The global polyvinyl chloride (PVC) market is expected to maintain a steady Compound Annual Growth Rate (CAGR) of 4.2% from 2019 to 2029. The construction industry will continue to be a prominent end-use segment, while the pharmaceutical sector is anticipated to see a growing adoption of PVC for manufacturing medical devices. Recognizing the environmental concerns associated with PVC, research and development activities are projected to intensify throughout the forecast period, aiming to address sustainability and environmental implications.
Polyvinyl Chloride (PVC) is a synthetic polymer made from vinyl chloride monomers. It is a versatile material known for its excellent durability, chemical resistance, and low cost of production. PVC can be rigid or flexible, and its wide range of properties makes it suitable for diverse applications across multiple industries.
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Key Takeaways of the Market Study
- Pipes & fittings will remain the leading end-use category.
- Rising infrastructural activities in emerging countries is steering the demand for PVC.
- Rigid form of PVC to remain preferred variant through 2029 owing to diverse applications such as automotive and construction.
- Attributes such as high corrosion resistance, endurance and durability are complementing the market growth.
- Manufacturers continue to tap opportunities in PVC alternatives to fortify their market hegemony.
- Gains in global market would remain concentrated in Asia Pacific.
- The US market is set to register double-digit CAGR during the forecast period.
- Fluctuation in raw material prices would continue to be a major roadblock for PVC market growth.
Premier companies in the PVC space must undertake R&D and expansion projects to deliver five key performance criteria as opined by consumers – innovation, communication, quality, performance and regulatory compliance.
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Asia Pacific Procures More than 61% Market Share
Use of PVC in wide spectrum of end-use industries such as manufacturing, automotive and construction is hurtling the Asia Pacific market. Emerging countries such as China, Indonesia, Vietnam and India will augment the demand for PVC through 2029. Therefore, Asia Pacific accounts for majority share in PVC market on the back of rapid industrialization.
On the other hand, consumers in developed markets such as the United States have greater economic wealth. This is a key driver fuelling the rise of PVC alternatives such as high-density polyethylene (HDPE). Such recyclable substitutes of PVC are increasingly being favored by consumers and manufacturers alike.
Innovation to Remain Crucial Strategic Tenet of Leading PVC Producers
Key players profiled in this FMI study, include but are not limited to, Arkema S.A., Ineos Chlorvinyls Ltd., BASF SE, Chinyang Chemical Co. Ltd., Saudi Plastic Products Company Ltd., Formosa Plastics Corporation, Premier Polyfilm Ltd., The Chemical Company, and Occidental Petroleum Corporation.
Competitive leadership in global market will be determined by product innovation and sustainability efforts during 2019-2029. For instance, INOVYN was voted by consumers for ‘Best Polymer Producers Awards for Europe 2017’. The company announced its plans for expanding its operations in Norway (2018).
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Polyvinyl Chloride (PVC) Industry Segmentation
By Type
- Rigid
- Flexible
By End Use
- Construction
- Electrical Cables
- Transportation
- Packaging
By Application
- Pipes & Fittings
- Films & Sheets
- Cables
- Pastes
- Profiles
By Region
- North America
- Latin America
- Europe
- MEA
- Asia Pacific
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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