Sales of plastic drums in Vietnam are estimated to be US$ 39.9 million in 2023 and are anticipated to reach US$ 59.7 million by 2033. Sales of plastic drums in Vietnam are projected to expand at a CAGR of 4.2% from 2023 to 2033. In Vietnam, the revenue generated by plastic drums in 2022 was US$ 38.1 million and is anticipated to exhibit a y-o-y growth of 4.8% in 2023.
Paints, industrial coatings, and chemicals are set to hold around 39% share in terms of value by 2033. It is driven by exceptional chemical compatibility with both hazardous and non-hazardous liquids that grants versatility and reliability, catering to a wide range of industrial applications.
High-density polyethylene (HDPE) drums are anticipated to capture about 2/3rd of the share by 2023 and are expected to expand at a CAGR of 3.9% over the forecast period. Plastic drums with a capacity of above 210 liters are estimated to create an excessive financial potential of US$ 13.6 million between 2022 and 2033.
| Attributes | Key Insights |
|---|---|
| Vietnam Plastic Drum Business Size (2022A) | US$ 38.1 million |
| Vietnam Plastic Drum Business Estimated Revenue (2023E) | US$ 39.9 million |
| Vietnam Plastic Drum Business Projected Revenue (2033F) | US$ 59.7 million |
| Value-based CAGR (2023 to 2033) | 4.2% |
In Vietnam, plastic drums are projected to experience lucrative growth from 2023 to 2033. The space is expected to foster an incremental potential of US$ 21.6 million, and the revenue is anticipated to expand 1.5 times its current value.
The plastic drum business in Vietnam is projected to display significant growth as the country has coastal areas that face the pressing need for innovative housing solutions. The concept of floating houses has gained traction as a viable housing alternative due to narrow land and limited environmental concerns.
Incorporating fluorinated or inert material coatings into the design of plastic drums can create an expansion opportunity for the manufacturers of plastic drums. These coatings act as a protective layer, preventing direct contact between contained chemicals and drum surfaces. This innovation has the potential to reduce the risk of contamination prominently, ensuring the integrity of reactive and sensitive materials during storage and transportation.
Coated plastic drums can be used in sectors with stringent quality and safety standards, such as pharmaceuticals, food, and chemicals. These are set to offer a safe and reliable packaging solution for safeguarding their products. Manufacturers can differentiate themselves by addressing the critical need for preventing contamination by application of material coatings and providing the appropriate solution that will build customer trust.
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Vietnam recorded a CAGR of 2.4% during the historical period, with a revenue of US$ 38.1 million in 2022 from US$ 34.7 million in 2018. The evolution of sectors, which has increased the quality of packaging at economical rates, has resulted in a high demand for plastic drums. The growth of the pharmaceutical and chemical sectors in the past several years has contributed to the increased demand for plastic drums.
| Historical CAGR (2018 to 2022) | 2.4% |
|---|---|
| Historical Value (2022) | US$ 38.1 million |
Plastic drums fulfill the requirements for chemical and pharmaceutical packaging solutions due to their lightweight, reliability, durability, and cost-efficiency. These are suitable for liquid packaging, and they do not react to the chemicals kept inside them.
Increased demand from the food and beverage business will further fuel the demand for plastic drums, as these are reusable, safe, and convenient options for shipping and storage. The rising adoption of recycled and biodegradable plastic will open up expansion opportunities for plastic drum manufacturers.
Plastic drums are inexpensive when compared to metal drums, which is a prominent factor contributing to their increased adoption. They have gained a high share due to their widespread applications in both the commercial and residential sectors.
Increased use of high-capacity drums in the retail sector is another key booster for the growth of the plastic drum business in Vietnam. Plastic drums would help meet high-quality international shipping standards. Hence, they can be used for the transportation of both hazardous and non-hazardous materials.
The table presents the expected CAGR for the Vietnam plastic drum space over several semi-annual periods spanning from 2022 to 2033. In the first half (H1) of the decade from 2022 to 2032, the field is expected to surge at a CAGR of 3.3%, followed by a slightly higher growth rate of 4.0% in the second half (H2) of the same decade.
