Plastics
are material consisting of extensive range of synthetic or semi-synthetic
organic compounds that can be molded into while soft shape, and then set into
an inflexible or slightly elastic form. They are commonly organic polymers of
high molecular mass and typically synthetic, most frequently derived from
petrochemicals. They are classified by the chemical structure of the polymer's
backbone & side chains. Some important groups of these classifications
include acrylics, polyurethanes, polyesters, silicones, and halogenated
plastics. They can also be classified by the chemical process used in their
synthesis such as poly-addition, condensation, and cross-linking. Some physical
properties of plastics are included hardness, tensile strength, density, resistance
to heat and glass transition temperature and others.
Key
benefits offered by plastic over other materials including large-scale
availability of raw materials, low manufacturing costs, flexibility of usage,
and adaptability across a wide range of applications.
Based
on product type, market is segmented into Polypropylene (PP), Polyvinyl
chloride (PVC), Polystyrene (PS), Polybutylene terephthalate (PBT), Epoxy
polymers, Polyether Ether Ketone (PEEK), Polyamide (PA), Polyphenylsulfone
(PPSU), Polyethylene (High-density polyethylene (HDPE), Low-density
polyethylene (LDPE), and LLDPE), Polyurethane (PU), Polyethylene terephthalate
(PET), Acrylonitrile butadiene styrene (ABS), Polyphenylene oxide (PPO), Liquid
crystal polymers, Polycarbonate (PC), Polysulfone (PSU) and others. PEEK is
widely used in engineering applications due to its characteristics, which
include being colorless and organic. Polyethylene is mainly used in the
packaging sector, which includes plastic bags, plastic films, containers &
bottles, and geomembranes. Based on raw material, market is segmented into
hydrocarbon fuels, sand and salt. Hydrocarbon includes natural gas, coal, and
crude oil. In addition, based on application, market is segmented into
agriculture, electrical & electronics, medical devices, packaging,
automotive, construction, consumer goods, furniture & bedding and other
applications.
The
Vietnam plastic market is driven by rise in shift in trend towards replacement
of glass & metals, followed by growth in population coupled with rapid
industrialization & urbanization, rise in construction spending by
governments, growth in new technology & innovation in the field of
bio-based or sustainable alternatives and increase in plastic consumption in
the automotive, construction, and electrical and electronics industries.
However, volatile raw material prices and rise in awareness about environmental
concerns may impact the market. Moreover, growth in demand from construction
industries in pipes, cables, insulation, floorings, windows, and storage tanks
is a key opportunity for market. Furthermore, increase in automotive production
is a major trend for market.
Vietnam's
plastic industry is an industry with a huge number of businesses, with
approximately 4,000 enterprises nationwide and hiring up to 200,000 employees,
most of which are determined in the South. More than 80% of domestic
enterprises are small & medium-sized enterprises (SMEs) with equally
limited technological level, approximately 85% of machinery & equipment in
the industry are imported. The industry is witnessing substantial growth in the
pipes & fittings segments caused by their lightweight, corrosion
resistance, long life span, and reduced cost structures. In upcoming years, it
is anticipated that future of the market will be optimistic on account of
growth in demand for durable, low-cost & sustainable products from end-user
industries coupled with increase in incorporation of plastics as opposed to
metals & alloys in automotive components during the forecast period.
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