it contributes to the highest collected-for-recycling (CFR) rate among all other plastic resins, hence contributing maximum to the segmental growth.
Going through regional analysis, the Southern Vietnam region dominated the market and held a market share of 49.78% in 2021 and is expected to maintain its dominance through the next five years. The government is trying to encourage informal waste collectors as well as plastic recyclers to build a solid and efficient infrastructure that can hugely support the production of recycled plastic, resulting in effective solid waste management in the country.
Major market players operating in the Vietnam Plastic Recycling market are:
- Blue Sky Recycling Co., Ltd
- Duy Tan Plastic Recycling Company Limited
- Formosa Plastics Group
- Tin Thanh Plastic Manufacturing – Trading Co., Ltd.
- IAV Global Limited Co.
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“The growing awareness about increasing plastic pollution and emerging demand for packaging applications is driving the market growth across the country. A technological shift from conventional plastic recycling methods towards less energy-intensive based recycling technologies and the growing adoption of government-enforced policies regarding plastic recycling in Vietnam is expected to propel the Vietnam Plastic Recycling market growth till 2027”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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“Vietnam Plastic Recycling Market By Type (Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS) and Others), By Source (Bottles, Films, Fibers, Foams, and Others), By Method(Landfill, Mechanical, Thermal, Chemical), By End User ( Packaging, Building & Construction, Textile, Automotive, Electrical & Electronics, and Others), By Region, Competition Forecast & Opportunities, 2017-2027”, has evaluated the future growth potential of Vietnam Plastic Recycling Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam’s Plastic Recycling Market.
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