Vietnam Polyester Resin Market Outlook to 2028
Description
Vietnam Polyester Resin Market Overview
The Vietnam Polyester Resin Market has witnessed a notable growth, this is reflected by the Global Polyester Resin Market reaching a valuation of USD 18.11 billion in 2023. This growth is primarily driven by increasing demand from various industries such as automotive, construction, and electronics. The robust economic development in Vietnam and the increasing investments in infrastructure projects have significantly contributed to this market expansion.
Key players in the Vietnam polyester resin market include PTT Global Chemical Public Company Limited (PTTGC), Saudi Basic Industries Corporation (SABIC), INEOS Group, SK Chemicals, UPR Vietnam Co., Ltd. These companies have established a strong presence in the market through strategic investments, technological advancements, and extensive distribution networks.
KCC Corporation is upgrading its Gimcheon and Munmak glass wool plants. A second production line is being built at the Gimcheon plant in Gyeongbuk and the production capacity of the existing production line is being increased at the Munmak plant in Gangwon-do. The upgrade projects will be completed in October and March 2023 respectively. Once finished the combined projects will increase the company’s total production of glass wool by 80,000t/yr.
The Ho Chi Minh City was dominating the polyester resin market in 2023. The market is driven by its robust industrial base and well-established infrastructure. The presence of major manufacturing hubs and proximity to key ports facilitates efficient logistics and supply chain operations, making it an attractive location for resin manufacturers.
Vietnam Polyester Resin Market Segmentation
The Vietnam Polyester Resin market can be segmented by various factors like by product type, by application and by region.
By Product Type: The Vietnam Polyester Resin market is segmented by product type into orthophthalic, isophthalic, and dicyclopentadiene (DCPD) resins. In 2023, orthophthalic resins was dominating due to its attributed to their widespread use in the construction and marine industries due to their excellent mechanical properties and cost-effectiveness.
By Application: The Vietnam Polyester Resin market is segmented by application into construction, automotive, and marine sectors. In 2023, the construction sector was dominating due to the booming infrastructure development and urbanization in Vietnam. Polyester resins are extensively used in making construction materials like fiberglass reinforced plastics (FRP), which are essential for building durable and lightweight structures.
By Region: The Vietnam Polyester market is segmented by region into North, South, East, And West Vietnam. In 2023, the South region was dominating due to its strategic location, advanced industrial infrastructure, and concentration of manufacturing activities. This region's infrastructure supports efficient production and distribution of polyester resins, making it a key player in the market.
Vietnam Polyester Resin Market Competitive Landscape
Vietnam Polyester Resin Market Major Players
Company Name
Establishment Year
Headquarters
KCC Corporation
1958
Seoul, South Korea
Saudi Basic Industries Corporation (SABIC)
1976
Riyadh, Saudi Arabia
LG Chem Ltd.
1947
Seoul, South Korea
Kukdo Chemical Co., Ltd.
1970
Seoul, South Korea
Thai Epoxy and Allied Products Co., Ltd.
1988
Bangkok, Thailand
LG Chem Ltd.: LG Chem's subsidiaries in Vietnam reported a combined post-tax profit of approximately KRW 179.31 billion ($133.5 million) for the first nine months of 2023, reflecting a year-on-year increase in revenue. This financial performance underscores the company's successful operations in the region, which may support further investments and partnerships in construction and materials.
Saudi Basic Industries Corporation (SABIC): SABIC has debuted two new LNP CRX polycarbonate (PC) copolymer resins in 2023, that offers a combination of robust chemical and impact resistance, thin-wall transparency, dimensional stability, and processability. In medical device applications such as clear covers, screens and display lenses, the new materials can overcome key drawbacks of incumbent PC resins and co-polyester resins when exposed to disinfectants or aggressive chemicals.
Vietnam Polyester Resin Market Analysis
Vietnam Polyester Resin Market Growth Drivers
Increased Demand from the Construction Sector: The Vietnamese construction sector has been a significant driver for the polyester resin market. This sector's growth directly translates to heightened demand for polyester resins, used extensively in construction materials such as fiberglass-reinforced plastics (FRP) and coatings. The Vietnamese government approved a plan to spend US$43-65 billion on building and upgrading road, rail, inland waterways, sea, and air transport infrastructure between 2021-2030, further driving demand for polyester resins.
