As per the latest report by IMARC Group, titled “Vietnam Recycled Plastics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Vietnam recycled plastics market size reached 182,600 in 2018. Recycling of plastics reduces the amount of waste disposed of at landfills and lowers greenhouse gas emissions. It includes the reprocessing of post-consumer or post-industrial plastics. The process comprises sorting, washing, shredding, identification and classification of plastic, and extruding. A significant part of these recycled plastics is further utilized in the manufacturing of products such as toys, bags, fabrics, footwear and toothbrushes.
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Market Trends:
The inflating prices of conventional plastics coupled with the rising environmental concerns among individuals represent one of the key factors which are driving the recycled plastics market in Vietnam. This can also be accredited to the assistance of plastic recycling in reducing the amount of natural resources and energy required for producing virgin plastic. Additionally, the Government of Vietnam is implementing laws to accelerate and regulate the recycling of plastic products. It is also undertaking initiatives to promote plastic recycling in the country. For instance, the Ministry of Natural Resources and Environment in Vietnam is offering financial support to enterprises that are engaged in the plastic recycling sector by proposing easy access to low-interest rate (2.6-3.6% per year) loans with the maximum lending rate of 70% of the total project investment under the Environment Protection Fund. Looking forward, the market is projected to reach a volume of 305,600 Tons by 2024, expanding at a CAGR of around 8.7% during 2019-2024.
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Market Summary:
- Based on the material, the market has been segmented into Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polypropylene (PP) and others. At present, recycled PET plastic dominates the market as it is widely used in the packaging of different beverages and food products in the country.
- On the basis of the application, the market has been classified into non-food contact packaging, food contact packaging, construction and household products. Currently, non-food contact packaging accounts for the majority of the total market share.
- Region-wise, the market has been divided into Southern, Northern and Central Vietnam. Amongst these, Southern Vietnam is the leading market, holding the majority of the total share. This can be accredited to the highest plastic waste collection rate in the region.
- The competitive landscape of the market has been examined 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, 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. and Thien Phuoc Production & Trading Co., Ltd.
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