Moving into the subsequent period, from H1 2023 to H2 2033, the CAGR is projected to decrease slightly to 3.5% in the first half and relatively less at 2.9% in the second half.
| Particular | Value CAGR |
|---|---|
| H1 | 3.3% (2022 to 2032) |
| H2 | 4.0% (2022 to 2032) |
| H1 | 3.5% (2023 to 33) |
| H2 | 2.9% (2023 to 33) |
Principal Consultant
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In the below table of the growth potential of plastic drums in Vietnam, CAGRs of the top two sub-regions are provided. Out of the two, Central Vietnam is set to lead the field by exhibiting a CAGR of 4.7% from 2023 to 2033. Southern Vietnam is expected to witness sales at a CAGR of 4.0%.
| Sub region | Value (CAGR) |
|---|---|
| Southern Vietnam | 4.0% |
| Central Vietnam | 4.7% |
A significant industrial and economic center of the nation is found in Southern Vietnam, namely in Ho Chi Minh City and the areas that surround it. Several sectors are present in this area, such as chemicals, food and drink, medicines, agriculture, and more. For a variety of packaging and storage applications, these sectors are key users of plastic drums.
Southern Vietnam is renowned for having a strong manufacturing sector, which includes the creation of consumer products. A variety of goods, such as detergents, toiletries, and culinary components, are packaged in plastic drums.
The area has good access to international ports, which makes import and export operations easier. For companies that use plastic barrels as packaging materials for both export and domestic use, this is crucial. Similar to other regions of Vietnam, Southern Vietnam is bound by regional and national policies that oversee the manufacturing, utilization, and elimination of plastic items.
The plastic drum space in Central Vietnam is very competitive. Businesses in this area can encounter competition from both national and foreign firms. Companies in the plastic drum sector rely heavily on the accessibility of transportation infrastructure, the availability of raw materials, and the close proximity to suppliers and consumers.
Vietnam, particularly Central Vietnam, has seen a rising importance of environmental stewardship and sustainability. This can have an impact on the plastic drum production process and material selection, in addition to recycling and disposal issues. To increase productivity and product quality, producers of plastic drums can decide to engage in cutting-edge production methods, including injection and blow molding techniques.
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The table below highlights the demand for plastic drums in Vietnam by capacity and material type. Under material type, the PET segment will likely remain dominant in the assessment period at a CAGR of 4.8%. The below 210 liters segment is set to showcase a significant CAGR of 6.0% through 2033 in the field of plastic drums in Vietnam.
| Segment | Value CAGR |
|---|---|
| Below 210 Liters (Capacity) | 6.0% |
| PET (Material) | 4.8% |
PET material is set to be utilized to make plastic drums, especially the smaller ones in Vietnam. Water, drinks, detergents, and chemicals are examples of non-hazardous liquids that are often packaged and stored in PET drums.
Compared to drums constructed of steel or high-density polyethylene (HDPE), PET drums are significantly lighter. This can result in less expensive shipping and simpler handling.
PET is a recyclable material that can be used to make new containers, such as plastic drums when it is recycled (rPET). This is in favor of measures pertaining to the circular economy and sustainability. PET is translucent, making it simple to see what is inside the drum. For quality assurance and product identification, this can be crucial.
One of the polymers that is recycled worldwide is PET. The market for recycled PET (rPET) is well established, and recycled PET is needed in several sectors, including packaging. Using PET for packaging applications requires strict adherence to food safety regulations and standards, particularly in sectors such as food and beverage. PET drums are anticipated to exhibit a CAGR of 4.8% and expand 1.6 times its current value in the forecast period.
Several sectors, including but not limited to chemicals, food and beverage, pharmaceutical, agricultural, and personal care items, employ small-sized plastic drums. Small plastic drums can be used for a wide range of goods, including powders, liquids, and granular materials.
They are generally lighter than their bigger counterparts, which can contribute to cost savings in transportation and ease of handling. The ability to stack several smaller plastic barrels can help conserve storage space.
Small plastic barrels would have to adhere to certain regulations, depending on the purpose and sector, particularly if they are used for sensitive or hazardous material storage or transportation. For small-sized drums, manufacturers frequently provide customization choices, such as handles, bungs, closures, and labels.
Manufacturers operating in the Vietnam plastic drum business are investing in research and development of new and innovative designs, materials, and features. They are also focusing on enhancing the durability, performance, and functionality of the drums.
Key players are prioritizing the quality of the plastic drums, ensuring they meet the industry standards and regulatory framework. They are implementing rigorous testing procedures and quality control measures throughout the manufacturing process.
