Global Polyvinyl Chloride (PVC) Market - 2024-2031

Overview

Global Polyvinyl Chloride (PVC) Market reached US$ 45.30 billion in 2023 and is expected to reach US$ 60.95 billion by 2031, growing with a CAGR of 3.78% during the forecast period 2024-2031.

Expected profitable prospects in the worldwide polyvinyl chloride (PVC) market throughout the forecast period include rising steel demand in the building and automotive sectors. Further, the rise in offshore expansion, the expanding marine sector in Asia-Pacific and North America and the improvement of infrastructure in various areas would enhance the worldwide need for polyvinyl chloride (PVC) in the projected timeframe.

However, the risks also resulted in a rise in government laws that limit the expansion of anti corrosion protective coatings. Moreover, investment in research and development for the production of bio-based polyvinyl chloride (PVC)s is anticipated to create profitable growth prospects for the industry.

An analysis released by the Executive Office of the President of US reveals that the US federal government intends to allocate US$ 2 trillion over a decade for the purpose of infrastructure development. The nation is distinguished by a low-risk climate, a resilient economy before to the COVID pandemic and a robust banking industry.

The elements have presented several prospects for investors in recent years, which are expected to stimulate the investment in infrastructure, encompassing both new infrastructure projects and the renovation of existing buildings in the country. It is expected that this will consequently boost the need for polyvinyl chloride (PVC)s in the building sector of US.

Dynamics

Rising Demand for Durable and Customizable Materials

The development of the PVC market is being favorably influenced by the growing need for materials that are both flexible and durable for the production of consumer goods such as clothing and accessories. In addition, PVC is well-known for its durability, which is an essential quality in the consumer goods business. Products made from PVC, such as vinyl flooring, window frames and pipes, are able to survive the effects of wear and tear, as well as exposure to chemicals and the effects of the weather.

Due to its durability, consumer goods are guaranteed to have a longer lifespan, which in turn reduces the frequency with which frequently replacements are required. The color, texture and thickness of PVC can be altered to match specific requirements and this can be done through customization. Because of this, producers are able to create consumer goods that satisfy a variety of aesthetic preferences while still preserving the appropriate level of flexibility and durability.

Rising Demand for Eco-Friendly PVC

Polyvinyl chloride is currently experiencing a beneficial influence on the market as a result of the growing trend towards environmentally friendly PVC. In addition to this, businesses are actively looking for ways to reduce their impact on the environment and this trend is what is driving the need for environmentally friendly PVC products. PVC is being produced by manufacturers through the development of innovative techniques and the utilization of recyclable materials, both of which are contributing to the gradual and sustainable expansion of the market.

In addition, the ongoing improvement of sustainable PVC formulations leads to the production of products that can boast improved performance qualities while still being kind to the environment. Industries that rely significantly on PVC, such as construction, automotive and packaging, are showing interest in this breakthrough because they see the dual benefit of reducing their carbon footprint and increasing the overall quality of their products. This innovation is attracting the attention of these industries.

Environmental and Regulatory Challenges

In the polyvinyl chloride industry, the amount of chlorine present is a crucial factor that determines the qualities of the product as well as its impact on the environment. By increasing the amount of chlorine in PVC, the flame resistance and chemical stability of the material are improved, making it ideal for a wide range of applications. Nevertheless, the environmental downsides, such as the release of toxic byproducts based on chlorine during the production process, have led to an increase in the amount of careful examination.

A trend toward alternative materials is being driven by regulatory pressure and increased environmental consciousness, which is having an impact on the dynamics of the market and pushing for more sustainable PVC formulations with reduced chlorine content. It is mentioned in several studies that the Toxic-Free Future organization has produced that the production of PVC alone in US results in the discharge of thousands of pounds of vinyl chloride, which is known to cause cancer. The aforementioned circumstances may slow down the rate of market expansion.

Segment Analysis

The global polyvinyl chloride (PVC)s market is segmented based on product, stabilizer, application, end-user and region.

Durablity and Versatility of PVC Drives Construction and Infrastructure Projects

As a result of its ability to be cut, shaped, welded and linked in any design, PVC is not only strong and lightweight, but it is also resistant to abrasion, rotting, chemical corrosion and weather. Additionally, it is adaptable and easy to use. Because it possesses these qualities, it is an excellent choice for a wide variety of applications, including pipelines, windows, flooring and roofing.