Automotive Industry Expansion: The automotive industry in Vietnam has seen substantial growth in 2023. Polyester resins are crucial in manufacturing automotive parts due to their durability and resistance to heat and chemicals. The Vietnam Automobile Manufacturers Association (VAMA) projects vehicle production to increase by 2028, driven by rising consumer demand and foreign investments. This increase will significantly boost the polyester resin market, aligning with the automotive sector's expansion.
Marine Industry Growth: The marine industry's expansion is another critical growth driver. In 2023, Vietnam's shipbuilding industry has a significant portion of this value attributed to the use of polyester resins in boat and ship manufacturing. The Ministry of Transport has announced plans to enhance the country's maritime capabilities by 2030. This initiative aims to upgrade ports and shipyards, thereby increasing the demand for high-performance polyester resins in marine applications.
Vietnam Polyester Resin Market Challenges
Environmental Regulations: Stricter environmental regulations are being implemented, particularly concerning the disposal of polyester resin waste and emissions during production. Compliance with these regulations may require manufacturers to invest in cleaner technologies, which could increase operational costs. The government’s focus on sustainability is expected to shape the market dynamics significantly over the next few years.
Quality Control Challenges: Ensuring quality and safety standards in various end-user industries, such as construction and automotive, is imperative. In 2024, the Vietnamese government plans to enhance regulatory frameworks, which may impose stricter quality controls on unsaturated polyester resins. This could pose challenges for manufacturers who need to adapt to new compliance requirements.
Vietnam Polyester Resin Market Government Initiatives
Green Construction and Sustainable Development Program: Launched in 2023, this program aims to promote the use of eco-friendly materials in construction to enhance energy efficiency and reduce environmental impact. The government has initiative, supporting the adoption of sustainable practices and materials, including polyester resins. This program is expected to significantly increase the demand for eco-friendly polyester resins in the construction sector.
Support for Renewable Energy Projects: With a commitment to generate 20% of energy from renewable sources by 2030, the government is providing incentives for companies involved in wind energy projects. This support includes tax breaks and subsidies, which are expected to drive demand for unsaturated polyester resins in the production of wind turbine components.
Vietnam Polyester Resin Market Future Outlook
The Vietnam Polyester Resin Market is projected to grow continuously by 2028. The market's future looks promising with increasing applications in emerging sectors such as renewable energy and electronics. Additionally, the government's focus on sustainable development and green initiatives is likely to boost the demand for eco-friendly resin products, further propelling market growth.
Vietnam Polyester Resin Market Trends
Sustainable Materials Demand: The demand for sustainable materials is expected to grow significantly over the next five years. By 2028, the Vietnamese government aims to reduce carbon emissions by driving the adoption of eco-friendly polyester resins in construction and manufacturing. This trend is supported by the government's Green Construction and Sustainable Development Program, which promotes the use of sustainable materials.
Technological Advancements in Resin Production: Technological advancements in resin production are expected to enhance the quality and performance of polyester resins. By 2028, the market will see increased adoption of automated resin mixing and curing processes, improving production efficiency and product consistency. Companies are expected to invest significantly in R&D to develop innovative products that meet evolving industry standards.
Please Note: It will take 5-7 business days to complete the report upon order confirmation
The Vietnam Polyester Resin Market has witnessed a notable growth, this is reflected by the Global Polyester Resin Market reaching a valuation of USD 18.11 billion in 2023. This growth is primarily driven by increasing demand from various industries such as automotive, construction, and electronics. The robust economic development in Vietnam and the increasing investments in infrastructure projects have significantly contributed to this market expansion.
Key players in the Vietnam polyester resin market include PTT Global Chemical Public Company Limited (PTTGC), Saudi Basic Industries Corporation (SABIC), INEOS Group, SK Chemicals, UPR Vietnam Co., Ltd. These companies have established a strong presence in the market through strategic investments, technological advancements, and extensive distribution networks.
KCC Corporation is upgrading its Gimcheon and Munmak glass wool plants. A second production line is being built at the Gimcheon plant in Gyeongbuk and the production capacity of the existing production line is being increased at the Munmak plant in Gangwon-do. The upgrade projects will be completed in October and March 2023 respectively. Once finished the combined projects will increase the company’s total production of glass wool by 80,000t/yr.