Leading players are further developing plastic drums with the help of recyclable materials and implanting eco-friendly manufacturing processes. They are offering recycling and reconditioning services for used plastic drums, which is contributing to low environmental impact and a circular economy.
For instance,
| Attribute | Details |
|---|---|
| Estimated Vietnam Plastic Drum Business Size, 2023 | US$ 39.9 million |
| Projected Vietnam Plastic Drum Business Value, 2033 | US$ 59.7 million |
| Value-based CAGR | 4.2% |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ million and Volume in units |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Material, Capacity, Head Type, End-use, Sub-region |
| Key Country Covered | Northern Vietnam, Southern Vietnam, Central Vietnam |
| Key Companies Profiled | NHAT TIEN MANUFACTURING & TRADING CO; ZONEPACK VIETNAM INDUSTRIAL COMPANY LIMITED; TP PLASTICS; VIETTIEN PLASTIC COMPANY LIMITED; EXEL PLASTECH; THIEN PHONG TRADE PROMOTION COMPANY LIMITED; THANH PHUC PLASTIC; MISUMI VIETNAM CO., LTD; HIEP THANH PLASTIC PRODUCTION AND TRADING JOINT STOCK COMPANY |
The Vietnam plastic drum business is set to rise at a CAGR of 4.2% by 2033.
The worth of the Vietnam plastic drum space in 2022 was US$ 38.1 million.
In 2033, the business is anticipated to reach US$ 59.7 million.
The ability of plastic drums to offer resistance to UV rays is a key driver.
Key players operating are Nhat Tien Manufacturing & Trading Co. and Exel Plastech Limited Company.
1. Executive Summary 1.1. Outlook 1.2. Analysis 1.3. Analysis and Recommendations 2. Overview 2.1. Coverage / Taxonomy 2.2. Definition / Scope / Limitations 3. Key Trends 3.1. Key Trends 3.2. Product Innovation / Development Trends 4. Key Success Factors 4.1. Product Adoption / Usage Analysis 4.2. Strategic Promotional Strategies 5. PESTLE and Porter 5 Forces Analysis 6. Background 6.1. Vietnam Rigid Packaging Overview 6.2. Macro-Economic Factors 6.3. Forecast Factors - Relevance and Impact 6.4. Value Chain Analysis and Profitability Margin 6.4.1. Key Participants 6.4.1.1. Exhaustive List of Raw Material Supplier 6.4.1.2. Exhaustive List of Manufacturers / Suppliers / Converters 6.4.1.3. Exhaustive List of Brand Owners / End-users (Potential Customers) 6.5. Cased-based Scenario - Impact Assessment 6.5.1. Current Statistics 6.5.2. Short-Mid-Long Term Outlook 6.5.3. Likely Rebound 6.6. Dynamics 6.6.1. Drivers 6.6.2. Restraints 6.6.3. Opportunity Analysis 7. Demand Analysis 2018 to 2022 and Forecast, 2023 to 2033 7.1. Historical Volume (Units) Analysis, 2018 to 2022 7.2. Current and Future Volume (Units) Projections, 2023 to 2033 7.3. Y-o-Y Growth Trend Analysis 8. Pricing Analysis 8.1. Sub region Wise Pricing Analysis by Material 8.2. North America Average Pricing Analysis Benchmark 9. Demand (in Value or Size in US$ million) Analysis 2018 to 2022 and Forecast, 2023 to 2033 9.1. Historical Value (US$ million) Analysis, 2018 to 2022 9.2. Current and Future Value (US$ million) Projections, 2023 to 2033 10. Sales Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 10.1. Introduction / Key Findings 10.2. Historical Size (US$ million) and Volume (Units) Analysis By Material, 2018 to 2022 10.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By Material, 2023 to 2033 10.3.1. HDPE 10.3.2. PET 10.4. Business Attractiveness Analysis By Material 11. Business Analysis 2018 to 2022 and Forecast 2023 to 2033, By Capacity 11.1. Introduction / Key Findings 11.2. Historical Size (US$ million) and Volume (Units) Analysis By Capacity, 2018 to 2022 11.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By Capacity, 2023 to 2033 11.3.1. Up to 210 L 11.3.2. Above 210 L 11.4. Business Attractiveness Analysis By Capacity 12. Business Analysis 2018 to 2022 and Forecast 2023 to 2033, By Head Type 12.1. Introduction / Key Findings 12.2. Historical Size (US$ million) and Volume (Units) Analysis By Head Type, 2018 to 2022 12.