Vietnam Plastic Recycling Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Opportunities and Future Investment Strategies Till 2033


Vietnam Plastic Recycling Market Share, Trends, Revenue, Growth Drivers, CAGR Status, Opportunities and Future Investment Strategies Till 2033: SPER Market Research

 Category : Chemical & Materials

 Published: Dec-2023
 Author: SPER Analyst

Vietnam Recycled Plastics Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 7.84%.

Plastic materials that have been recycled in order to be made into new products are referred to as recycled plastics. Numerous materials, including plastic bottles, containers, packaging, and industrial waste, are used to make these polymers. Recycled plastic pellets are produced by gathering, classifying, cleaning, and processing plastic waste to get rid of contaminants. After that, these pellets can be utilized to make a variety of goods, such as consumer goods, automotive parts, building materials, and packaging materials. Recycling plastics helps lessen reliance on virgin plastics, preserves natural resources, and lessens the negative environmental effects of plastic waste.

Vietnam Recycled Plastics Market Driving Factors and Challenges
The main factors driving the growth of the recycled plastics market in Vietnam are the rising costs of traditional plastics and the growing concern over environmental issues. The energy and natural resources needed to make virgin plastic are eliminated when plastic is recycled. Thus, the need for recycled plastics increases as we move toward a more sustainable lifestyle. Furthermore, the market has expanded due to a rise in local demand and a decrease in labour costs. The severe contamination from the disposal of used plastics in oceans and the scarcity of landfills are driving consumers to choose recycled plastics over virgin ones, which is driving industry growth.

The market for recycled plastics is heavily reliant on the appropriate gathering of raw materials, or plastic scraps or wastes. Merely 14% of plastic packaging used worldwide is recycled, with the remaining portion ending up in the oceans every year and harming aquatic biodiversity. The Ellen MacArthur Foundation estimates that recycling the remaining 86% of used plastics could generate enormous profits of between USD 80 and USD 120 billion. But without creating new techniques, it is not possible to anticipate realizing this revenue. Thus, one of the biggest obstacles facing the market's participants is the lack of raw material collection opportunities.

Impact of COVID-19 on Vietnam Recycled Plastics Market 
The reduction in industrial activity caused by the pandemic, the disruption of global supply chains, and the economic downturn have all had a negative impact on the collection and management of wastewater made of plastic. Recycled plastics are becoming more difficult to locate and provide as a result. Adaptability and Healing: Even in the near term, environmental responsibility and sustainability have gained importance as a result of the pandemic. The need for sustainable solutions is increasing among businesses, governments, and consumers; this could fuel the long-term growth of the recycled plastics market.

Vietnam Recycled Plastics Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Vinh Thanh Corporation, Trinh Nghi Joint Stock Company, Import and Export Joint Stock Company Suwon Vina, Quynh Quyen Hung Yen Trading & Production Company Limited, 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. 

Vietnam Recycled Plastics Market Segmentation:

By Material: Based on the Material, Vietnam Recycled Plastics Market is segmented as; Polyethylene Terephthalate, Polypropylene, High Density Polyethylene, Others.

By Application: Based on the Application, Vietnam Recycled Plastics Market is segmented as; Non-Food Contact Packaging, Food Contact Packaging, Construction, Household Products, Others.

By Region: This research also includes data for Central Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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