The Ho Chi Minh City was dominating the polyester resin market in 2023. The market is driven by its robust industrial base and well-established infrastructure. The presence of major manufacturing hubs and proximity to key ports facilitates efficient logistics and supply chain operations, making it an attractive location for resin manufacturers.
Vietnam Polyester Resin Market Segmentation
The Vietnam Polyester Resin market can be segmented by various factors like by product type, by application and by region.
By Product Type: The Vietnam Polyester Resin market is segmented by product type into orthophthalic, isophthalic, and dicyclopentadiene (DCPD) resins. In 2023, orthophthalic resins was dominating due to its attributed to their widespread use in the construction and marine industries due to their excellent mechanical properties and cost-effectiveness.
By Application: The Vietnam Polyester Resin market is segmented by application into construction, automotive, and marine sectors. In 2023, the construction sector was dominating due to the booming infrastructure development and urbanization in Vietnam. Polyester resins are extensively used in making construction materials like fiberglass reinforced plastics (FRP), which are essential for building durable and lightweight structures.
By Region: The Vietnam Polyester market is segmented by region into North, South, East, And West Vietnam. In 2023, the South region was dominating due to its strategic location, advanced industrial infrastructure, and concentration of manufacturing activities. This region's infrastructure supports efficient production and distribution of polyester resins, making it a key player in the market.
Vietnam Polyester Resin Market Competitive Landscape
Vietnam Polyester Resin Market Major Players
Company Name
Establishment Year
Headquarters
KCC Corporation
1958
Seoul, South Korea
Saudi Basic Industries Corporation (SABIC)
1976
Riyadh, Saudi Arabia
LG Chem Ltd.
1947
Seoul, South Korea
Kukdo Chemical Co., Ltd.
1970
Seoul, South Korea
Thai Epoxy and Allied Products Co., Ltd.
1988
Bangkok, Thailand
LG Chem Ltd.: LG Chem's subsidiaries in Vietnam reported a combined post-tax profit of approximately KRW 179.31 billion ($133.5 million) for the first nine months of 2023, reflecting a year-on-year increase in revenue. This financial performance underscores the company's successful operations in the region, which may support further investments and partnerships in construction and materials.
Saudi Basic Industries Corporation (SABIC): SABIC has debuted two new LNP CRX polycarbonate (PC) copolymer resins in 2023, that offers a combination of robust chemical and impact resistance, thin-wall transparency, dimensional stability, and processability. In medical device applications such as clear covers, screens and display lenses, the new materials can overcome key drawbacks of incumbent PC resins and co-polyester resins when exposed to disinfectants or aggressive chemicals.
Vietnam Polyester Resin Market Analysis
Vietnam Polyester Resin Market Growth Drivers
Increased Demand from the Construction Sector: The Vietnamese construction sector has been a significant driver for the polyester resin market. This sector's growth directly translates to heightened demand for polyester resins, used extensively in construction materials such as fiberglass-reinforced plastics (FRP) and coatings. The Vietnamese government approved a plan to spend US$43-65 billion on building and upgrading road, rail, inland waterways, sea, and air transport infrastructure between 2021-2030, further driving demand for polyester resins.
Automotive Industry Expansion: The automotive industry in Vietnam has seen substantial growth in 2023. Polyester resins are crucial in manufacturing automotive parts due to their durability and resistance to heat and chemicals. The Vietnam Automobile Manufacturers Association (VAMA) projects vehicle production to increase by 2028, driven by rising consumer demand and foreign investments. This increase will significantly boost the polyester resin market, aligning with the automotive sector's expansion.
Marine Industry Growth: The marine industry's expansion is another critical growth driver. In 2023, Vietnam's shipbuilding industry has a significant portion of this value attributed to the use of polyester resins in boat and ship manufacturing. The Ministry of Transport has announced plans to enhance the country's maritime capabilities by 2030. This initiative aims to upgrade ports and shipyards, thereby increasing the demand for high-performance polyester resins in marine applications.
Vietnam Polyester Resin Market Challenges
Environmental Regulations: Stricter environmental regulations are being implemented, particularly concerning the disposal of polyester resin waste and emissions during production. Compliance with these regulations may require manufacturers to invest in cleaner technologies, which could increase operational costs. The government’s focus on sustainability is expected to shape the market dynamics significantly over the next few years.
