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Poly-Vinyl Chloride Market Report 2024 - PVC Market Growth And Trends
Poly-Vinyl Chloride Market
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According to The Business Research Company's, The poly-vinyl chloride market size has grown strongly in recent years. It will grow from $89.94 billion in 2023 to $97.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to construction industry, packaging, electrical and electronics, automotive applications.
The poly-vinyl chloride market size is expected to see strong growth in the next few years. It will grow to $133.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to sustainability initiatives, urbanization and infrastructure development, renewable energy, advanced healthcare devices. Major trends in the forecast period include recyclable and bio-based pvc, phthalate-free formulations, digital printing on pvc, smart materials.
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Market Drivers and Trends:
The PVC market growth was aided by increased demand from industries such as construction, health care, and packaging. The growing need for PVC is expected to drive the market. PVC is lightweight and strong and is heavily used in the construction industry in the form of pipes, windows, flooring, and roofing. According to Oxford Economics, a UK-based firm providing global economic forecasting and econometric analysis, the worldwide construction output is expected to grow from $10.7 trillion in 2020 to $15.2 trillion by 2030 at a rate of 42%, which is expected to positively impact the PVC market. The growth of end-user industries, including construction, health care, and packaging, boosts the demand for PVC, increasing the growth of the PVC market.
Poly-vinyl chloride manufacturing companies are increasingly implementing the new ""molecular orientation"" technology to improve the physical and mechanical properties of the PVC produced. Molecular orientation is a manufacturing method that increases the flexibility and resistivity of PVC from fatigue and impact. Under certain pressure, temperature, and speed conditions, molecular technology aligns the randomly arranged molecules in a normal PVC in the same direction. The new alignment improves the strength and ductility of the PVC pipes, creating new PVC-O pipes. For instance, Molecor uses molecular orientation to produce TOM® PVC-O pipes. These pipes are resistant to low temperatures and have high resistance to cracks or impacts.
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Major Key Players of the Market:
Westlake Chemical Corporation, Shin-Etsu Chemical Co. Ltd., Ineos Group Limited, Formosa Plastics Corporation, Occidental Chemical Corporation, China National Chemical Corporation, Orbia Advance Corporation SAB de CV, Axiall Corporation, BASF SE, Mitsubishi Chemical Corporation, DuPont de Nemours Inc., LG Chem Ltd., Oxy Vinyls LP, Inovyn ChlorVinyls Limited, KEM ONE, Vinnolit GmbH & Co. KG, Kaneka Corporation, Hanwha Solutions Corporation, Teknor Color Company, Aurora Plastics LLC, Teknor Apex Company, Sylvin Technologies Inc., Benvic Europe SAS, Mexichem Specialty Compounds, Inc., Roscom Inc.
Poly-Vinyl Chloride Market 2024 Key Insights:
• The poly-vinyl chloride market size is expected to see strong growth in the next few years. It will grow to $133.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Growing Demand For Pvc In Key Industries Drives Market Growth
• Enhancing Pvc Properties With Molecular Orientation Technology
• Asia-Pacific was the largest region in the polyvinyl chloride market in 2023
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