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Vietnam plastics market is expected to register a CAGR of 6.63% during the forecast period, 2018 to 2023. Packaging industry forms the largest market in 2017, accounting for around 50% of the global market share.
Rapid Increase in Downstream Processing Capacity Additions
The report published by Vietnam Ministry of Industry and Trade states that in the first two quarters of 2015, oil production in Vietnam increased by 11%, reaching 838 million, compared to last year. The oil gas industry of Vietnam is biggest foreign currency earner. In 2009, the Dung Quant started operating and now produces approximately 30 million metric tons of crude oil, accounting for 30% of the demand of energy. On an average 340,000 barrels of crude oil is produced per day.
The reserve in Vietnam contains 630 million metric tons of crude oil, making it second largest in East Asia after China. The largest oil producing fields in the country are Bach Ho White Tiger, Hang Ngoc, Rang Dong Dawn, Su Tu Den Ruby and Dai Hung Big Bear.
The services of the industry in this region have been involved in various areas such as extraction, exploration, process, supply chain, training, etc.
Vietnam oil and gas group PetroVietnam and Azerbaijan's state oil company SOCAR signs memorandum of understanding, contributing to the development of energy corporation between the sides.
Recently, oil and gas industry is increasingly using high performance plastics in various applications in oil and gas industry, owing to high performance plastic's unique array of properties including electrical, temperature, and chemical resistance, and durability.
Packaging Industry Dominated the Plastics Market
Plastics have distinct characteristics depending on the type, however, most plastics tend to possess general attributes such as resistivity to chemicals corrosion, thermal resistivity, being lightweight while portraying various degrees of strength, lower in cost, easy to handle, and it is also available in various colors. Such factors make plastics the best option for packaging purposes for the Vietnam market; also making plastic packaging the largest application of plastics in Vietnam.
In packaging industry, plastics is used for healthcare packaging, food beverage packaging, consumer packaged goods, consumer personal care packaging, and also in home garden. Food beverage packaging consumes the lion's share in the plastics market with plastics used in the manufacturing process of bottles, containers, pots, plastic utensils, and cups among various other items. Vietnam is experiencing a rapid growth in the packaging sector owing to the increasing demand for consumer goods and foodstuffs. Increasing household and commercial applications, such as containers, plastic bags, canisters, tableware etc., are expected to drive the consumption demand of plastics in packaging industry during the forecast period.
Injection molding technology accounts for the largest market share, holding around 61% of the market share in 2017. Injection molding is used to manufacture thinwalled plastic parts for various applications such as in housing appliances, consumer electronics, medical devices such as valves syringes, power tools, automotive dashboards car bumpers, open containers, fittings, toothbrushes, and toys among various other products. Products manufactured by injection molding technology can be of complex shapes while having excellent surface finish, good dimensional accuracy, low labor cost and high production rate.
Vietnam is becoming increasingly competitive in the field of injection molding. Many Japanese companies has moved their production of automotive plastic parts from China to Vietnam where technologies such as injection molding is used at the highest level. Increasing use of injection molding technology in packaging, healthcare, automotive, construction, and in other industries is expected to drive the market for injection molding technology in Vietnam through 2023.
The major key players are THE SIAM CEMENT PUBLIC COMPANY LTD, VIETNAM OIL AND GAS GROUP, NAN YA PLASTICS FORMOSA, AGC CHEMICALS VIETNAM CO., LTD., VINAPLAST and the other players include BINH MINH PLASTIC, RANG DONG PLASTIC, CHO LON PLASTIC COMPANY LTD., DUY TAN PLASTICS CORPORATION, BAVICO LTD., CANTHO CONSTRUCTION MATERIAL PRODUCING TRADING CO. LTD., CHAN THUAN THANH PLASTICS COMPANY, DA NANG PLASTIC JOINT STOCK CO., VIETNAM PLASTICS CORPORATION, HOA GIAPLASTIC INDUSTRIAL CO., LTD, LYONDELLBASELL INDUSTRIES, PETROCHEMICAL LLC, PETRO VIETNAM ARKEMA, BASF SE, COVESTRO, DOWDUPONT AND TEIJIN CHEMICALS LTD.
Why Purchase Our Vietnam Plastics Market Report?
Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
3 months analyst support along with the Market Estimate sheet in excel.
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