Vietnam Polystyrene Market Share is Expected to Grow at a CAGR of 4.5% By 2027 | TechSci Research

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Vietnam Polystyrene Market is anticipated to grow with increasing imports, in the forecast period, 2023-2027F.

According to TechSci report on, “Vietnam Polystyrene Market - By Region, Competition Forecast & Opportunities, 2027” Vietnam polystyrene market might register an impressive CAGR during the forecast period, 2023-2027, to establish growth due to factors like surge in the demand for polystyrene for the expanding construction industry in the country. Increasing demands for the green buildings, eco-friendly approach for the building, highways, etc. construction is the major factor responsible for the growth of the market. Demands for polystyrene is also increasing due to its application in the consumer electronics and HVAC insulation systems. The polymer does not involve the use of chlorofluorocarbon (CFC) for the manufacturing, which is in the case of other insulation material manufacturing, making if highly eco-friendly since the ozone depleting CFC levels can be thus controlled. Moreover, physical properties like moisture-resistant, closed-cell structure, etc. gives it the much demanded strength and is thus utilized in heavy-duty construction. The mechanical properties of the polymer that is high melting point, excellent insulator, long-term thermal resistance, flexibility and variability makes it a good choice for the manufacturing of the products that require high density polymers, giving strength to the product & model.

Furthermore, demand of general purpose polystyrene is also rising from the medical, construction and packaging sector that is likely to remain resilient during 2023-2027. The demand from larger segments, such as appliances and automotive, are yet to show significant improvement in the Vietnam market due to rising inflation, volatility in commodity prices and uncertainty in the overall economic growth of the country. Government satisfies the due demands through imports. With free trade agreements and feasible tax incentives the importing of the polymer is expected to ease further thus enhancing the future growth of the Vietnam polystyrene market substantially in the next five years.

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The Vietnam polystyrene market is segmented by type, sales channel, end user, competitional landscape, and regional distribution. Based on type, the market is differentiated between general purpose polystyrene (GPPS) and high impact polystyrene (HIPS). General purpose propylene (GPPS) is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the account of its widespread applications in various industries. Rising demands for the polymer from healthcare industry, packaging for various products including consumer electronics, and fragile products, to avoid any breaks during shipment, further aids to the growth of the Vietnam polystyrene market in the next five years. The general purpose polystyrene has excellent transparency, high stiffness and excellent moldability that allows for the processes like injection, extrusion, foam molding, etc. It is produced in the form of transparent cylindrical granules, which are processed into finished products by way of injection molding or extrusion at 190-230°C. High impact polystyrene (HIPS) is also anticipated to hold significant growth in the future five years due to technological advancement in the polystyrene polymers. The material is cost efficient, tough plastic that is very easy to thermoform that means the melting and molding of the high impact polystyrene (HIPS) is much easier as compared to general purpose polystyrene (GPPS).

By sales channel, the market is distinguished between direct and indirect. Indirect sales are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years due to increasing imports of the polystyrene from the neighboring countries. Direct sales may hold significant sales since a sole producer of polystyrene in the country is Cong Ty TNHH Polystyrene Vietnam.

A partial list of major market players of the Vietnam polystyrene market includes:

Cong Ty TNHH Polystyrene Vietnam
LG Chem Ltd
Formosa Chemical & Fibre Corp
Kumho Petrochemical
The Dow Chemicals
Sabic
Nova Chemicals
Ineos
Polimeri Europa
Supreme Petrochem

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“Based on end user, the market is bifurcated into packaging, electronics and appliances, jewelry casings, household/stationery, and others. Packaging may lead the market segment and further hold the largest revenue shares of the market, since the demands for the packaging of the fragile products is increasing in the recent years. Construction industry is expanding and further generating substantial demands for the polystyrene and thus aiding the growth of the market. Moreover, the demands are also increasing significantly from the electronics & appliances industry as the demands for the technologically advanced electronics and appliances is increasing and aiding the market growth,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Vietnam Polystyrene Market By Type (General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS)), By Sales Channel (Direct Vs Indirect), By End User (Packaging, Electronics and Appliances, Jewelry Casings, Household/Stationery, Others), By Region, Competition Forecast & Opportunities, 2027” 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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