Overview of plastic industry, development trends in Vietnam

Plastic industry is a residential industry serving the development of many industries and economic sectors such as electricity - electronics, telecommunications, transportation, machine manufacturing, household appliances, ...
Overview of the world plastic industry

Despite UN hand-wringing and corporate pledges, demand for plastics grew a further 3.5% in 2019 and up to 16% in much of Asia. Latest figures suggest 359 m tonnes were produced in 2018. Nearly one-third went to single-use packaging and less than 10% was recycled., it is expected that revenue in this industry will reach about 560 billion USD by 2024. Compound plastic products, construction plastic and plastic used in chemical industry Food and foodstuffs account for 65% of total plastic demand. But the actual growth, products from high-tech plastic molding for automotive production, electrical and electronics sectors increased by nearly 4% per year (as of 2018) is still the highest increase compared to all areas of plastic consumption (The figures are summarized and reported by Asia Bank).

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The prominent markets in the world plastic industry include the leading representatives right to come as:

Europe area
Plastic industry plays an important role in the overall development of the European economy. In the most exciting market in the world, the production is great and the ability to consume plastic products is also quite large.

Germany is the most famous name in the plastic industry in European countries with high plastic industry value chains. The annual turnover from the key plastic industry in Germany is set at 90 billion EUR.
Americas region
The prominence of the United States has always led the region including the plastics industry. With a plentiful source of oil and natural gas, the US takes advantage of production costs when using natural gas as an alternative input to crude oil to make plastic materials. The US became the world's No. 1 plastic exporter. At the same time, plastic injection industry in the US is also very developed by technology, qualifications and modern technology in the world.
Outside the US, Mexico is also one of the typical names of the plastic industry in the Americas. Plastic manufacturing enterprises in this country meet 80% of the domestic demand for plastic products from PE, PP, PET and PVC.
Asia-Pacific region
The Chinese representative of the region has a well-developed plastic industry worldwide when the volume of plastic products is large. Plastic is an important export product for China.
Southeast Asia
Vietnam is one of the leading countries in the plastic industry in Southeast Asia. Total plastic production in 2017 of our country reached 6.7 million tons. In particular, household plastic, construction plastic and plastic used for electronic technology products had good growth. The main export markets of plastic products made in Vietnam are Japan and the United States.
Vietnam's difficulties in the plastic industry are currently facing price instability because most of the plastic materials we have to import from abroad. This leads to the price reduction of extruded plastic products.
However, according to the assessment, Vietnam is still a potential market for plastic industry development in Southeast Asia
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Vietnam plastic industry development trend

The potential for developing the plastic industry in Vietnam is great because our country's plastic products are not subject to anti-dumping duties like other Asian countries. These are favorable conditions to boost exports of plastics.
The emerging plastics enterprises have been promoting technology investment, building workshops, associating with foreign companies to focus on plastic production to serve domestic as well as foreign demands.
The development trend of Vietnam plastic industry is based on the limitations to develop stronger. Specifically, reducing the volume of imported raw plastic materials to avoid production cost dependence when fluctuations. At the same time, having appropriate recycling treatment is one of the effective ways to increase productivity, reduce input materials and especially reduce the cost for environmental treatment.

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