Vietnam Polystyrene Market to Grow with a CAGR of 4.28% through 2028
Surge in research and development activities is expected to drive the Vietnam
Polystyrene Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Vietnam
Polystyrene Market– By Region, Competition, Forecast and Opportunities,
2018-2028F”, the Vietnam Polystyrene Market stood at USD166.54 million in
2022 and is anticipated to grow with a CAGR of 4.28% in the forecast period,
2023-2028. The initiatives taken by government based on polystyrene has led to
favorable market conditions for the Vietnam Polystyrene Market. Several factors
contribute to the growth of various polystyrene market products.
As part of its
commitment to the Global Partnership on Marine Plastic Litter by 2030, the
Vietnamese government has pledged to take significant actions in reducing
marine plastic litter. Their target is to achieve a 50 percent reduction by
2025, and an even more ambitious goal of 75 percent reduction by 2030. This
commitment showcases Vietnam's dedication to protecting marine ecosystems and
preserving the health of our oceans for future generations
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One of the main
drivers of this market growth is the significant focus on research and
development (R&D) to enhance the properties of polystyrene. Dedicated
researchers are tirelessly working on improving the material's strength,
durability, recyclability, and overall environmental impact. These ongoing
innovations have not only led to a remarkable improvement in the quality of
polystyrene products but have also opened up new avenues for their versatile
application.
For instance, a
growing trend in the construction industry is the increasing adaptation to
green buildings and the use of environment-friendly materials. As manufacturers
invest in R&D efforts, they are able to develop cutting-edge polystyrene
products that meet and even exceed these stringent eco-friendly standards. This
enables them to tap into new markets driven by sustainability initiatives,
ultimately fostering continuous growth and expansion in the industry.
The Vietnam
Polystyrene Market is segmented in type, end user, regional distribution, and company.
Based on its type, the high impact polystyrene (HIPS) segment
held the largest share in the market. One of the significant factors contributing
to the dominance of High Impact Polystyrene (HIPS) in the Vietnamese market is
its cost-effectiveness. Despite its superior properties, such as durability and
versatility, HIPS remains relatively affordable compared to other materials,
which makes it an attractive option for manufacturers seeking to balance
quality and cost. This affordability aspect allows businesses to maximize their
production capabilities without compromising on the overall quality of their
products. Additionally, the widespread availability and ease of processing of
HIPS further contribute to its popularity among manufacturers in Vietnam.
Based on region, Central segment is expected to grow
during the forecast period.
Central Vietnam has garnered attention from companies
due to its exceptional combination of a highly skilled and cost-effective labor
force. This enticing factor allows polystyrene manufacturers to not only
maintain but also elevate their production levels while keeping costs at a
minimum. With this advantageous workforce, businesses can achieve optimal
efficiency and maximize their output, contributing to the overall growth and
success of the region.
Major companies operating in Vietnam Polystyrene
Market are:
- LG Chem Ltd.
- Formosa Chemical & Fibre Corp.
- The Dow Chemical Company
- NOVA Chemicals Corp
- Supreme Petrochem Ltd.
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“Growing application of polystyrene in various end
user industries are key drivers of the polystyrene market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of polystyrene with every
passing year are anticipated to register an impressive growth to Vietnam
Polystyrene Market in the forecast period.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Vietnam Polystyrene Market By Type (General Purpose
Polystyrene (GPPS), High Impact Polystyrene (HIPS)), By End User (Packaging,
Electronics, Others), By Region, By
Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Vietnam Polystyrene 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 Polystyrene Market.
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