Quotation
According to customs statistics, China’s PET bottle grade exports reached 435,300 tons in September 2024, a year-on-year increase of 20.88%. From January to September 2024, total domestic exports accumulated to 4,202,800 tons, which is only a slight decrease of 34,810 tons compared to the previous year’s total of 4,550,800 tons. However, this represents a notable growth of 27.64% compared to the 3,292,600 tons exported during the same period last year.
In terms of export destinations, from January to September 2024, the top ten exporting countries accounted for 1,697,600 tons, making up 40.39% of the total exports. In contrast, the export volume to the top ten countries during the same period in 2023 was 1,140,000 tons, accounting for 34.62% of total exports. Notably, both Vietnam and Nigeria have emerged as new entrants to the top ten, with each country's export volumes experiencing an impressive growth of over 100%.
Vietnam has rapidly emerged as one of Southeast Asia's most dynamic economies, with the plastic industry being a pillar sector that exhibits strong growth momentum. Robust market demand, rising export performance, and supportive policies have turned Vietnam's plastic market into a competitive arena for domestic and international enterprises.
From 2010 to 2020, Vietnam's plastic industry achieved an average annual growth rate of 16% to 18%, becoming one of the fastest-growing sectors in the country. By 2022, total revenue from the plastic industry exceeded $25 billion, with exports accounting for 22%. Some plastic products experienced annual growth rates close to 100%, indicating substantial market potential.
Vietnam's plastic industry has begun to form two main industrial clusters: one centered around Ho Chi Minh City in the south, and another around Hanoi in the north. These regions house numerous plastic production companies and related supporting industries, creating a comprehensive industrial chain. The southern cluster is primarily composed of domestic companies, while the northern cluster is home to many small and medium-sized enterprises that have relocated from China.
In the polyester market, Vietnam has seen rapid growth in recent years, with an annual growth rate of approximately 7-10%. By 2025, the market size is projected to reach about $1 billion. Despite having an annual PET production capacity of around 200,000 tons, Vietnam's demand is approximately 800,000 tons, necessitating annual imports of about 600,000 tons from China, South Korea, and Thailand, primarily for beverage bottles, food packaging, and fiber production.
Vietnam's PET market was estimated at approximately $400 million in 2022, with expectations to grow to around $600 million by 2025, representing an average annual growth rate of about 10%. In 2022, PET consumption was about 300,000 tons, expected to rise to 400,000 tons by 2025.
Despite facing challenges in PET production capacity, Vietnam maintains a positive export trajectory. In the EU market, Vietnam led PET bottle grade imports in the first half of 2024, with imports exceeding 215,000 tons during the first six months. In the second quarter of 2024, the EU imported about 129,000 tons of resin from Vietnam, a 50% increase from the previous quarter and a 78% increase compared to the second quarter of 2023. This trend may be related to the Vietnamese government's encouragement of exports and implementation of import substitution policies, allowing substantial PET imports for local processing to meet foreign market demands.
Despite these positive trends, Vietnam's plastic industry faces challenges, including raw material price fluctuations and increasingly stringent environmental regulations. Companies must invest in technological upgrades and environmental compliance to remain competitive. Overall, Vietnam's PET market is poised for further expansion, driven by economic growth and rising environmental awareness.
At the same time, cooperation between China and Nigeria in the PET sector is becoming increasingly robust. China is Nigeria's largest PET supplier, with exports reaching approximately 80,000 tons in 2022, accounting for 40% of Nigeria's total PET imports. As Nigeria's market demand grows, China's PET exports are expected to continue increasing. The primary demand for PET in Nigeria comes from the beverage, food packaging, and textile industries, with the beverage sector representing about 60% of this demand. Chinese PET exports mainly include bottle-grade PET and fiber-grade PET, offering competitive pricing and quality, typically ranging from $800 to $1,200 per ton.
With the Nigerian government promoting domestic production, more Chinese companies are investing in PET production lines in Nigeria to reduce import reliance. Some Chinese plastic manufacturers have established joint ventures in Nigeria for local PET production and recycling. In December 2023, Wankai New Materials Co., Ltd. launched a joint venture in Nigeria to establish a 300,000 tons/year SSP bottle-grade PET production facility, marking its first step in overseas manufacturing. Solid State Polymerization (SSP) is a technology used to enhance the molecular weight of PET polymers and improve their physical properties, effectively increasing bottle-grade PET's transparency, strength, and heat resistance to meet the demand for high-performance materials.
Despite ongoing challenges related to infrastructure and logistics in Nigeria that may affect PET import and distribution efficiency, Chinese companies need to consider these factors to develop effective market strategies. Overall, the prospects for China-Nigeria cooperation in the PET sector are promising, particularly in potential collaborations focused on environmental sustainability.
The rapid growth of China's PET bottle grade exports and the emergence of Vietnam and Nigeria as key players reflect the changing landscape and opportunities in the global plastic market. Both countries not only demonstrate immense potential in consumption and demand but also strengthen their trade relations with China through cooperation and investment. As technology advances and environmental awareness increases, collaboration in the PET sector is expected to pave the way for more sustainable development models, injecting new vitality into the global plastic industry.