by The Polyvinyl Chloride (PVC) Market is estimated to be valued at US$ 57.85 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 Overview:
PVC is a versatile plastic with light weight and durability properties. It is used in various applications such as pipes and fittings, wires and cables, flooring, profiles and fittings, films and sheets among others. PVC pipes and fittings find wide usage in plumbing industry due to their design flexibility, chemical resistance, and long lifespan. PVC films and sheets are used in various industries such as packaging, construction, automotive etc.
Market Dynamics:
The increasing demand for PVC from construction industry is one of the major drivers of the market. PVC is widely used in construction sector for applications such as piping, window profiles, flooring and insulation purposes. Growing construction activities globally due to rapid urbanization is augmenting the demand for PVC. Furthermore, expansion of petrochemical industry leading to increasing PVC production capacities is also fueling the market growth. However, environmental concerns associated with PVC production and disposal can hamper the market growth over the forecast period.
Segment Analysis:
The global Polyvinyl Chloride (PVC) market is segmented into pipes and fittings, films and sheets, wires and cables, and others. Among these, the pipes and fittings segment accounts for the major market share. This segment is dominating the market owing to increasing infrastructure development activities across residential and commercial sectors. PVC pipes and fittings provide high chemical and corrosion resistance and require low maintenance. These properties make PVC an ideal material for piping and fitting applications in various end-use industries.
PEST Analysis
Political: Regulations regarding PVC production and disposal in many countries can impact the market. However, increasing infrastructure development projects globally are expected to drive demand.
Economic: The global economic growth is positively influencing the construction and automotive industries, thereby increasing demand for PVC.
Social: Rising population and urbanization are leading to higher needs for residential and commercial construction, which in turn is boosting the market.
Technological: Developments in polymerization technology have enhanced PVC production efficiencies. Advances in resource recovery from PVC waste support sustainability.
Key Takeaways:
The Global Polyvinyl Chloride (PVC) Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing infrastructure development projects across emerging economies. Regionally, Asia Pacific dominates the global PVC market and is projected to continue its dominance during the forecast period. Factors such as strong growth in the construction sector driven by urbanization and industrialization in China and India are fueling market growth in the region.
The pipes and fittings segment accounts for around 40% value share of the global market. Growing requirements for potable water systems and sewage in residential and commercial construction boost demand for PVC pipes and fittings.
Key players operating in the 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 Co. Ltd, Westlake Chemical Corporation, and Xinjiang Zhongtai Chemicals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
