New York, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The Global Chlorinated Polyvinyl Chloride (CPVC) Market Size is to grow from USD 4.63 Billion in 2022 to USD 10.78 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.82% during the projected period.
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Chlorinated polyvinyl chloride (CPVC) is a chlorinating polyvinyl chloride resin-based polymer. Variable amounts of chlorine are injected into the polymeric material depending on the process, allowing for exact fine-tuning of the final attributes. Various chemicals are also included in the thermoplastic resin to help make the product more processable. Like PVC, CPVC is thought to be safe for carrying and consuming potable water. It is used to insulate electrical equipment as well as to cover exposed wires in homes and offices. It is also used for electrical conduit, electrical busbars, track-mounted lighting fixtures, and electrical and electronic devices such as wire way and electric switches. The constantly expanding worldwide building industry will almost certainly create significant demand for the CPVC market. The growing use of CPVC in a wide range of applications across industries is predicted to drive up global demand for chlorinated polyvinyl chloride. Among the most typical applications for CPVC are fire sprinklers. Rising safety concerns and stringent regulations, as well as increased fire-sprinkling demand, are driving the chlorinated polyvinyl chloride market forward. CPVC is used in a range of commercial and industrial applications, including HVAC systems, refrigeration systems, chemical feeds, metal extraction, pretreatment (softening) to provide water, boiler feed systems, and others.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Chlorinated Polyvinyl Chloride (CPVC) Market Size, Share, and COVID-19 Impact Analysis, By Grade (Injection Grade, Extrusion Grade), By Application (Power Cable Casing, Adhesives & Coatings, Pipes & Fittings, Fire Sprinkler Systems, Others), By End-Use Industry (Construction, Chemical, Electrical and Electronics, Healthcare, Agriculture, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The extrusion grade segment is witnessing significant CAGR growth over the forecast period.
On the basis of grade, the global chlorinated polyvinyl chloride (CPVC) market is segmented into injection grade and extrusion grade. Among these, the extrusion grade segment is witnessing significant CAGR growth over the forecast period. Extrusion grade CPVC is used in the manufacture of long, continuous forms such as sheets and pipelines. It is a productive method for producing sheets and pipes that can be used until a different product size is produced.
The pipes & fittings segment is dominating the market with the largest revenue share over the forecast period.
On the basis of application, the global chlorinated polyvinyl chloride (CPVC) market is segmented into the power cable casing, adhesives & coatings, pipes & fittings, fire sprinkler systems, and others. Among these, the pipes & fittings segment is dominating the market with the largest revenue share of 68.6% over the forecast period. The market for CPVC pipes and fittings is expanding as a result of its rising use in residential and commercial applications, as well as its ability to withstand higher temperatures than plastic piping systems. CPVC pipes and fittings are a perfect replacement for stainless steel and traditional pipes and fittings since they are flexible, non-corrosive, and long-lasting.
The construction segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of the end-use industry, the global chlorinated polyvinyl chloride (CPVC) market is segmented into construction, chemical, electrical & electronics, healthcare, agriculture, and others. Among these, the construction segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Pipes, fittings, and plumbing fixtures made of chlorinated polyvinyl chloride are used in residential, commercial, and industrial construction projects. As the building industry increases, so does the demand for CPVC. The building and construction sector is growing as the world's population grows, as do fast-growing countries like India and China, and as developing countries' disposable incomes rise.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 35.7% market share over the forecast period. This superiority can be attributed to widespread product acceptance across a wide range of industries, including power cables, coatings and adhesives, and others. The dynamic growth of the North American building sector fuels CPVC consumer demand, with CPVC pipes and fittings widely used in applications in residential, commercial, and industrial settings. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The chlorinated polyvinyl chloride market is being driven by rising urbanization and increased construction activity in emerging markets such as India and China. Additionally, increased consumer demand for CPVC pipes in wastewater treatment facilities is likely to boost market growth in the approaching years. The Europe market is expected to register a substantial CAGR growth rate during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Chlorinated Polyvinyl Chloride (CPVC) Market include Grasim Industries Limited, DCW Ltd., KANEKA CORPORATION, Polyone Corporation, Avient Corporation, Hanwha Solutions, BASF SE, KEM ONE, The Lubrizol Corporation, Meghmani Finechem Limited, Reliance Industries Limited, Hangzhou Electrochemical Group Co., Ltd., Shandong Pujie Plastic and Rubber Co., Ltd., Jiangsu Tianteng Chemical Industry Co., Ltd., Kunshan Maijisen Composite Materials Co., Ltd. among others.
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Recent Market Developments
On June 2023, The Aditya Birla Group's flagship company, Grasim Industries, announced the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. In October 2020, Grasim Industries signed an agreement with Lubrizol Manufacturing India Private Ltd. to establish the factory. Both firms have already confirmed that the first phase of the world's largest single-site state-of-the-art facility in Gujarat will begin in the latter half of 2023.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Chlorinated Polyvinyl Chloride (CPVC) Market based on the below-mentioned segments:
Chlorinated Polyvinyl Chloride (CPVC) Market, Grade Analysis
- Injection Grade
- Extrusion Grade
Chlorinated Polyvinyl Chloride (CPVC) Market, Application Analysis
- Power Cable Casing
- Adhesives & Coatings
- Pipes & Fittings
- Fire Sprinkler Systems
- Others
Chlorinated Polyvinyl Chloride (CPVC) Market, End-Use Industry Analysis
- Construction
- Chemical
- Electrical & Electronics
- Healthcare
- Agriculture
- Others
Chlorinated Polyvinyl Chloride (CPVC) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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