Vietnam Plastic Recycling Market to Grow with a CAGR of 3.72% through 2028
Surge in research and development activities is expected to drive the Vietnam
Plastic Recycling Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Plastic Recycling Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Plastic Recycling Market stood at USD174.31
million in 2022 and is anticipated to grow with a CAGR of 3.72% in the forecast
period, 2023-2028. The initiatives taken by government based on plastic recycling
has led to favorable market conditions for the Vietnam Plastic Recycling Market.
Several factors contribute to the growth of various plastic recycling market products.
The government
has carefully devised a comprehensive roadmap that outlines a progressive
approach to tackle the issue of plastic pollution. This roadmap includes a
strategic plan to gradually phase out the use of plastic straws,
non-biodegradable plastic bags, and food containers in the market.
Launched on 23
December 2020, the National Plastic Action Partnership (NPAP) is a
groundbreaking initiative that aims to combat plastic pollution on a national
scale. The NPAP operates based on three strategic pillars: convening
stakeholders from various sectors to foster collaboration, curating knowledge
to support evidence-based decision-making, and catalyzing action through
innovative solutions and initiatives. Through the collective efforts of government
agencies, businesses, and communities, the NPAP strives to create a sustainable
and plastic-free future for our nation.
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market data Figures spread through XX Pages and an in-depth TOC on "Vietnam Plastic Recycling Market”
Increasing local
recycling rates is crucial to effectively managing the country's plastic waste
problem. As part of this effort, industry-specific requirements are being
created to provide targeted guidance and support for increasing plastic waste
collection and recycling rates. By implementing these requirements, we can
encourage and incentivize individuals and businesses to actively participate in
recycling initiatives. This, in turn, will lead to a higher demand for recycled
plastics, fostering the growth of the market and creating a sustainable cycle
of plastic waste management.
The Vietnam
Plastic Recycling Market is segmented in type, end user, regional distribution,
and company.
Based on its type, the polyethylene terephthalate
(PET) segment held the largest share in the market. Despite the higher cost of
recycled plastics, which can be attributed to factors such as the limited
availability of high-quality feedstock and the need for additional processing,
PET continues to dominate the market due to its economic viability. When comparing
the prices of virgin PET and recycled PET in Vietnam, it is evident that
despite fluctuations in global oil prices, the demand for PET remains stable.
This stability can be attributed to various factors,
including the growing awareness of the environmental benefits of recycling and
the increasing emphasis on sustainability in the industry. Manufacturers and
consumers alike are recognizing the importance of reducing plastic waste and
embracing the use of recycled materials, leading to a sustained demand for PET
and its recycled counterparts in the market.
Based on region, Central segment is expected to grow
during the forecast period.
In Vietnam, the informal sector plays a crucial and
prominent role in the realm of plastic recycling. Particularly in Central
Vietnam, where the population is densely concentrated, there exists a
substantial number of informal waste workers who diligently collect and
diligently trade in recyclable plastic materials. It is this very informal
sector that greatly contributes to the region's overall dominance and influence
within the plastic recycling market, leaving a lasting impact on sustainability
efforts and environmental consciousness.
Major companies operating in Vietnam Plastic Recycling
Market are:
- Blue Sky Recycling Co., Ltd.
- Duy Tan Plastic Recycling Co., Ltd.
- Formosa Plastics Group
- Tin Thanh Plastic Manufacturing -Trading
Co., Ltd.
- IAV Global Limited Co.
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“Growing application of plastic recycling in various
end user industries are key drivers of the plastic recycling market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of plastic recycling with every
passing year are anticipated to register an impressive growth to Vietnam
Plastic Recycling Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Vietnam Plastic Recycling Market By Type (Polyethylene
Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride
(PVC), Polystyrene (PS), Others), By End User (Packaging, Building &
Construction, Automotive, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, 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 Plastic Recycling Market.
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