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By Head Type, 2023 to 2033 12.3.1. Open Head 12.3.2. Closed Head 12.4. Attractiveness Analysis By Head Type 13. Business Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 13.1. Introduction / Key Findings 13.2. Historical Size (US$ million) and Volume (Units) Analysis By End-use, 2018 to 2022 13.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By End-use, 2023 to 2033 13.3.1. Oleochemical 13.3.2. Food and Beverage 13.3.3. Flavors and Fragrance 13.3.4. Paints, Industrial Coatings, Chemicals 13.3.5. Petroleum and Lubricants 13.3.6. Pharmaceuticals 13.3.7. Agrochemicals 13.3.8. Others 13.4. Attractiveness Analysis By End-use 14. Sales Analysis 2018 to 2022 and Forecast 2023 to 2033, by Sub-region 14.1. Introduction / Key Findings 14.2. Historical Size (US$ million) and Volume (Units) Analysis By Sub region, 2018 to 2022 14.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By Sub region, 2023 to 2033 14.3.1. Northern Vietnam 14.3.2. Central Vietnam 14.3.3. Southern Vietnam 14.4. Attractiveness Analysis By Sub region 15. Northern Business Analysis 2018 to 2022 and Forecast 2023 to 2033 15.1. Introduction / Key Findings 15.2. Historical Size (US$ million) and Volume (Units) Analysis By Taxonomy, 2018 to 2022 15.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By Taxonomy, 2023 to 2033 15.3.1. By Material 15.3.2. By Capacity 15.3.3. By Head Type 15.3.4. By End-use 15.4. Attractive Analysis 15.4.1. By Material 15.4.2. By Capacity 15.4.3. By Head Type 15.4.4. By End-use 16. Central Business Analysis 2018 to 2022 and Forecast 2023 to 2033 16.1. Introduction / Key Findings 16.2. Historical Size (US$ million) and Volume (Units) Analysis By Taxonomy, 2018 to 2022 16.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By Taxonomy, 2023 to 2033 16.3.1. By Material 16.3.2. By Capacity 16.3.3. By Head Type 16.3.4. By End-use 16.4. Attractive Analysis 16.4.1. By Material 16.4.2. By Capacity 16.4.3. By Head Type 16.4.4. By End-use 17. Southern Business Analysis 2018 to 2022 and Forecast 2023 to 2033 17.1. Introduction / Key Findings 17.2. Historical Size (US$ million) and Volume (Units) Analysis By Taxonomy, 2018 to 2022 17.3. Current and Future Size (US$ million) and Volume (Units) Analysis and Forecast By Taxonomy, 2023 to 2033 17.3.1. By Material 17.3.2. By Capacity 17.3.3. By Head Type 17.3.4. By End-use 17.4. Attractive Analysis 17.4.1. By Material 17.4.2. By Capacity 17.4.3. By Head Type 17.4.4. By End-use 18. Structure Analysis 18.1. Analysis by Tier of Companies (Plastic Drum Business) 18.2. Share Analysis of Top Players 18.3. Presence Analysis 19. Cross Section Analysis of Business 20. Competition Analysis 20.1. Competition Dashboard 20.2. Competition Benchmarking 20.3. Competition Deep Dive (Vietnam Based/Operating Key Players) 20.3.1. NHAT TIEN MANUFACTURING & TRADING CO 20.3.1.1. Overview 20.3.1.2. Product Portfolio 20.3.1.3. Profitability by Segments (Material/Capacity/End-use) 20.3.1.4. Sales Footprint 20.3.1.5. Strategy Overview 20.3.2. AGZONEPACK VIETNAM INDUSTRIAL COMPANY LIMITED 20.3.3. TP PLASTICS 20.3.4. VIETTIEN PLASTIC COMPANY LIMITED 20.3.5. EXEL PLASTECH 20.3.6. THIEN PHONG TRADE PROMOTION COMPANY LIMITED 20.3.7. THANH PHUC PLASTIC 20.3.8. MISUMI VIETNAM CO.,LTD 20.3.9. HIEP THANH PLASTIC PRODUCTION AND TRADING JOINT STOCK COMPANY *The above list is indicative in nature and is subject to change during the course of research 21. Assumptions and Acronyms Used 22. Research Methodology
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Plastic Drum Industry Analysis in Vietnam
