Press release
Chlorinated Polyvinyl Chloride (CPVC) Market Outlook 2024
Chlorinated Polyvinyl Chloride (CPVC) Market Outlook
According to The Business Research Company's, The chlorinated polyvinyl chloride (cpvc) market size has grown strongly in recent years. It will grow from $4.21 billion in 2023 to $4.63 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased piping and plumbing applications, growth in construction industry, versatility in processing, replacement for metal pipes, water treatment industry, cost-effective alternative.
The chlorinated polyvinyl chloride (cpvc) market size is expected to see strong growth in the next few years. It will grow to $6.47 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to focus on water efficiency, expanding oil and gas sector, rise in hydronic heating systems, demand in chemical processing plants, sustainable construction practices. Major trends in the forecast period include technological innovations in cpvc production, integration in plumbing systems, traditional piping materials, sustainability and environmental considerations, advancements in cpvc formulations.
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Market Drivers and Trends:
An upsurge in the number of building and construction projects is expected to propel the growth of the chlorinated polyvinyl chloride market going forward. Building and construction projects refer to the planned process of constructing, renovating, refurbishing, retrofitting, or modifying a structure or other constructed asset. Chlorinated polyvinyl chloride is primarily used in building and construction projects due to its flexibility, durability, chemical resistance, and ability to handle high temperatures in plumbing systems for residential and commercial buildings. Additionally, it handles industrial liquids as well as hot and cold-water supply pipelines. For instance, in July 2021, according to the Department for Levelling Up, Housing, and Communities (DLUHC), a UK-based government department, construction of residential structures and houses grew by 4 % to 49,470 in the UK from 2020 to 2021. Further, compared to the prior year, building and construction in London significantly increased in 2021, rising by 18 % to 14,530. Therefore, the upsurge in the number of building and construction projects is driving the growth of the chlorinated polyvinyl chloride market.
Technological advancements are a key trend gaining popularity in the chlorinated polyvinyl chloride market. Major companies operating in the chlorinated polyvinyl chloride market are focused on developing technologically advanced solutions to strengthen their position in the market. For instance, in August 2021, Prince Pipes and Fittings Limited (PPFL), an India-based plastic pipe manufacturing company launched Prince OneFit with Corzan, a new innovative CPVC technology, in partnership with Lubrizol, a US-based manufacturer of CPVC compounds. Corzan CPVC technology is a high-performance piping technology that can transport harsh chemicals at high temperatures without corrosion concerns, making it suitable for tough processing applications. It is an economical alternative to metal pipes and is resistant to internal and external corrosion, heat, UV resistance, flame, smoke, pressure, and impact.
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Major Key Players of the Market:
Lubrizol Corporation; Jiangsu Tianteng Chemical Industry Co. Ltd.; Sekisui Chemical Co. Ltd.; Sundow Polymers Co. Ltd.; Hanwha Solutions Corporation; Astral Ltd.; Shandong Novista Chemicals Co. Ltd.; Shandong Repolyfine Additives Co. Ltd.; Shandong Tianchen Chemical Co. Ltd.; Shriram PolyTech Ltd.; GEON Performance Solutions; Henan Bingo Pipeline Co. Ltd.; Petron Thermoplast LLP; Diamond Plastics Corporation; Kaneka Corporation; Shandong Xiangsheng New Materials Technology Co. Ltd.; Charlotte Pipe and Foundry Company; IPEX Inc.; BASF SE; Kem One SAS; Novealis Holdings LLC; Polyone Corporation; Jiangsu Days Teng Chemical Co. Ltd.; Nanya Plastics Corporation; Panjin Changrui Chemical Industry Co. Ltd.; Formosa Plastics Corporation; Axiall Corporation (Westlake Chemical Corporation); Gaoxin Chemical Co. Ltd.; Shandong Xuye New Materials Co.Ltd.; Yuyao XiangSheng Plastic Co. Ltd.; Shanghai Chlor-Alkali Chemical Co. Ltd.; Tianchen Chemical Co.Ltd.; Arkema SA
Chlorinated Polyvinyl Chloride (CPVC) Market 2024 Key Insights:
• The chlorinated polyvinyl chloride (cpvc) market will grow to $6.47 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Increasing Building And Construction Projects Boosts Growth In Chlorinated Polyvinyl Chloride Market
• Technological Advancements Reshaping The Chlorinated Polyvinyl Chloride Market
• Asia-Pacific was the largest region in the Chlorinated polyvinyl chloride market in 2023
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