WILMINGTON, DE / ACCESSWIRE / February 3, 2023 / Transparency Market Research Inc. - As per polyvinyl chloride market report by TMR, the global market was valued at US$ 68.3 Bn in 2021 and is projected to grow at a CAGR of 3.8% between 2022 and 2031.
PVC is a widely used thermoplastic polymer, which has applications across end-use sectors, including construction, healthcare, electrical & electronics, and packaging. It is a versatile and cost-effective material that offers numerous advantages such as high strength, durability, low thermal expansion, and low electrical conductivity. These properties are ideal for cabling applications and assist in reducing energy bills. These aspects have contributed to the expansion of the global market.
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Polyvinyl Chloride Market: Growth Drivers
- PVC is widely used in the construction industry due to its versatility and cost-effectiveness. Furthermore, increase in applications in construction and infrastructure development activities as a result of rapid industrialization is fueling PVC market demand.
- PVC is used in the healthcare sector for the production of medical devices. Increase in demand for medical devices across the globe, especially during the pandemic, is driving the PVC industry growth.
Key Findings of Polyvinyl Chloride Market
- PVC is used in the electrical & electronics industry for the production of cables, pipes, and other components. Increase in demand for electrical and electronic products is propelling the PVC business growth
- PVC is widely used as a packaging material due to its strength, durability, and low cost. Surge in popularity of PVC as a packaging material is creating significant business opportunities for players in the polyvinyl chloride market.
- Spike in demand for rigid PVC across the end-use and manufacturing industries due to properties, such as low cost and high strength, bolsters market progress
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Geographical Landscape of the Polyvinyl Chloride Market
- Asia Pacific is the largest market for PVC, driven by growth of the construction sector owing to presence of large population in countries such as China and India. Large volume production of PVC in China, which accounts for more than half of world's PVC production, fuels market growth in the region.
- North America is a key market for polyvinyl chloride. Growth of the market in the region is ascribed to the presence of a large construction industry and significant demand for electrical, electronic, and healthcare products.
- Europe is another key market for PVC. Presence of large construction industry and growing demand for medical devices are likely to augment the market in the region.
Competitive Landscape of Polyvinyl Chloride Market
The polyvinyl chloride market is highly competitive, with several large and small players operating in the market. These companies are competing with each other based on factors, such as product quality, price, innovation, and market presence. Key players are focusing on strategic collaborations & partnerships and investment in research & development to strengthen their position in the market.
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Leading PVC market players are:
- Shin-Etsu Chemical Co. Ltd
- SABIC
- Finolex Industries Ltd.
- Formosa Plastics Corporation
- China National Chemical Corporation
- Teknor Apex
- Avient Corporation
- INOVYN (INEOS Group)
- Reliance Industries Limited
- Orbia
Polyvinyl Chloride Market: Segmentation
By Type
- Rigid
- Flexible
By Application
- Pipes & Fittings
- Film & Sheets
- Cables
- Pastes
- Profiles
- Other (flooring, bottles, etc.)
By End-use Industry
- Construction
- Transportation
- Electrical Cables
- Packaging
- Others (footwear, healthcare, consumer goods, and artificial leather)
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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