Vietnam Plastic Recycling Market Trends, Size, Share, Growth, Revenue, Business Challenges, Opportunities and Future Outlook till 2033
Recycled plastics are plastic materials that have been recycled so they can be used to create new goods. These polymers are made from a variety of materials, such as plastic bottles, containers, packaging, and industrial waste. Plastic garbage is collected, sorted, cleaned, and processed to remove impurities in order to create recycled plastic pellets. Following that, these pellets can be used to create a wide range of products, including building materials, consumer items, automotive parts, and packaging materials. Recycling plastics reduces the need for virgin plastics, protects natural resources, and mitigates the harmful impacts of plastic waste on the environment.
According to SPER market research, ‘Vietnam Plastic Recycling Market Size- By Distribution Channel, ?By Material Type, By Product- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Vietnam Plastic Recycling Market is predicted to reach USD XX billion by 2033 with a CAGR of 7.84%.??
The rising cost of regular plastics and the growing concern about environmental issues are the primary reasons driving the growth of the recycled plastics industry in Vietnam. When plastic is recycled, the energy and natural resources required to produce virgin plastic are avoided. Thus, as we adopt a more sustainable lifestyle, the demand for recycled plastics rises. In addition, the market has grown as a result of lower personnel costs and an increase in local demand. Customers are choosing recycled plastics over virgin ones due to the severe contamination caused by the disposal of discarded plastics in the ocean and the lack of landfill space, which is fueling industry growth.
The proper collection of raw materials, or plastic wastes or scraps, is crucial to the market for recovered plastics. Only 14% of plastic packaging used globally is recycled; the majority ends up in the oceans annually, depleting marine life. According to the Ellen MacArthur Foundation, recycling the remaining 86% of wasted plastics might result in significant financial gains of anywhere from USD 80 billion to USD 120 billion. But it is impossible to predict generating this revenue without developing new methods. Thus, the lack of options for raw material collection is one of the main challenges facing the market's competitors.
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Plastic wastewater collection and management have suffered as a result of the economic crisis, the disruption of global supply networks, and the pandemic-induced decline in industrial output. As a result, recycled plastics are getting harder to find and supply. Flexibility and Recovery: The epidemic has increased the significance of sustainability and environmental responsibility, even in the short term. Businesses, governments, and consumers are becoming more in need of sustainable solutions, which could support the market for recycled plastics' long-term expansion.
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, 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 Plastic Recycling Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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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