The global polyvinyl chloride (PVC) market was valued at USD 65.31 Billion in 2022 and is anticipated to reach USD 89.79 Billion by 2031, expanding at a CAGR of 3.6% during the forecast period between 2023 and 2031. The use of PVC material in the packaging industry is growing day-by-day, which is expected to drive the PVC market. Various applications of PVC in automobile, construction, and films & sheets is anticipated to fuel the market. Surging demand for PVC from furniture, footwear, clothing, and sports industries, due to its water-resistant property and low cost, propels the PVC market.
Introduction to PVC
Polyvinyl chloride, which is abbreviated as PVC, is a synthetic polymer of plastic. Every year more than 40 million tons of PVC is synthesized. Around 60 million tons of PVC was manufactured in 2021 globally. Pure PVC is white in color and brittle by nature. It shows solubility in tetrahydrofuran but not in alcohol. PVC is usually bifurcated into rigid and flexible types. The rigid type of PVC is termed as RPVC. PVC has multiple applications in the packaging industry. It also has applications in the biomedical field and carpet backing. PVC is used to manufacture plastic bottles, food-covering sheets, and plastic cards. Inclusion of plasticizers in the manufacture of PVC makes it soft and flexible. Phthalates are commonly used as plasticizers in the manufacture of PVC.
Polyvinyl Chloride (PVC) Market Trends, Drivers, Restraints, and Opportunities
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High use of PVC in construction and healthcare sectors is expected to drive the PVC market.
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Increasing use of PVC in electrical and electronic materials is boosting the PVC market.
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During the pandemic, consumers spent a small percentage of their income for purchasing new products, which hindered the growth of the PVC market.
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Along with the impact of the pandemic on industries, the harmful effects of using PVC on human health and environment during the manufacturing and disposing process is anticipated to restrain the growth of the PVC market.
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Rising use of PVC material in the manufacturing process of electric vehicles is expected to create lucrative opportunities for key players in the market. Development in technologies, growing use of pumps, increasing production of electric vehicles, improvisation in quality of PVC, and unused potential of PVC in emerging economies provide opportunities for growth in the market.
Scope of the Polyvinyl Chloride (PVC) Market Report
The report on the global polyvinyl chloride (PVC) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Polyvinyl Chloride (PVC) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Rigid and Flexible), Applications (Pipes & Fittings, Films & Sheets, Profiles & Tubes, Cables, Bottles, and Others), and End-users (Construction, Automotive, Packaging, Consumer Goods, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Occidental Petroleum Corporation, Kem One, Vinnolit GmbH & Co. KG, Shin-Etsu Chemical Co. Ltd, Xinjiang Zhongtai Chemical Co. Ltd., Mexichem S.A.B. de C.V., Formosa Plastics Group, INEOS Group Ltd, Solvay S.A., and AXIALL Corporation
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Polyvinyl Chloride (PVC) Market Segment Insights:
Flexible segment to expand at a high growth rate
On the basis of types, the PVC market is bifurcated into rigid and flexible. The flexible segment holds a major share of the market and is expected to expand at a high growth rate during the forecast period. In construction industries, flexible materials are preferred for manufacturing pipes, cables, flooring, coverings, and for fencing applications, due to its flexible structure. Rising demand for PVC from various end-users for various application, due to its flexible property, is boosting the market.
Cables segment is estimated to expand at a rapid pace
Based on applications, the PVC market is segmented into pipes & fittings, films & sheets, profiles & tubes, cables, bottles, and others. The cables segment accounted for the largest share of the market in 2021 and is anticipated to expand at a rapid pace. The cables segment is estimated to hold a key share of the market during the forecast period, as PVC is used for insulation purposes in cables. Increasing adoption of PVC for electrical & electronics applications by consumers is propelling the PVC market.
Construction industry to dominate the market globally
In terms of end-users, the PVC market is classified into construction, automotive, packaging, consumer goods, and others. PVC has many applications in the construction sector, as PVC is strong, light in weight, durable, and resistant to corrosion, weather, and abrasion. High use of PVC in flooring, windows, roofing, and in pipes is driving the market. PVC has been used for roofing applications for more than three decades, as it durable. High use of PVC in the packaging industry is anticipated to boost the market during the forecast period.
Asia Pacific holds a major market share
On the basis of regions, the PVC market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific accounts for a key share of the global PVC market. China accounts for the largest production of electronics in the world. High use of PVC in electronics is expected to drive the market in Asia Pacific during the forecast period. The medical device market in China is growing at a rapid pace. Measures are taken by the government of India to promote the production of electronics. These factors are propelling the PVC market in Asia Pacific.
Segments
The global polyvinyl chloride (PVC) market has been segmented on the basis of
Types
Applications
- Pipes & Fittings
- Films & Sheets
- Profiles & Tubes
- Cables
- Bottles
- Others
End-users
- Construction
- Automotive
- Packaging
- Consumer Goods
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Occidental Petroleum Corporation
- Kem One
- Vinnolit GmbH & Co. KG
- Shin-Etsu Chemical Co. Ltd
- Xinjiang Zhongtai Chemical Co. Ltd.
- Mexichem S.A.B. de C.V.
- Formosa Plastics Group
- INEOS Group Ltd
- Solvay S.A.
- AXIALL Corporation
Competitive Landscape
Key players in the global polyvinyl chloride (PVC) market are Occidental Petroleum Corporation, Kem One, Vinnolit GmbH & Co. KG, Shin-Etsu Chemical Co. Ltd, Xinjiang Zhongtai Chemical Co. Ltd., Mexichem S.A.B. de C.V., Formosa Plastics Group, INEOS Group Ltd, Solvay S.A., and AXIALL Corporation. These companies are focused on providing high-quality products to the end-users to increase their market share.
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