Global Polyvinyl Chloride Market to Reach US$ 75.15 by 2030
Growing demand from construction sector drives global Polyvinyl Chloride Market from US$ 55.73 billion in 2022.
Global Polyvinyl Chloride Market Key Takeaways
• Based on stabilizer type, Calcium-based stabilizers are anticipated to dominate the global market throughout the forecast period this is because of the excellent mechanical and electrical qualities, high degree of purity, and organoleptic qualities that Ca-Zn stabilizers provide.
• Based on product type, Rigid PVC holds a significant market share. This is because construction and building activity have grown rapidly in a number of economies.
• Based on end user industry, 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.
• The Polyvinyl Chloride (PVC) market is expected to be dominated by the Asia Pacific region during the forecast period.
• Coherent Market Insights forecasts that North America accounted 12 % market share in 2022 and is expected to develop steadily over the course of the forecast period.
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Sustainable and Energy Efficient Material Trends
A new report by Coherent Market Insights outlines significant trends in PVC market. The rising prevalence of chronic diseases, demand from the construction industry and emerging application in electronic industry fuels demand for PVC market.
Negative environmental impact and Performance issue
Since PVC is not biodegradable, it will persist in the environment for a very long time. The environment may be harmed by this since hazardous substances will contaminate the land and water supply. Many pollutants and toxins released into the atmosphere during the PVC production process have a terrible impact on human health, including birth abnormalities, cancer, and a host of other ailments.
In connection with PVC compared to other materials, PVC is not as conductive. Additionally, it lacks resistance to pollutants like phthalates, which can harm both the environment and human health.
Opportunities for Growth
It is anticipated that new applications in the electronics sector will offer profitable expansion prospects. The need for PVC in consumer applications is being driven by rising appliance and electronic device consumption. Compared to other kinds of materials, PVC offers numerous benefits, such as price, durability, and adaptability. It is anticipated that expanding use in electric vehicles will offer substantial growth prospects. The automotive industry's need for PVC is being driven by the strong demand for electric vehicles.
Emerging Market Trend:
Energy-efficient materials drive demand for PVC. PVC's superior insulating properties make it a more energy-efficient option than metals, helping lower energy costs in buildings. As per Coherent Market Insights (CMI), the global energy efficient buildings market size was estimated at USD 28.40 billion in 2023 and is projected to grow at a CAGR of 11.1% from 2024 to 2030.
The increasing use of PVC is driven by rapid urbanization, as it is commonly found in products such as pipes, windows, doors, fences, insulation, roofing, and flooring. PVC is resistant to chemical corrosion, abrasion, fire, and extreme temperatures, making it well-suited for challenging environments like industrial sites and mining areas.
Analyst's View
'The market for polyvinyl chloride (PVC) is expected to increase steadily due to its growing use in a variety of sectors, such as healthcare, automotive, and construction. PVC is increasingly being chosen for uses including pipes, windows, and insulation due to growing urbanization and the growing need for energy-efficient materials. However, alternative materials that are becoming more popular in some of its primary uses are posing a threat to the market.' according to senior analyst Yash Doshi.
Key Market Players:
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.
Recent Developments:
• In February 2020, INEOS and UPM Biofuels announced a long-term agreement to supply renewable raw materials for bio-attributed polymers, produced at INEOS Köln, Germany.
• In July 2020, KEM ONE and Polyloop partnered to advance PVC recycling. Through this collaboration, they will be able to pool their knowledge and abilities to create innovative PVC recycling solutions at the Balan location.
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Coherent Market Insights leads into data and analytics, audience measurement, consumer behaviors, and market trend analysis. From shorter dispatch to in-depth insights, CMI has exceled in offering research, analytics, and consumer-focused shifts for nearly a decade. With cutting-edge syndicated tools and custom-made research services, we empower businesses to move in the direction of growth. We are multifunctional in our work scope and have 450+ seasoned consultants, analysts, and researchers across 26+ industries spread out in 32+ countries.
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