Vietnam Polycarbonate Market to Grow with a CAGR of 4.15% through 2028
Surge in research and development activities is expected
to drive the Vietnam Polycarbonate Market growth in the forecast period,
2024-2028.
According to TechSci Research report, “Vietnam
Polycarbonate Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Polycarbonate Market stood at USD80.14 million in
2022 and is anticipated to grow with a CAGR of 4.15% in the forecast period,
2023-2028. The initiatives taken by government based on polycarbonate has led
to favorable market conditions for the Vietnam Polycarbonate Market. Several
factors contribute to the growth of various polycarbonate market products. Recognizing the urgent concern of marine
pollution, Vietnam has taken a proactive step by launching a comprehensive
national action plan for the effective management of marine plastic litter.
This plan encompasses various strategies and measures to tackle the issue at
its root, aiming to mitigate the adverse impact on marine ecosystems and
preserve the country's beautiful coastlines. In a bid to further combat plastic
pollution, the Vietnamese Government is reportedly evaluating the possibility
of implementing stringent measures by 2030. One of the proposed measures
includes imposing strict sanctions on the sale of plastic bags in markets
across the country. This forward-thinking initiative aims to promote
sustainable practices and encourage a shift towards more environmentally
friendly alternatives, ultimately contributing to the long-term conservation of
Vietnam's natural resources.
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The surge in
research and development (R&D) activities is playing a pivotal role in
driving the growth of the polycarbonate market in Vietnam. These activities are
focused on continuously enhancing the properties of polycarbonate to cater to
the ever-evolving needs of various industries. In the medical sector, the
polycarbonate market is experiencing steady growth owing to the increasing
demand for durable, lightweight, and transparent materials in healthcare
applications. R&D initiatives are specifically targeting the development of
polycarbonate variants that can withstand rigorous sterilization processes
while adhering to stringent medical-grade standards. This ensures the
production of high-quality materials that are crucial for medical devices,
equipment, and other healthcare-related applications.
By investing in
R&D efforts, the polycarbonate industry in Vietnam is not only meeting the
present requirements but also preparing for future advancements and market
demands. The continuous innovation and development in polycarbonate materials
are expected to drive sustainable growth and create new opportunities in
various sectors, including automotive, electronics, construction, and more.
The Vietnam
Polycarbonate Market is segmented in type, end user, regional distribution, and
company.
Based on its type, the polycarbonate sheets segment held
the largest share in the market. The versatility of polycarbonate sheets is
unparalleled, contributing significantly to their dominance in the market.
These sheets find extensive use in numerous sectors, including but not limited
to roofing and glazing in the construction industry, where their durability and
impact resistance make them a popular choice. Additionally, their lightweight
nature makes them ideal for manufacturing resilient and efficient solar panels,
further expanding their range of applications. With such a wide array of uses,
the demand for polycarbonate sheets continues to rise, solidifying their strong
position in the market.
Based on region, Central segment is expected to grow
during the forecast period.
Government initiatives aimed at boosting industrial
growth in the central region of Vietnam are playing a crucial role in driving
economic development. The Vietnamese government has been proactively
implementing policies and strategies to attract both domestic and foreign
investment, fostering industrialization and promoting sustainable industrial
development in the region. These initiatives have resulted in a significant
increase in industrial activities, creating a thriving ecosystem for businesses
and entrepreneurs. As a direct consequence, the demand for polycarbonate, a
versatile and durable material, has experienced a notable surge as it finds
extensive applications in various industries within the region.
Major companies operating in Vietnam Polycarbonate
Market are:
- Thai Polycarbonate Co., Ltd.
- SABIC Vietnam Co., Ltd.
- Everroof Vietnam Co., Ltd.
- Lyon Plastic Co., Ltd.
- Mitsubishi Chemical Engineering
Corporation
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“Growing application of polycarbonate in various end
user industries are key drivers of the polycarbonate market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of polycarbonate with every
passing year are anticipated to register an impressive growth to Vietnam
Polycarbonate Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Vietnam Polycarbonate Market By Type (Polycarbonate
Sheets, Polycarbonate Tubes/Pipes, Polycarbonate Films, Others), By End User (Electrical
& Electronics, Automotive, Building & Construction, Aerospace &
Defense, Medical, Optical, Others), By
Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Polycarbonate Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Polycarbonate Market.
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