NEWARK, Del, June 25, 2024 (GLOBE NEWSWIRE) -- The global polyvinyl chloride market is estimated to reach USD 70156.2 million by 2024 and is set to grow at a CAGR of 3.6% from 2024 to 2034. It is estimated that worldwide sales of polyvinyl chloride will total USD 100115.7 million by 2034, driven by the increasing application of PVC in the healthcare sector.
The construction industry is expected to surge the demand for polyvinyl chloride (PVC) products due to infrastructure development, urbanization, and renovations across the globe. PVC is gaining traction in various end-use industries due to high versatility and affordability.
There is a growing emphasis on sustainable practices in its manufacturing and use. This includes advancements in PVC formulations, recycling techniques, and the creation of eco-friendly PVC products.
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PVC flooring is affordable, durable, and easy to install, making it a popular choice for homeowners and businesses. The material’s corrosion resistance contributes to surging demand in various industries.
PVC components are used in marine infrastructure and industrial applications due to their ability to withstand corrosion, moisture, and chemicals. The material has a high utilization in the healthcare industry due to its biocompatibility, ease of sterilization, and cost advantage.
However, the industry faces challenges due to its reliance on oil and gas derivatives, environmental concerns, and regulations on PVC use and disposal. Companies are working on developing sustainable PVC formulations and addressing these challenges through responsible waste management and compliance with regulations.
Pipes & Fittings Segment Captures Majority Share in Polyvinyl Chloride (PVC) Market
On account of high endurance, durability and cost-competitive attributes of PVC pipes, the demand continues to surge in pipes & fittings end-use segment. Modern infrastructure activities necessitate the use of polyvinyl chloride in a wide array of piping applications such as transportation of drinking water, waste products drainage and water drainage from roof or ground.
PVC pipes will continue to gain stronghold in industrial piping systems through 2034. PVC pipes have long been utilized for transporting hazardous chemicals owing to their high corrosion resistance. PVC is highly preferred by manufactures in view of facile maintenance, economic factors and safety considerations. These features would propel the PVC market in foreseeable future.
Key Takeaways from the Market Report:
- The polyvinyl chloride market is set to reach USD 100115.7 million by 2034 with a CAGR of 3.6%.
- By product type, rigid PVC is likely to dominate the polyvinyl chloride market with a value share of 59.2% in 2024.
- Based on end-use industries, building, and construction will likely account for a market share of 55.3% in 2024.
- The United States is anticipated to record a CAGR of 4.2% between 2024 and 2034.
- Germany is estimated to hold the leading position in Europe and show steady growth at a CAGR of 3.8% by 2034.
“Nations having ambitious plans for their infrastructure development are the prominent drivers pushing sales of PVCs around the globe,” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Demand for Sustainable PVC Substitutes on Rise:
The environmental concerns regarding PVC usage have long been emphasized. Each stage of PVC lifecycle, right from production to disposal is considered highly perilous for environment. PVC has been declared as a human carcinogen by The United States Environmental Protection Agency (EPA). Manufacturers are thus keen on accelerating the production of PVC alternatives.
Development of PVC substitutes will present lucrative growth opportunities for leading global producers. Some manufacturers have launched high-density polyethylene (HDPE) bottle, which is a form of extremely durable plastic. This variant is known to be less disruptive in terms of its environmental impact. Owing to its recyclability, HDPE can significantly reduce landfill waste, thereby fuelling its adoption.
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Who’s Winning?
The polyvinyl chloride industry is highly competitive, with key players like Formosa Plastics Corporation, Chinyang Chemical Co. Ltd, BASF SE, and Arkema S.A. developing bio-based plasticizers and compostable PVC formulations to reduce environmental impact and meet consumer demand for sustainable goods.
These players are increasingly investing in innovative recycling technologies to reduce virgin materials and promote a circular economy. They are also focusing on developing unique PVC films with enhanced properties, promoting lead-free compounds, and focusing on minimizing production costs and maximizing resource usage in niche markets.
Leading Polyvinyl Chloride Brands:
- Ineos Chlorvinyls Ltd
- Saudi Plastic Products Company Ltd
- Occidental Petroleum Corporation
- Premier Polyfilm Ltd
- The Chemical Company
Industry Updates-
- Bharti Airtel, headquartered in New Delhi, in February 2024, partnered with IDEMIA to launch recycled PVC SIM cards.
- Phoenix Industries, headquartered in Colombo, in March 2024, re-launched their range of PVC product lines under a new Super PVC brand.
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Get More Insights into the Polyvinyl Chloride Market Report:
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the polyvinyl chloride market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on product type (rigid PVC and flexible PVC), application (pipes and fittings, films and sheets, cables, and others), end-use industries (building and construction, electrical and electronics, automotive, packaging, medical and others), and region (North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa).
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing industry guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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