POLYVINYL CHLORIDE (PVC) MARKET ANALYSIS

The global Polyvinyl Chloride (PVC) market size was valued at US$ 55.73 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 3.8 % from 2023 to 2030. PVC Market is projected to grow at a substantial CAGR during the forecast period 2023-2030. The growing demand for construction and automobile industry is expected to boost the market growth. However, the environmental and health hazards during PVC production, usage, and disposal may hamper the market growth. Nevertheless, the growing demand for healthcare and electrical & electronic applications is expected to provide opportunities for the market in the future. The increasing demand for medical grade PVC is also owing to its abrasion resistance, low weight, and durability

Global Polyvinyl Chloride (PVC) Market: Regional Insights

Based on geography, the global Polyvinyl Chloride (PVC) market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The Asia Pacific region is anticipated to dominate the global market for Polyvinyl Chloride (PVC) over the forecast period. The region houses a substantial share of the market due to high demand from China. The country has the largest base for electronic manufacturing and offers stiff competition to the existing upstream producers in South Korea, Singapore, and Taiwan. The consumer electronics sector witnessed the highest growth in China due to an increase in the sales of smartphones, OLED displays TV’s, and tablets.

The North America PVC market holds a substantial share in the overall market and is slated for healthy growth during the forecast period. This can be attributed to the ongoing recovery in the construction sector and increased spending in consumer goods and electronics.

The Europe PVC market is likely to experience a moderate growth due to debt crisis and slow economic recovery.

The Middle East and Africa PVC market is expected to witness a steady growth in the coming years. This can be attributed to the growth in construction, manufacturing, and consumer industries.

Figure 1. Global Polyvinyl Chloride (PVC) Market by Region, 2022

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Global Polyvinyl Chloride (PVC) Market Drivers:

Growing demand from healthcare and medical devices industry to propel market growth

The demand for medical grade PVC is expected to grow globally. The increasing prevalence of chronic diseases is catalyzing the demand for healthcare products, including blood and plasma transfusion sets, catheters and cannula, and containers for intravenous solutions sets. Moreover, the global call for medical equipment and surgical instruments is propelling the demand for PVC.

Growing demand from construction sector to fuel market growth

Demand for the construction industry is a significant driver factor for the PVC market growth. The material is a popular choice for building frames and sills due to its resistance to corrosion and high strength. It is a preferred material for roofing, as it can resist severe weather conditions, such as heavy rains and snowfall. Its low cost and durability make it a popular choice for construction. It is a highly versatile material that can be used in an array of applications, from windows to flooring and outdoor pipes. It is also light-weight, making it easy to install and reducing labor costs. In addition, it is resistant to weather and chemicals. PVC is also easy to repair and maintain, ensuring that its use extends for a long time.

Global Polyvinyl Chloride (PVC) Market Opportunities:

Emerging application in electronic industry is expected to provide lucrative growth opportunities. Increasing consumption of electronic devices and appliances is driving the demand for PVC in consumer applications. PVC is a popular plastic that is used in a variety of different industries. It has many advantages over other types of materials, including durability, affordability and versatility.

Growing application in electric vehicle is expected to present significant growth opportunities. The high demand for electric vehicles is driving the demand for PVC in the automotive industry. It is used in various applications such as dashboards, roof linings, door panels and pockets, sun visors, floor coverings, headlinings, seals, mud flaps, and anti-stone damage protection among others.

Global Polyvinyl Chloride (PVC) Market Trends:

Expanding application of PVC along with rapid urbanization

PVC plastic is used in a variety of products including pipes, windows, doors and fences, insulations, roofing, sidings, floorings, and more. It is an extremely durable material that can be molded into numerous shapes and sizes to meet the requirements of the end-use industry. PVC is also highly resistant against chemical corrosion, abrasions, fire, and extreme temperatures. This is an important factor for ensuring the safety of human beings in harsh environments such as mining and industrial sites.

Growing trend energy-efficient material

PVC is an efficient material for ducting. It is a better insulator than metals, which allows hot and cold air to travel longer distances in buildings. This can help to reduce energy costs in the long run. Moreover, the construction industry is thriving in emerging economies like India and China. This is resulting in the increased demand for construction materials, including pipes and fittings, which are being manufactured from PVC.

