NEW YORK, Feb. 14, 2023 /PRNewswire/ -- Major players in the polyvinyl chloride market are Westlake Chemical Corporation, Shin-Etsu Chemical Co, INEOS Group Ltd, LG Chem, Formosa Plastics Corporation, Occidental Chemical Corporation, China National Chemical Corporation (ChemChina), Mexichem SAB de CV, Axiall Corporation, and Shin-Etsu Chemical Co.
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The global poly-vinyl chloride market will grow from $82.46 billion in 2022 to $89.02 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The poly-vinyl chloride market is expected to grow from $119.4 billion in 2027 at a CAGR of 7.6%.
Polyvinyl chloride is a white synthetic organic compound available in powder form or granules with a high density and high impact strength.PVC is commonly used in construction as insulation on electrical wires.
It is also blow-molded into clear, transparent bottles.
The product types of poly-vinyl chloride are rigid PVC, flexible PVC, low-smoke PVC, and chlorinated PVC.Rigid PVC is a strong, stiff, low-cost plastic material that is easy to fabricate and easy to bond by using adhesives or solvents.
The applications are pipes and fittings, film and sheets, wire and cables, bottles, profiles, hoses and tubing, and other applications. The end-use industries are building and construction, automotive, electrical and electronics, packaging, footwear, healthcare, and other end-use industries.
Asia Pacific was the largest region in the polyvinyl chloride market in 2022.North America was the second-largest region in the polyvinyl chloride market.
The regions covered in the poly-vinyl chloride market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The polyvinyl chloride (PVC) market consists of the sales of molecularly oriented polyvinyl chloride and modified polyvinyl chloride.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
PVC market growth was aided by increased demand from industries such as construction, health care, and packaging.The growing need for PVC is expected to drive the market.
PVC is light-weight and strong and is heavily used in the construction industry in the form of pipes, windows, flooring, and roofing. According to Oxford Economics, a UK-based firm providing global economic forecasting and econometric analysis, the worldwide construction output is expected to grow from $10.7 trillion in 2020 to $15.2 trillion by 2030 at a rate of 42%, which is expected to positively impact the PVC market. The growth of end-user industries, including construction, health care, and packaging, boosts the demand for PVC, increasing the growth of the PVC market.
The environmental impacts of using PVC challenge the growth of the PVC market.The emission of toxic fumes emitted during the manufacturing, use, and disposal of PVC raises environmental concerns.
The manufacturing of PVC consumes a high amount of chlorine gas, due to which a large number of hazardous gases as by-products are emitted during the whole PVC lifecycle.PVC resists natural degradation.
It stays in the environment for a long time, contributing to global pollution.Due to the harmful effects of PVC on the environment, PVC packaging has been banned or restricted in a number of countries around the world, such as Canada, Spain, South Korea, and the Czech Republic.
Some U.S. cities, such as Rahway, NJ and Glen Cove, NY, have prohibited the use of PVC in food packaging or utensils. The ill effects of PVC restrain the growth of the Poly-Vinyl Chloride market.
Poly-vinyl chloride manufacturing companies are increasingly implementing the new ""molecular orientation"" technology to improve the physical and mechanical properties of the PVC produced.Molecular orientation is a manufacturing method that increases the flexibility and resistivity of PVC from fatigue and impact.
Under certain pressure, temperature, and speed conditions, molecular technology aligns the randomly arranged molecules in a normal PVC in the same direction.The new alignment improves the strength and ductility of the PVC pipes, creating new PVC-O pipes.
For instance, Molecor uses molecular orientation to produce TOM® PVC-O pipes. These pipes are resistant to low temperatures and have high resistance to cracks or impacts.
In October 2021, Oldcastle Infrastructure, a US-based company providing infrastructure services acquired National Pipe & Plastics Inc for an undisclosed amount.The acquisition added PVC pipe portfolio to Oldcastle Infrastructure and enables it to offer integrated solutions to its customers.
National Pipe & Plastics Inc is a US-based PVC pipes company.
The countries covered in the polyvinyl chloride market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The poly-vinyl chloride (PVC) market research report is one of a series of new reports that provides poly-vinyl chloride (PVC) market statistics, including poly-vinyl chloride (PVC) industry global market size, regional shares, competitors with a poly-vinyl chloride (PVC) market share, detailed poly-vinyl chloride (PVC) market segments, market trends and opportunities, and any further data you may need to thrive in the poly-vinyl chloride (PVC) industry. This poly-vinyl chloride (PVC) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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