The Vietnam plastics market is expected to reach a value of USD XX million in 2016 and is likely to touch USD XX million by 2021 with a CAGR of XX% during the forecast period (2016-2021).
Vietnam, a developing nation, offers a wide range of opportunities in the plastics market. Plastics are one of the fastest growing industries in the country. Rapid economic growth and increased innovative applications in different industries lead to the rise in demand for plastics and its products in this emerging economy. Growing demand in the end-user markets and government support has been the major driving forces behind the growth of the Vietnam plastics market.
Plastic products are expected to continue to displace other materials in a variety of applications, while rising incomes in developing nations are expected to contribute to the additional consumption of plastics. Over the years, rapid industrialization, growing activities in sectors like building & construction and manufacturing & assembling have also lead to a rise in consumption of plastics in the country. The packaging industry, one of the major consumers of plastics, has found a renewed prominence in the country. Rising income levels and industrial activity together are expected to contribute to a strong growth in demand for plastics. Plastics are used in various innovative applications. However, the market in the country is shadowed by some restraints, such as volatility in raw material prices, environmental concerns and high ratio of unskilled labor.
Plastics can be broadly segmented based on type into bioplastics, elastomers, engineering plastics, epoxy resins, Polyvinyl Chloride (PVC), flouropolymers, polyolefins, Polyurethane Polyethylene Terephthalate (PET), polystyrene, expanded polystyrene, thermoplastics and thermosetting. The market has also been segmented on the basis of technology into blow molding, extrusion and injection molding, among others. By application, the market has been segmented into packaging, films & sheets, pipes & fittings, tarpaulin, industrial, building & construction, automotive & transportation, electrical & electronics, furniture & bedding and household, among others.
Some of the major companies dominating the market are Binh Minh Plastic, Rang Dong Plastics Company, Cho Lon Plastic Company Ltd., Duy Tan Plastics Co., Ltd., Bavico Ltd., Chan Thuan Thanh Plastics Company, BASF SE, Covestro and Arkema.
Key Deliverables in the Study
Market analysis for the Vietnam Plastics Market, with region specific assessments and competition analysis on regional scales Market definition along with the identification of key drivers and restraints Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a regional scale Extensively researched competitive landscape section with profiles of major companies along with their market shares Identification and analysis of the macro and micro factors that affect the Vietnam Plastics market on regional scales A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market