Global Polyvinyl Chloride (PVC) Market Restraints:

Negative environmental impact to restrict market growth

PVC is a non-biodegradable material, which means that it will remain in the environment for a very long time. This can be problematic for the environment, as it will contaminate the soil and water supply with dangerous chemicals. In addition, the production of PVC emits a number of pollutants into the air.These toxins can have devastating effects on human health, including birth defects, cancer, and a wide range of other conditions.

Performance issue associated with PVC

PVC is not as conductive as other materials. It is also not resistant to certain chemicals like phthalates, which can have a negative impact on human health and the environment. However, PVC has been modified to minimize its effects with the use of additives and fillers. As a result, this material still provides superior performance compared to traditional building materials.          

Figure 2. Global Polyvinyl Chloride (PVC) Market by Stabilizer Type, 2022

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Global Polyvinyl Chloride (PVC) Market Segmentation:

The global Polyvinyl Chloride (PVC) market report is segmented into product type, stabilizer type, application, end user industry, and geography

Based on product type, the market is segmented into Rigid PVC (Clear Rigid PVC and Non-clear Rigid PVC), Flexible PVC (Clear Flexible PVC and Non-clear Flexible PVC), Flexible PVC (Clear Flexible PVC and Non-clear Flexible PVC), and Chlorinated PVC. Out of which, Rigid PVC has a major share in the overall market. This is mainly due to the robust growth of building and construction activities in several economies. The construction industry will continue to be a key driver of the market in the coming years.

Chlorinated PVC segment is also expected to witness significant growth in the near future and this is owing to the growing demand from fire sprinkler piping systems, water plumbing systems, industrial piping and process equipment, tanks, ventilation systems, scrubbers, valves, pumps, custom profile extrusion, and injection molding products.

 Based on stabilizer type, the market is segmented into 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). Out of which, Calcium-based Stabilizers (Ca-Zn Stabilizers) is expected to dominate the global market over the forecast period. These stabilizers offers a high degree of clarity, organoleptic properties, superior mechanical and electrical properties, and improved outdoor weather capability.

Lead-based Stabilizers (Pb Stabilizers) segment is also expected to witness significant growth in the near future and this is owing to their cost-effectiveness and excellent stabilizing effect which makes them ideal for PVC products.

Based on application, the market is segmented into Pipes and Fittings, Films and Sheets, Wires and Cables, Bottles, Profiles, Hoses, and Tubing, and Other Applications. Out of which, Pipes and Fittings is expected to dominate the global market over the forecast period. PVC is a good material for plumbing and drainage systems. It is resistant to corrosion and provides a smooth surface that makes it difficult for bacteria to bind to it. This helps in improving the quality of drinking water and reducing the spread of bacterial infections in the sewage system.

Films and Sheets segment is also expected to witness significant growth in the near future and this is owing to their flexibility which makes them ideal for food packaging and medical products packaging films.

Based on end user industry, the market is segmented into Healthcare, Automotive, Electrical and Electronics, Packaging, Footwear, Building and Construction, and Other End user Industries. Out of which, the building and construction is the dominant application area for the polyvinyl chloride market. This can be attributed to increasing demand for new buildings and housing units across the globe. In addition, rising investments in the manufacturing industry, along with an expansion of small and medium-scale enterprises is expected to boost the market growth in the coming years. Moreover, the expanding retail sector is one of the major factors that is increasing the usage of plastics. The development of retail and logistics infrastructure and the rising demand for food products is fuelling the growth of the polyvinyl chloride

Healthcare segment is also expected to witness significant growth in the near future and this is owing to the increasing consumption of medical devices. The market for therapeutic devices has seen durable development owing to a rise in the number of clinics and growing tradition of medicinal strategies. The growth of the medical device business is likely to augment the market for polyvinyl chloride.

Global Polyvinyl Chloride (PVC) Market: Key Developments

In February 2020, INEOS and UPM Biofuels announced a long-term agreement to supply a renewable raw material for new and innovative bio- attributed polymers to be produced at INEOS Köln, Germany. The world’s first commercially available bio-attributed PVC uses the residue from wood pulp manufacturing.

In July 2020, KEM ONE entered a partnership with Polyloop to develop PVC recycling.  This partnership will result in the combination of their skills and expertise to develop new PVC recycling solutions at the Balan site.

Global Polyvinyl Chloride (PVC) Market: Key Companies Insights

The global Polyvinyl Chloride (PVC) market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global Polyvinyl Chloride (PVC) 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

*Definition: PVC (Polyvinyl chloride) is a popular plastic material that’s used in numerous applications due to its durability, affordability, versatility, and low maintenance.