Global polyvinyl chloride (PVC) market is pegged at a steady CAGR of 4.2% through the course of projection period (2019-2029). While construction remains prominent end-use segment, pharmaceuticals will witness increased uptake of PVC for production of medical devices. In view of PVC’s environmental implications, R&D activities are projected to accelerate through 2029.
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Key Takeaways of the Market Study
Pipes & fittings will remain the leading end-use category.
Rising infrastructural activities in emerging countries is steering the demand for PVC.
Rigid form of PVC to remain preferred variant through 2029 owing to diverse applications such as automotive and construction.
Attributes such as high corrosion resistance, endurance and durability are complementing the market growth.
Manufacturers continue to tap opportunities in PVC alternatives to fortify their market hegemony.
Gains in global market would remain concentrated in Asia Pacific.
The US market is set to register double-digit CAGR during the forecast period.
Fluctuation in raw material prices would continue to be a major roadblock for PVC market growth.
Premier companies in the PVC space must undertake R&D and expansion projects to deliver five key performance criteria as opined by consumers - innovation, communication, quality, performance and regulatory compliance.
Asia Pacific Procures More than 61% Market Share
Use of PVC in wide spectrum of end-use industries such as manufacturing, automotive and construction is hurtling the Asia Pacific market. Emerging countries such as China, Indonesia, Vietnam and India will augment the demand for PVC through 2029. Therefore, Asia Pacific accounts for majority share in PVC market on the back of rapid industrialization.
On the other hand, consumers in developed markets such as the United States have greater economic wealth. This is a key driver fuelling the rise of PVC alternatives such as high-density polyethylene (HDPE). Such recyclable substitutes of PVC are increasingly being favored by consumers and manufacturers alike.
Innovation to Remain Crucial Strategic Tenet of Leading PVC Producers
Key players profiled in this FMI study, include but are not limited to, Arkema S.A., Ineos Chlorvinyls Ltd., BASF SE, Chinyang Chemical Co. Ltd., Saudi Plastic Products Company Ltd., Formosa Plastics Corporation, Premier Polyfilm Ltd., The Chemical Company, and Occidental Petroleum Corporation.
Competitive leadership in global market will be determined by product innovation and sustainability efforts during 2019-2029. For instance, INOVYN was voted by consumers for ‘Best Polymer Producers Awards for Europe 2017’. The company announced its plans for expanding its operations in Norway (2018).
More about the Report
FMI’s study offers an in-depth market forecast and analysis on the global polyvinyl chloride market. The major categories encompassed by the report include application (pastes, cables, pipes & fittings, films & sheets, and profiles), end-use (packaging, electrical cables, construction, and transportation), type (rigid and flexible) across five regions (Asia Pacific, Europe, Latin America, North America, Middle East & Africa).