Global Polyvinyl chloride market

Global Polyvinyl Chloride Market Size, Share, Growth Analysis, By Type(Rigid PVC, flexible PVC), By Application(Pipes & Fittings, Films & Sheets), By End-uses(Building, construction) - Industry Forecast 2024-2031

Report ID: SQMIG15A2255 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 102 | Figures: 76

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Polyvinyl Chloride Market size was valued at USD 57.6 billion in 2019 and is poised to grow from USD 61.3 billion in 2023 to USD 92.5 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

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. 'Shin-Etsu Chemical Co., Ltd.', 'Formosa Plastics Group', 'Axiall Corporation', 'Occidental Petroleum Corporation', 'Westlake Chemical Corporation', 'Vinnolit GmbH & Co. KG', 'Mexichem S.A.B. de C.V.', 'LG Chem Ltd.', 'KEM one SAS', 'Ineos Group Limited', 'China National Chemical Corporation (ChemChina)', 'BorsodChem Zrt.', 'Tianye Tolian Heavy Industry Co., Ltd.', 'Aiscondel Holding S.A.', 'Kaneka Corporation', 'Tianjin Dagu Chemical Co., Ltd.', 'Sinopec Qilu Petrochemical Co., Ltd.', 'Ercros S.A.', 'Norsk Hydro ASA', 'Braskem S.A.'

The construction, auto, electrical, electronics, and packaging industries are all rapidly expanding, which has benefited the global polyvinyl chloride (PVC) market. Rigid polyvinyl chloride is used to make pipes, doors, and window frames. Urbanization and population growth have increased disposable incomes, building spending has increased, implying that basic chemical goods will always be in demand. During the forecast period, there will be an increase in the use of unplasticized PVC in place of wood in window frames and sills, which will increase demand for PVC in the building industry. PVC is also used for specific packaging tasks such as bottle sleeving, packaging of electronic devices and other consumer goods, and packaging of medical equipment.

PVC is durable, lightweight, and resistant to weather, rot, chemical corrosion and abrasion, versatile and easy to use as it can be cut, shaped, welded and assembled to any shape. These characteristics make it ideal for many applications, such as piping, windows, floors and roofing.

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.

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Global Polyvinyl chloride market

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