by Polyvinyl chloride, commonly abbreviated as PVC, is a thermoplastic polymer that is used in several applications including pipes, window profiles, and flooring among others. PVC is known for its lightweight, durability, resistance to chemicals and moisture, and affordability. The global polyvinyl chloride market is estimated to be valued at US$ 55.73 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Propelled by increasing construction activities
The increasing infrastructure and construction activities across the globe are propelling the demand for PVC. PVC is widely used in construction applications such as piping, window fittings, flooring, cables, and profiles owing to its properties such as lightweight, durability, and cost-effectiveness. Moreover, rising urbanization in developing countries has augmented the demand for new residential and commercial buildings which in turn boosts the consumption of PVC. Rapid urbanization especially in countries such as India, China, Indonesia, Mexico, and other developing countries is expected to drive the global polyvinyl chloride market during the forecast period.
SWOT Analysis
Strength: PVC has many desirable properties for industrial uses including strength and durability. It can also be easily molded into different shapes at low cost.
Weakness: The production and disposal of PVC poses risks to human health and the environment. It contains vinyl chloride monomer which is a known carcinogen. Manufacturing PVC also produces hazardous byproducts.
Opportunity: Growing construction industry in developing countries increases demand for PVC in piping, siding, and roofing applications. Developments in PVC recycling could help address environmental concerns.
Threats: Stricter regulations on PVC use in certain countries pose challenges. Substitute materials like recycled plastics threaten market share. Volatility in raw material costs also affects PVC manufacturers.
Key Takeaways
The global polyvinyl chloride market is expected to witness steady growth. Regional analysis comprises Asia Pacific dominates the PVC market currently due to rising construction spending in China, India, and other developing nations. The region’s share is estimated to reach 60% by 2030.
Key players operating in the polyvinyl chloride market are 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. Major players are focused on expanding their production capacities and adopting sustainable manufacturing techniques to address environmental concerns around PVC.
The global polyvinyl chloride market is expected to witness high growth over the forecast period of 2023 to 2030, supported by the widespread applications of PVC in construction, automotive, packaging, and other industrial sectors. Regional analysis comprises Asia Pacific dominates the PVC market currently due to rising construction spending in China, India, and other developing nations. The region’s share is estimated to reach 60% by 2030. Key players operating in the polyvinyl chloride market are 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.