Quality Control Challenges: Ensuring quality and safety standards in various end-user industries, such as construction and automotive, is imperative. In 2024, the Vietnamese government plans to enhance regulatory frameworks, which may impose stricter quality controls on unsaturated polyester resins. This could pose challenges for manufacturers who need to adapt to new compliance requirements.
Vietnam Polyester Resin Market Government Initiatives
Green Construction and Sustainable Development Program: Launched in 2023, this program aims to promote the use of eco-friendly materials in construction to enhance energy efficiency and reduce environmental impact. The government has initiative, supporting the adoption of sustainable practices and materials, including polyester resins. This program is expected to significantly increase the demand for eco-friendly polyester resins in the construction sector.
Support for Renewable Energy Projects: With a commitment to generate 20% of energy from renewable sources by 2030, the government is providing incentives for companies involved in wind energy projects. This support includes tax breaks and subsidies, which are expected to drive demand for unsaturated polyester resins in the production of wind turbine components.
Vietnam Polyester Resin Market Future Outlook
The Vietnam Polyester Resin Market is projected to grow continuously by 2028. The market's future looks promising with increasing applications in emerging sectors such as renewable energy and electronics. Additionally, the government's focus on sustainable development and green initiatives is likely to boost the demand for eco-friendly resin products, further propelling market growth.
Vietnam Polyester Resin Market Trends
Sustainable Materials Demand: The demand for sustainable materials is expected to grow significantly over the next five years. By 2028, the Vietnamese government aims to reduce carbon emissions by driving the adoption of eco-friendly polyester resins in construction and manufacturing. This trend is supported by the government's Green Construction and Sustainable Development Program, which promotes the use of sustainable materials.
Technological Advancements in Resin Production: Technological advancements in resin production are expected to enhance the quality and performance of polyester resins. By 2028, the market will see increased adoption of automated resin mixing and curing processes, improving production efficiency and product consistency. Companies are expected to invest significantly in R&D to develop innovative products that meet evolving industry standards.
Please Note: It will take 5-7 business days to complete the report upon order confirmation
Table of Contents
81 Pages
- 1.Vietnam Polyester Resin Market Overview
- 1.1Vietnam Polyester Resin Market Taxonomy
- 2.Vietnam Polyester Resin Market Size (in USD Mn), 2018-2023
- 3.Vietnam Polyester Resin Market Analysis
- 3.1Vietnam Polyester Resin Market Growth Drivers
- 3.2Vietnam Polyester Resin Market Challenges and Issues
- 3.3Vietnam Polyester Resin Market Trends and Developments
- 3.4Vietnam Polyester Resin Market Government Regulation
- 3.5Vietnam Polyester Resin Market SWOT Analysis
- 3.6Vietnam Polyester Resin Market Stake Ecosystem
- 3.7Vietnam Polyester Resin Market Competition Ecosystem
- 4.Vietnam Polyester Resin Market Segmentation, 2023
- 4.1Vietnam Polyester Resin Market Segmentation by Product Type (in %), 2023
- 4.2Vietnam Polyester Resin Market Segmentation by Application (in %), 2023
- 4.3Vietnam Polyester Resin Market Segmentation by Region (in %), 2023
- 5.Vietnam Polyester Resin Market Competitive Landscape
- 5.1Vietnam Polyester Resin Market Cross-Comparison (Establishment Year, Headquarters, Recent Developments)
- 6.Vietnam Polyester Resin Future Market Size (in USD Mn), 2023-2028
- 7.Vietnam Polyester Resin Future Market Segmentation, 2028
- 7.1Vietnam Polyester Resin Market Segmentation by Product Type(in %), 2028
- 7.2Vietnam Polyester Resin Market Segmentation by Application (in %), 2028
- 7.3Vietnam Polyester Resin Market Segmentation by Region (in %), 2028
- 8.Vietnam Polyester Resin Market Analysts’ Recommendations
- 8.1Vietnam Polyester Resin Market TAM/SAM/SOM Analysis
- 8.2Vietnam Polyester Resin Market Customer Cohort Analysis
- 8.3Vietnam Polyester Resin Market Marketing Initiatives
- 8.4Vietnam Polyester Resin Market White Space Opportunity Analysis
- Disclaimer
- Contact Us
Pricing
Currency Rates
Questions or Comments?
Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.
