The global polyvinyl chloride market size stood at USD 68.96 billion in 2022. The market is poised to expand from USD 72.08 billion in 2023 to USD 95.88 billion by 2030, exhibiting a CAGR of 4.2% over the analysis period. Polyvinyl chloride is an energy-efficient and durable material, which is a key factor favoring its adoption across various industries. The extensive usage of the product across numerous applications in the construction industry is poised to favor market growth over the coming years. Fortune Business Insights™ provides this information in its research report, titled “Polyvinyl Chloride (PVC) Market Size, Share 2024-2030”.
COVID-19 Impact:
Lockdown Restrictions Impacted Industry Expansion during the Pandemic Period
The COVID-19 pandemic affected several industries in light of the enforced lockdown measures, resulting in a significant decline in their revenues. Some of the sectors included automotive, packaging, and electrical. The reduced product demand from these industries impacted the market growth to a considerable extent.
Segmentation:
Rigid Segment Held Leading Share Owing to Rising Product Usage in the Automotive Industry
By product type, the market for polyvinyl chloride is divided into flexible and rigid. The rigid PVC segment registered a key share in the market in 2022 owing to escalating product deployment in the automotive sector for door panels, interior trims, and instrument panels.
Pipe & Fittings Segment to Hold Major Share Impelled by Soaring Product Adoption Due to High Corrosion Resistance
By application, the market for polyvinyl chloride is fragmented into film & sheet, wire & cables, flooring, pipe & fittings, profiles, and others. The pipe & fittings segment is poised to hold a prominent share due to high corrosion resistance and the degree of inertness depicted by PVC.
Building & Construction Segment Records Dominant Share Owing to Rising Product Usage in the Sector
By end use, the market is divided into automotive, building & construction, electrical & electronics, packaging, and others. The building & construction segment holds a prominent share due to extensive product usage in various applications across the infrastructure sector.
By geography, the polyvinyl chloride (PVC) market has been studied across Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Source- https://www.fortunebusinessinsights.com/polyvinyl-chloride-pvc-market-109398
Report Coverage:
The report presents an overview of the latest trends in the market. It further delves into the major factors touted to boost the global industry scenario over the forthcoming years. The report also gives an insight into the vital steps adopted by key players to consolidate their market positions.
Drivers and Restraints:
Product Consumption to Rise on Account of Surging Inclination toward Bio-based Plasticizers
The polyvinyl chloride (PVC) market growth can be attributed to the growing emphasis of manufacturers on the development and launch of environmentally friendly products. This is due to the growing consumer consciousness regarding eco-friendly solutions.
Nevertheless, the industry expansion could be hindered owing to a shift toward alternative materials considering the surging regulatory pressure and increasing environmental awareness regarding various hazards associated with PVC usage.
Regional Insights:
Asia Pacific to Hold Leading Market Share Due to Rise in Commercial and Residential Construction Projects
Asia Pacific is set to record a key polyvinyl chloride (PVC) market share. This can be credited to the product usage in a range of applications across the construction sector, including building materials, cables, and pipes. The region exhibits a substantial surge in commercial and residential projects which is simultaneously creating demand for PVC.
The Europe market is slated to expand at a moderate rate over the analysis period. The growth is favored by the increasing product demand in wire and cable insulation across the electrical and electronics industry.
Competitive Landscape:
Companies are Keen to Invest in Exploring New Opportunities to Boost Product Sales
Industry players are centered on investing exploring new growth opportunities in the market. These investments are being made for driving product sales. Some of the major market participants comprise Hanwha Group and Formosa Plastics Corporation.
Key Industry Development:
February 2021 – Westlake Chemical Corporation’s Vinnolit announced the launch of a lower-carbon alternative PVC, dubbed GreenVin Polyvinyl Chloride. The solution is one of the most extensively used plastics in the medical, automotive, and construction industries.
List of Key Players Mentioned in the Report:
Ercros (Spain)
Formosa Plastics Corporation (Taiwan)
Hanwha Group (South Korea)
Ineos (U.K.)
KEM ONE (France)
Occidental Petroleum Corporation (U.S.)
Orbia (Mexico)
Shin-Etsu Chemical Co., Ltd. (Japan)
Vynova (Belgium)
Westlake Corporation (U.S.)