Global Polyvinyl
Chloride (PVC) Market study is providing you with the up-to-date, actionable market
information and projections with the latest impact of the Covid 19 outbreak. It
offers all the requisite data to support tactical business decisions and come
up with strategic growth plans. This study also proposes a comprehensive
insight into the development policies and plans in addition to manufacturing
processes and cost structures.
Industry Insights
The global Polyvinyl
Chloride (PVC) Market is projected to reach USD 79.11 billion by 2020 and is
expected to grow with attractive CAGR of 5.0% over the forecast period. The
decreasing dependability of PVC on non-renewable resources such as crude oil
and natural gas as compared to other synthetic polymers is expected to drive
the market growth. The demand for PVC in medical devices and automobiles owing
to its characteristics such as high corrosion resistance, low price,
workability, and effectiveness is expected to fuel market growth.
Polyvinyl chloride (PVC) is
the third most widely produced synthetic plastic polymer globally after
polypropylene and polyethylene. PVC is available in two forms, namely rigid and
flexible. The rigid PVC has its application in bottles, doors & windows,
non-food packaging, and construction of pipes. The flexible PVC is used in
insulation of electrical wires and in the flooring of hospitals, homes, schools
and areas where sterility is required.
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The attributes of the
product such as resistant to alkalies & chemicals, resistivity to
deformation, good tensile strength and easy availability contribute to the
market growth. In addition, PVC is highly used for insulation of electrical
cables in low and medium voltage applications owing to its high dielectric
constant and volume resistivity.
The economic recession of
2009 resulted in a sharp decline in the demand of PVC on account of its effects
on major application industries including electronics & electrical,
transportation and construction. The application of the product in 3D printing,
injection molding, and CNC machining is limited on account of its emission of
toxic & corrosive gases while melting.
PVC is highly flammable and
emits hydrogen chloride (HCl) while burning thereby rendering it hazardous for
the environment and restricting its use in applications with the risk of fire
hazard. The diversified characteristics of the product enable its recycling for
over five times, which increases it overall lifespan to around 140 years.
The increasing
infrastructure and construction spending in the developing markets of Latin
America and Asia Pacific are likely to drive global PVC demand. The fluctuating
prices of raw materials together with the strict regulations in North America
and Europe restrict the use of PVC to medical applications only.
Application Insights
The major applications of
PVC include electrical & electronics, construction, transportation, and
consumer packaging. The product is used for car interiors such as dashboards
and door panels owing to its high durability. In addition, PVC has its
applications in the automotive industry as underbody coatings, sealants, floor
modules, wire harnesses, passenger compartment parts and exterior parts on
account of its inexpensive nature and abilities to reduce the vehicle weight
and providing improved flexibility in designing.
Construction segment
accounted for over 55.7% of the global market volume in 2013. The global events
such as Summer Olympics and FIFA World Cup led to the increase in the
construction spending in the BRICS nations which is likely to propel PVC demand
in the industry.
The consumer applications
including footwear, sportswear, and appliances contribute to over 12.0% of the
global market volume in 2013. The wide use of PVC in footwear and clothing on
account of its water resistance and inexpensive nature as opposed to rubber and
leather is expected to bolster market growth over the forecast period.
The demand for PVC in
electrical and electronics segment is expected to witness the fastest growth as
opposed to its counterparts. This growth can be attributed to the increasing
demand in the electronics market in Taiwan, China, and South Korea, which in
turn is anticipated to fuel the demand of PVC over the forecast period.
Regional Insights
Asia Pacific emerged as the
leader by contributing to over 58.1% of the global market volume in 2013. The
infrastructural development and growth of the construction market in economies
such as India, Indonesia and China owing to competent prices coupled with low
labor cost is expected drive PVC market demand in the region.
Europe is expected to
account for the second largest market share contributing to over 18.9% of the
global PVC market volume in 2013. The rising demand for the product in Turkey
and Russia is expected to drive the European market growth.
The demand for PVC in the
Middle East & Africa is expected to witness the fastest growth as opposed
to its counterparts at a CAGR of over 5.9%. The growth of the key end-use
industries including electrical & electronics, automotive, and construction
in South Africa and Saudi Arabia is likely to have a positive impact on the
regional PVC demand.
Competitive Insights
The key players in the
industry are Shin-Etsu Chemical Co. Ltd., Xinjiang Zhongtai Chemical Co. Ltd,
Formosa Plastics Group, LG Chem, Axiall Corporation, ChemChina, Mexichem
S.A.B., Westlake Chemical Corp., BASF, Ineos Chlorvinyls Ltd., Georgia Gulf
Corp., Sinopec Group, Arkema S.A., Tianjin Bohai Chemical, OxyVinyls, Vinnolit
GmBH & Co., Solvay S.A., and KEM One.
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