Polyvinyl Chloride (PVC) Market Size to Grow by USD 35.03 billion from 2024 to 2028, 58% of market growth is expected in APAC, Technavio

NEW YORK, March 20, 2024 /PRNewswire/ -- The Polyvinyl Chloride (PVC) Market size is forecast to increase by USD 35.03 billion, at a CAGR of 7.48% between 2023 and 2028. APAC is expected to contribute 58% to global market growth. Technavio's analysts provide insights into regional trends and drivers. Rapid urbanization and population growth in countries like India and China fuel demand for housing, infrastructure, and consumer goods, boosting PVC usage in construction, consumer products, automotive components, and healthcare applications.

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Vendor Analysis
Vendor Landscape - The global polyvinyl chloride (pvc) market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer polyvinyl chloride (pvc) in the market are Arkema Group, BASF SE, Berkshire Hathaway Inc., Dow Chemical Co., Formosa Plastics Corp., Huntsman International LLC, KEM ONE, Lanxess AG, LG Chem Ltd., Mitsubishi Chemical Group Corp., Occidental Petroleum Corp., Orbia Advance Corp. SAB de CV, Reliance Industries Ltd., Saudi Basic Industries Corp., Shin Etsu Chemical Co. Ltd., Sika AG, Solvay SA, The Sanmar Group, Westlake Corp., and Xinjiang Zhongtai Chemical Co. Ltd. and others.

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• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong

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Vendor Offerings -

• BASF SE: The company offers various PVCs such as Hexamoll DINCH BMB, Palatinol N BMB, Palatinol 10P BMB, and Plastomoll DOA BMB.

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Segment Overview
Technavio has segmented the market based on type, Raw Material (Ethylene dichloride and Acetylene), Application (Pipes and fittings, Films and sheets, Wires and cables, and Others), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). 

• The ethylene dichloride (EDC) segment is poised for significant market share growth during the forecast period. EDC serves as a crucial raw material in PVC production, ensuring consistent quality and versatility. Its recyclability, lightweight nature, and ease of processing make it vital in various industries, particularly construction, fostering market expansion.

Geography Overview
By geography, the global polyvinyl chloride (pvc) market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global polyvinyl chloride (pvc) market.

• APAC is expected to contribute 58% to global market growth during the forecast period. Analysts have detailed regional trends and drivers. Rapid urbanization and population growth in countries like India and China are boosting demand for PVC in construction, automotive, consumer goods, and healthcare industries, driving market expansion.

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Market Dynamics

Rising global recycling initiatives is the key factor driving market growth:

Rising global recycling initiatives are driving market growth. Increased environmental awareness and sustainability focus have spurred recycling efforts, especially for PVC due to its environmental impact. Advanced recycling technologies break down PVC products efficiently, reducing disposal footprint. Closed-loop systems and regulatory measures like extended producer responsibility programs promote recycling, minimizing environmental impact and boosting market growth.

• The emergence of halogen-free fire-retardant PVC formulations is driving market growth. These formulations aim to address environmental and health concerns by producing non-toxic combustion byproducts and reducing smoke emissions. They are sought after in green building projects, aligning with environmental standards and certifications, thereby propelling market expansion.

•         Competition from alternative plastics poses a challenge to PVC market growth. Polyethylenes like HDPE and LDPE, along with materials like polyethylene terephthalate and nylon, compete in various applications due to factors like transparency, recyclability, and sustainability. Emerging bioplastics also threaten PVC market share, driven by consumer demand for eco-friendly alternatives.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a 

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What are the key data covered in this Polyvinyl Chloride (PVC) Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Polyvinyl Chloride (PVC) Market between 2024 and 2028
• Precise estimation of the size of the Polyvinyl Chloride (PVC) Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Polyvinyl Chloride (PVC) Market industry across APAC, North America, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Polyvinyl Chloride (PVC) Market vendors

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Analyst Review:

The Polyvinyl Chloride (PVC) market, driven by vinyl chloride monomers and chlorine atoms, continues to thrive due to its fire-retarding properties, durability, and oil/chemical resistance. With modifiers enhancing its abrasion resistance, light weight, good mechanical strength, and toughness, PVC finds extensive applications across diverse industries like automotive, packaging, and electrical. In the Asia-Pacific region, the market's economic viability has contributed significantly to its growth, making it a key player in the global PVC market.

End-user industries, including the construction, packaging, electrical, automotive, and footwear sectors, rely heavily on PVC for various applications such as pipes, fittings, films, sheets, wires, and cables. Polymerization processes, including emulsion, suspension, microsuspension, and bulk/mass polymerization, play a vital role in determining PVC volumes and revenue across different regions.

The PVC market's versatility is further evident in its use in the production of bottles, profiles, tubes, and packaging materials. With the construction industry being a significant consumer of PVC for pipes and fittings, the market's growth is closely tied to construction activities worldwide. Moreover, ongoing research and development efforts continue to explore new applications, raw materials, and geographical trends, ensuring the PVC market remains dynamic and resilient in the face of evolving industry demands and market dynamics.

Market Overview:

The Polyvinyl Chloride (PVC) Market witnesses robust growth driven by various factors such as durability, chemical resistance, and fire-retarding properties. PVC finds extensive applications across end-user industries including construction, packaging, electrical, automotive, and footwear. With its lightweight nature, good mechanical strength, and abrasion resistance, PVC is widely used in profiles, tubes, bottles, films, sheets, wires, and cables. The Asia-Pacific region, particularly emerging economies, contributes significantly to the global PVC market due to its economic viability and high demand from end-user industries. Polymerization processes like suspension, emulsion, and bulk polymerization play a vital role in PVC production, ensuring diverse product volumes and revenue streams. Trends in PVC applications continue to shape the market's trajectory, driving innovation and expansion in various geographies.

Related Reports: 

The Polyvinyl Chloride (PVC) Decking Market size is estimated to grow by USD 645.87 million at a CAGR of 8.02% between 2023 and 2028.

The CPVC pipe market size is estimated to grow at a CAGR of 12.57% between 2023 and 2028. The market size is forecast to increase by USD 5.23 billion. 

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SOURCE Technavio