One of the advantages of PVC flooring is that it is long-lasting, it allows for a wide range of artistic effects, it is simple to install, it is easy to clean and it can be recycled later on. As a result, PVC flooring has been utilized over the years. In addition, the building and construction industry makes use of PVC for roofing installations. This material is utilized due to the fact that it requires little maintenance and has a lifespan of more than thirty years. The most important factor driving the construction of infrastructure in Asia-Pacific, the Middle East and North America is the growing number of construction projects.

China is the largest building market in the world, accounting for twenty percent of all monetary investments in the construction industry. In the most recent year, the construction industry in China generated an additional value of around 1.12 trillion US$, as reported by the National Bureau of Statistics of China.

Geographical Penetration

Strong Demand in Major Economies of Asia-Pacific

Asia-Pacific is the leading region in the polyvinyl chloride market, mostly driven by the strong demand from nations like India, Japan and China. China has the largest electronics manufacturing base. Currently, it presents a formidable challenge to the established upstream producers such as South Korea, Singapore and Taiwan. Digital devices, including smartphones, OLED TVs and tablets, experienced the most significant expansion in the consumer electronics sector.

Among the sectors experiencing the most rapid growth is the medical device industry in China. While the number of private hospitals in the country is limited, the acquisition of healthcare items is mostly influenced by major public hospitals. Consequently, there has been a growing reliance on medical devices in public hospitals. Several reasons contributed to the increased demand for polyvinyl chloride (PVC) in the industry.

The Government of India is implementing various strategies to stimulate the growth of the nation's domestic electronics manufacturing sector and facilitate its exports. Specifically, the value of India's electronic goods exports, the value of electronic goods exports in recent year amounted to US$ 950.17 million. The surge in electronic manufacturing in the country is expected to drive the need for polyvinyl chloride (PVC) in the electronic sector.

Competitive Landscape

The major global players in the market include ChemChina, Formosa Plastics Corporation, Ineos, Inner Mongolia Junzheng Energy & Chemical Group, Kem One SaS, LG Chem orbia, Occidental Petroleum Corporation, SABIC, Shaanxi Coal and Chemical Industry Group, Shin-Etsu Chemical Co. Ltd, Tianye Group, Westlake Chemical Corporation and Xinjiang Zhongtai Chemical Co. Ltd.

Russia-Ukraine War Impact Analysis

One of the most prominent European manufacturers of PVC window profiles, Profine, has been seriously hit by the conflict between Russia and Ukraine as a result of sanctions and disruptions in both nations. The company Profine, which is primarily dependent on PVC and maintains major operations in Russia and Ukraine, is confronted with operational obstacles such as limited material supply and difficulties in performing transactions due to currency issues.

Additionally, the industry as a whole is struggling with the spiking prices of PVC, which have increased by between fifty and seventy-five percent as a result of the war's impact on the price of oil, in addition to the rising expenses of transportation. Even while some of these costs can be passed on to customers, the fact that there is a time lag in the process of making price adjustments implies that long-term profitability will be diminished.

Product

• Rigid PVC
• Flexible PVC
• Low-smoke PVC
• Chlorinated PVC

Stabilizer

• Calcium-based Stabilizers (Ca-Zn Stabilizers)
• Lead-based Stabilizers (Pb Stabilizers)
• Tin and Organotin-based (Sn Stabilizers)
• Barium-based and Other Stabilizers (Liquid Mixed Metals)

Application

• Pipes and Fittings
• Film and Sheets
• Wire and Cables
• Bottles
• Profiles, Hoses and Tubings
• Others

End-User

• Building and Construction
• Automotive
• Electrical and Electronics
• Packaging
• Footwear
• Healthcare
• Other

By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In February 2024, a partnership between Bharti Airtel, which has its headquarters in New Delhi and IDEMIA was formed to introduce recycled PVC SIM cards.
• In March of 2024, Phoenix Industries, which has its headquarters in Colombo, re-launched the existing range of PVC product lines under the brand name Super PVC.
• In June 2024, Seesun Arte, which has its headquarters in Jiangsu, made an announcement regarding the most recent developments in environmentally friendly and sustainable flooring solutions.
• Since August 2022, Continental has decided to manufacture its technical and ornamental surface materials for its automobile clients using BIOVYN, which is a bio-attributed polyvinyl chloride (PVC) manufactured by INOVYN. Both the company's carbon footprint and the demand from customers for environmentally friendly and bio-based products will be reduced as a result of the agreement.

Why Purchase the Report?

• To visualize the global polyvinyl chloride (PVC)s market segmentation based on raw material, product, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of the polyvinyl chloride (PVC)s market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global polyvinyl chloride (PVC)s market report would provide approximately 79 tables, 74 figures and 215 pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies