Polyvinyl Chloride (PVC) Market Trends, Growth, Demand, Industry Report 2024-2031

Market Synopsis

The Global Polyvinyl Chloride Market is expected to grow at a CAGR of 7.20% during the forecasting period (2024-2031).

Polyvinyl Chloride (PVC) is the most often used high-strength thermoplastic polymer. It is used in various applications such as Profiles, hoses, tubings, pipes and fittings, films and sheets, wires, cables, and bottles. PVC is also frequently used in water and sewage pipes due to its cheap cost, lightweight nature, and resistance to corrosion. It may also be readily adjusted to make it more flexible or stiff, fire-resistant, or UV-resistant, depending on the need.

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Market Dynamics

The global construction industry is seeing great expansion as infrastructure development accelerates in Asia-Pacific's fast-growing nations. Governments in India, China, Vietnam, Malaysia, and Indonesia are constructing significant public infrastructure projects such as ports, airports, bridges, and expressways to enhance their inhabitants' living conditions.

Furthermore, many nations are undergoing significant urbanization as a result of strong economic development rates. Rising urbanization drives up demand for residential and commercial real estate.

Construction activity also increases in developed nations such as North America and Europe. Major current initiatives include urban redevelopment and the expansion of public transportation systems. For example, Battersea in London, England, and Nordhavnen in Copenhagen, Denmark, are undergoing urban reconstruction.

Growth Factors

The global polyvinyl chloride market expanded significantly during this time, owing to the rapid rise of the electrical and electronics, construction, packaging, and automotive industries. Growing non-refundable earnings, along with increased development and population, have created resistance to construction spending, threatening a steady need for service biochemicalproducts. Stiff polyvinyl chloride is used to make pipes, window frames, and doors. Increasing the use of unplasticized Polyvinyl chloride instead of wood in window sills and frames would raise the demand for PVC in the construction industry throughout the forecast period. Polyvinyl chloride is also utilized in particular wrappings such as instrument packaging, medical devices, bottle sleeving, and the wrapping of electrical and other valuable items. The global market for polyvinyl chloride is predicted to grow due to an expansion in the packaging industry, which mostly uses plastics.

Market Segmentation

The global Polyvinyl chloride (PVC) market is segmented by grade, application, and end user.

By Grade

• Rigid PVC
• Flexible PVC
• Others

By Application

• Pipes & Fittings
• Films & Sheets
• Wire & Cables
• Bottles
• Others

By End-User

• Building & Construction
• Automotive
• Electrical & Electronics
• Packaging
• Footwear
• Healthcare

Geographical Insights

Asia-Pacific's shift from the world's poorest region to the world's growth engine during the previous five decades has been astonishing and stunning. The industrial revolution and socioeconomic progress spearheaded by East Asian nations may provide lessons for latecomers to the region and beyond. Several Asian countries have grown to middle-income or even advanced economies in recent decades. The aforementioned fact represents the region's ongoing industrialization and urbanization, rising demand and productivity growth, and growing commercial sectors.

Asia-Pacific's construction and manufacturing industries are quickly expanding as a result of increased industrialization and globalization. The Asia-Pacific region's enormous client base and cheaper manufacturing costs attract significant FDI, with China and India benefitting the most. For example, residential construction in India has been rising, with the government aiming to spend around USD 1.3 trillion in housing over the next few years, during which 60 million new dwellings are expected to be erected.

Asia-Pacific's building and manufacturing industries, as well as investments and infrastructure activities, are predicted to expand, increasing PVC demand in the area.

As demand for PVC in the area grows, firms are using market strategies such as partnerships to increase output and introduce new goods. For example, Kem One and Chemplast Sanmar have agreed to create Kem One Chemplast, a 50:50 joint venture in India that would manufacture chlorinated polyvinyl chloride (CPVC).

Competitive Landscape

Major companies operating in the global Polyvinyl chloride (PVC) market include BASF SE, Axiall Corp., Coventry, Ineos Chlorvinyls Ltd., Huntsman Corp., Lubrizol, Occidental Petroleum Corp., The Dow Chemical Co., Westlake Chemical Corporation, Formosa Plastics Group, Recticel SA, and Kem One.

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This release was published on openPR.