Wilmington, Delaware, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The polyvinyl chloride market in 2021 was valued at US$ 68.3 billion. The industry is expected to increase at a CAGR of 3.8% from 2022 to 2031, reaching US$ 100.9 billion in 2031. PVC manufacturers can affect market trends by introducing new technologies and processes.
Pipes, cables, fittings, and roofing materials are commonly made of PVC in the construction industry. Construction growth, especially in emerging economies, increases PVC demand significantly. Cable insulation, interior parts, and under-the-hood components are all made out of PVC in the automotive industry. Growth in the automotive sector will have a positive impact on PVC demand in the future.
Compared to other materials, PVC is often more cost-effective, making it a popular choice for a variety of applications. A variety of economic factors can influence its market dynamics, including the cost of materials and the availability of certain products.
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Key Findings of the Market Report
- A 17.7% share of the market was held by North America in 2021.
- The Asia Pacific region contributed 51.9% of the global polyvinyl chloride market in 2021.
- A notable CAGR of 3.3% is projected for the construction segment over the forecast period.
- A CAGR of 3.8% is projected for the rigid PVC segment during the forecast period.
- A market share of 21.9% was recorded in 2021 for polyvinyl chloride in Europe.
Global Polyvinyl Chloride Market: Key Players
Polyvinyl chloride is manufactured by a variety of companies, both large and small. These manufacturers and suppliers control a majority of the market shares. A great deal of investment is being made in research and development by most firms and they are adopting new technologies. Vendors adopt strategies such as expanding product portfolios and merging and acquiring other companies.
- Shin-Etsu Chemical Co., Ltd.
- Formosa Plastics Corporation, U.S.A.
- INOVYN (INEOS Group)
- China National Chemical Corporation
- Orbia
- Occidental Petroleum Corporation
- SCG Chemicals Public Company Limited
- Finolex Industries Ltd.
- Avient Corporation
- SABIC
- Westlake Corporation
- INEOS Group
- Reliance Industries Limited
- Mitsui & Co., Ltd.
- Solvay S.A.
- Chemplast Sanmar Limited (a subsidiary of Sanmar Group)
- Vynova Group
- Teknor Apex
Global Polyvinyl Chloride Market: Growth Drivers
- PVC products will see a significant increase in demand as urbanization and the construction of a variety of infrastructures for transportation, housing, and utilities increase all over the world. Polyvinyl chloride is used to manufacture a wide range of consumer products, including footwear, furniture, and packaging materials.
- Insulation for electrical cables and wires is often made up of PVC, which is widely used in the industry. Because of technological advancements and the increased connectivity within the electronics industry, the demand for PVC is growing, which contributes to the expansion of this industry. PVC production and use can be affected by environmental regulations and standards.
- Advances in the formulation and production processes of PVC can contribute to the growth of this market. Enhancements to PVC products that improve their performance, sustainability, and durability may improve their adoption. PVC recycling technologies may be developed in response to the increasing awareness of environmental concerns and the importance of sustainable practices.
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Global Polyvinyl Chloride Market: Regional Landscape
- Asia Pacific region is expected to drive demand for polyvinyl chloride demand in coming years. China and India have historically driven PVC demand through their booming construction industries. As a packaging material and a consumer product, PVC is widely used. As a result of the growing middle class incomes in Asia Pacific as well as the increases in spending by consumers in this region, polyvinyl chloride may become a more popular material for such applications.
- PVC demand can be significantly impacted by ongoing infrastructure developments in various countries in Asia, especially in cable and wiring applications. Wire insulation and interior applications are commonly carried out with PVC in the automotive industry. In countries such as China, the automotive industry is growing, which may boost PVC demand.
Global Polyvinyl Chloride Market: Segmentation
By Type
- Rigid
- Flexible
- Others
By End-Use Industry
- Construction
- Electrical Cables
- Packaging
- Transportation
- Others (Footwear, Healthcare, Consumer Goods, Artificial Leather)
By Application
- Pipes & Fittings
- Profiles
- Films & Sheets
- Cables
- Pastes
- Others (Flooring, Bottles, etc.)
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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