Burlingame, Jan. 19, 2024 (GLOBE NEWSWIRE) -- The global Polyvinyl Chloride (PVC) Market is expected to be valued at US$ 55.73 billion in 2023 and is projected to reach US$ 75.15 billion by 2031; it is expected to grow at a CAGR of 3.8% from 2024 to 2031 according to a new report by Coherent Market Insights. Polyvinyl chloride or PVC is a versatile plastic with a multitude of applications. It is used to manufacture various construction materials like pipes, windows, flooring etc. due to its excellent corrosion resistance, workability and longevity.
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Market Dynamics:
The Polyvinyl Chloride (PVC) market is primarily driven by the increased demand from the construction industry. PVC is extensively used in the construction sector due to its unique properties, such as high tensile strength, durability, and chemical resistance. The growing construction and infrastructure activities, particularly in emerging economies, are boosting the demand for PVC for various applications such as pipes and fittings, windows and doors, and cables and wires. Additionally, the rising population and urbanization are further fueling the demand for affordable housing, which in turn, is driving the growth of the PVC market.
Polyvinyl Chloride (PVC) Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $55.73 billion |
| Estimated Value by 2031 | $75.15 billion |
| Growth Rate | Poised to grow at a CAGR of 3.8% |
| Historical Data | 2017–2021 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Stabilizer Type, By Application, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Restraints & Challenges | • Negative environmental impact • Performance issue associated with PVC |
| Growth Drivers | • Growing demand from healthcare and medical devices industry • Growing demand from construction sector |
Furthermore, the increasing adoption of PVC in the automotive industry is also contributing to market growth. PVC is widely used in automotive interiors, such as dashboards, seat coverings, and door panels, due to its excellent properties, including flame retardancy and low cost. The expanding automotive sector, coupled with the rising demand for lightweight materials, is increasing the utilization of PVC in automotive applications, thereby driving the market growth.
Market Trends:
One of the key trends in the Polyvinyl Chloride (PVC) market is the increasing focus on sustainability and recyclability. With growing environmental concerns and government regulations on plastic waste management, manufacturers are emphasizing on developing eco-friendly PVC products and promoting recycling initiatives. Companies are investing in research and development to enhance the recyclability of PVC and reduce its environmental impact. Additionally, there is a growing trend of using bio-based plasticizers in PVC production, which are derived from renewable sources such as plant oils, to reduce the reliance on fossil fuels.
Another trend observed in the PVC market is the shift towards high-performance PVC compounds. PVC compounds are formulated to enhance specific properties, such as heat resistance, impact resistance, and flame retardancy, depending on the application requirements.
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Recent development:
In February 2020, a long-term collaboration between INEOS and UPM biofuels to provide a sustainable raw material for a novel and cutting-edge bio-attributed polymer that will be produced at INEOS Koln Germany.
In July 2020, KEM ONE and Polyloop partnered to advance PVC recycling. Through their combined knowledge and experience, this relationship will enable them to create innovative PVC recycling solutions at the Balan site.
Key Market Takeaways:
The Polyvinyl Chloride (PVC) market is anticipated to witness a CAGR of 3.8% during the forecast period 2024-2030, owing to the growing demand from sectors such as healthcare and construction.
On the basis of the product type, the rigid PVC segment, including both clear and non-clear variants, is expected to hold a dominant position. This is mainly attributed to its wide usage in applications such as pipes and fittings, which are vital in various industries.
By stabilizer type, calcium-based stabilizers, specifically Ca-Zn stabilizers, are expected to dominate the market. This is due to their superior efficiency and environmental friendliness compared to lead-based stabilizers.
In terms of applications, the pipes and fittings segment is expected to hold a dominant position. The need for efficient water management and infrastructure development is driving the demand for PVC pipes and fittings across various industries.
North America is expected to hold a dominant position in the market. The region has a strong healthcare infrastructure and is witnessing significant construction activities, driving the demand for PVC.
Key players operating in the PVC market include ChemChina, Formosa Plastics Corporation, Ineos, Inner Mongolia Junzheng Energy & Chemical Group, Kem One, LG Chem, Occidental Petroleum Corporation, Orbia, SABIC, Shaanxi Coal and Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Co. Ltd, Xinjiang Tianye (Group) Co. Ltd, Westlake Chemical Corporation, and Xinjiang Zhongtai Chemicals. These players are focusing on product innovation and strategic collaborations to strengthen their market position.
Read complete market research report, " Polyvinyl Chloride (PVC) Market, By Product Type, By Stabilizer Type, By Application, By End User Industry, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2024-2031", Published by Coherent Market Insights.
Market Opportunities:
Growing Demand for PVC in the Healthcare Industry
The healthcare industry is experiencing significant growth globally, and this presents a major market opportunity for the Polyvinyl Chloride (PVC) market. PVC is widely used in the healthcare sector for various applications such as medical devices, packaging, tubing, and flooring. The demand for PVC in this industry is driven by its excellent properties, including durability, chemical resistance, and cost-effectiveness.
With the increasing prevalence of chronic diseases, the demand for healthcare services and products is expected to rise. This will, in turn, drive the demand for PVC in the healthcare industry. Moreover, the COVID-19 pandemic has further highlighted the importance of PVC in healthcare settings, particularly in the production of protective equipment like gloves and masks.
Rising Construction Activities Worldwide
Another market opportunity for the PVC market is the booming construction industry globally. PVC is extensively used in the construction sector for applications such as pipes, profiles, flooring, windows, and insulation materials. The growth of the construction industry, especially in emerging economies, is expected to drive the demand for PVC.
The increasing population, urbanization, and infrastructural development projects are driving the growth of the construction industry. PVC offers numerous benefits in construction, including its lightweight, durability, low maintenance, and cost-efficiency. These factors make PVC an ideal material for various construction applications.
In conclusion, the Polyvinyl Chloride (PVC) market is poised for significant growth, primarily driven by the increasing demand from the healthcare and construction industries. With the rising population, urbanization, and infrastructure development, the demand for PVC is expected to grow, providing lucrative opportunities for market players. Key players in the market are focusing on innovation and partnerships to stay competitive in this growing market.
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Detailed Segmentation:
- Global Polyvinyl Chloride (PVC) Market, By Product Type
- Rigid PVC (Clear Rigid PVC and Non-clear Rigid PVC)
- Flexible PVC (Clear Flexible PVC and Non-clear Flexible PVC)
- Low-smoke PVC
- Chlorinated PVC
- Global Polyvinyl Chloride (PVC) Market, By Stabilizer Type
- Calcium-based Stabilizers (Ca-Zn Stabilizers)
- Lead-based Stabilizers (Pb Stabilizers)
- Tin and Organotin-based (Sn Stabilizers)
- Barium-based and Other Stabilizer Types (Liquid Mixed Metals)
- Global Polyvinyl Chloride (PVC) Market, By Application
- Pipes and Fittings
- Films and Sheets
- Wires and Cables
- Bottles
- Profiles, Hoses, and Tubing
- Other Applications
- Global Polyvinyl Chloride (PVC) Market, By End User Industry
- Healthcare
- Automotive
- Electrical and Electronics
- Packaging
- Footwear
- Building and Construction
- Other End user Industries
- Global Polyvinyl Chloride (PVC) Market, By Geography
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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