Product ID: SQMIG15A2255
Report ID: SQMIG15A2255 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 102 | Figures: 76
Polyvinyl Chloride Market size was valued at USD 57.6 billion in 2021 and is poised to grow from USD 61.3 billion in 2022 to USD 92.5 billion by 2030, growing at a CAGR of 6.2% in the forecast period (2023-2030).
Polyvinyl Chloride, or PVC, is a type of polymer that is widely manufactured after polypropylene and polyethylene. It is one of the most commonly manufactured polymers. Polyvinyl chloride is preferred over traditional materials such as copper, iron, or wood in a variety of applications due to its operational productivity and profits. The purest form of polyvinyl chloride is a brittle solid that is white and only marginally soluble in tetrahydrofuran while being insoluble in alcohol.
Due to its low cost and water resistance compared to leather and rubber, demand for polyvinyl chloride in consumer applications such as furniture, clothing, footwear, and sportswear will present an enormous opportunity in the near future. Increasing disposable income in emerging economies such as Brazil, China, and India has been a major driver of demand in consumer applications as well as the electrical and electronics industries.
US Polyvinyl Chloride Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global polyvinyl chloride market is segmented on the basis of product type, application, end-use, and region. According to product type, it is segmented into rigid PVC, flexible PVC, low-smoke PVC and chlorinated PVC. On the basis of application, Polyvinyl Chloride Market is segmented into pipes & fittings, films & sheets, profiles, wire & cables, bottles, hoses and tubings, and other applications. According to end use, it is bifurcated into building and construction, automotive, electrical and electronics, packaging, footwear, healthcare, and other. The regional insights of the market are into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Polyvinyl Chloride Market Analysis by End Use
On the basis of end use, the market is segmented into building & construction, automotive, packaging, electrical and electronics, consumer goods, and other end users. The construction and building sector is expected to dominate the market due to increased use of PVC in this sector. Across the globe, the increasing construction activities is the driving force for growth in the sector. Due to its low maintenance requirements and long-lasting nature that is more than 30 years, it is used in construction & building industry.
Polyvinyl Chloride Market Analysis by Product Type
The rigid segment holds a dominant market share and is expected to maintain its place during the forecast period. Rigid PVC is a low cost polyvinyl chloride that provides a good balance of stiffness, is impact resistant, and is UV stable. Adhesives or solvents can be used for bonding and fabricating this PVC. It is used in construction of pipes and profile applications like doors and windows and refrigerator. Rigid PVC has advantages in piping due to its low cost and high strength to weight ratio. Rigid polyvinyl chloride sector is expected to grow at a rapid pace during the forecast period.
Polyvinyl Chloride Market Analysis by Application
On the basis of application, the pipes and fitting segment held a major share of the global polyvinyl chloride market and is likely to maintain the dominance throughout the forecast period. The pipes and fitting segment is expected to grow at a high CAGR during the forecast period. Features such as durability and endurance in rough conditions lead to high demand of PVC in pipes and fittings segment. In comparison, the profiles segment held a moderate share based on consumption. Profiles segment is expected to grow at a substantial pace during the forecast period. PVC is a widely produced plastic, and is extensively used in profiles, because it is cheap, durable, and easy to assemble.
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Asia-Pacific dominates the global polyvinyl chloride market owing to the rise in the manufacturing of plastic products, quick industrial development, rise in construction undertakings and flourishing electronic markets among other. China is ahead in electronic production in comparison to existing upstream producers like South Korea, Singapore and Taiwan. It has the largest electronic production base and there is growth of consumer electronic market. The increased use of medical devices in public hospital has made the medical device market in China one of the fastest growing sector. The Government of India is taking various measures to boost its local electronic manufacturing industry and exports. For example, in 2021, India’s electronic goods export was valued at USD 11.7 billion. The growing electronic market in the country is likely to increase the demand for PVC in the electronic industry during the estimated period. Indian healthcare industry is also booming and India’s public expenditure on healthcare stood at 1.2% of the total GDP. Such factors are boosting the polyvinyl chloride market in Asia-Pacific region.
The second largest market for polyvinyl chloride is the European region, which is growing at a constant pace due to rising demand for packaging influenced by economic growth and high disposable income. The demand in this region is quite fragmented and is expected to grow at a high CAGR during the forecast period.
The Middle East and Africa is expected to be among the fastest-growing region, owing to increased demand in construction activities in countries such as Qatar, the United Arab Emirates, and Saudi Arabia. Africa's economic growth has resulted in the expansion of the consumer industry, which is expected to fuel market growth.
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Polyvinyl Chloride Market Driver
Polyvinyl Chloride Market Restraint
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Global polyvinyl chloride market is highly segmented among the five players. Providing better material for various end user industry is the main focus of the top five players. Major manufacturer of PVC are Westlake Chemical Corporation, Ineos, Shin-etsu chemical Ltd., Formosa plastics corps., and Xinjiang Zhongtai Chemical Ltd. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market.
Top Players in the Global Polyvinyl Chloride Market
Polyvinyl Chloride Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global polyvinyl chloride market analysis, rising technological advancements in manufacturing technology are driving further market value growth. The increasing number of technological advancements driven by the desire to reduce production costs and waste, combined with the growth in industrialization, has increased the use of roofing materials for sustaining the efficiency of machinery, ensuring a bright future for the market. The expansion and growth of all end user verticals aided the direct and indirect growth of this market.
|Market size value in 2021||USD 57.6 billion|
|Market size value in 2030||USD 92.5 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Polyvinyl Chloride Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Polyvinyl Chloride Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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