Based on a report by Grand View Research, Inc.; the global polyvinyl chloride (PVC) is likely to attain a valuation of USD 79.11 billion by 2020. Polyvinyl chloride (PVC) is a polymer plastic available in two forms, namely, flexible PVC and rigid PVC. It is lightweight and possesses better mechanical strength, abrasion resistance, and durability. Increasing demand for PVC products from construction, transportation, electrical and electronics, medical, automotive, footwear, and agriculture industries can propel the market during the forecast period (2014 to 2020).
Improving economic condition of individuals around the world, high demand for consumer products and growth of packaging industry will support the market. Polyvinyl chloride is extensively used in pipes and cables due to its greater resistivity to corrosion. It can be also used for manufacturing flooring, windows, roofing, lighter structures, and inflatable structures. Increasing construction and infrastructure development activities in emerging countries has increased the demand for these products due to its cost effectiveness. Growing consumer preference for latest designs of flooring and walls at homes and workplaces is also anticipated to increase product demand. The product is also broadly used for coverings due to its properties like fast fusers, viscosity reducers, and low volatile organic compounds.
Growing automobile industry worldwide has increased demand for polyvinyl chloride based products. It can be utilized for manufacturing external and interior parts of vehicles and polyvinyl flooring. PVC provides better water resistance compared to rubber and leather, therefore being used in footwear and clothing businesses. The product can be extensively used in various consumer goods as it provides flexibility and softness to the finished product. It can also offer protection against the effects of different weather conditions, which helps to maintain products quality. However, Instability of raw material prices and strict regulatory policies, mainly in Europe and North America for controlling the use of PVC in medical applications are likely to hamper market growth in near future.
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The worldwide polyvinyl chloride (PVC) market can be segmented on the basis of applications and regions. Based on applications, the market can be segregated into construction, consumer goods, packaging, electrical and electronics, transportation, and others. Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America.
Asia Pacific appeared as the top regional market for PVC and accounted for around 58.1% of total market share in terms of volume in 2013. Increasing growth of construction industry and high expenditure for infrastructure development in India, China, and other developing countries are driving product demand in the region. In addition, rapidly growing electronics industry in China and Taiwan is also expected to impel the expansion over the forecast period.
Europe was estimated as the second largest market in terms of consumption with around 18.9% of total market volume in 2013. This regional growth can be attributed to rising demand of polyvinyl chloride from Turkey and Russia.
Middle East and Africa is likely to grow at the fastest pace with estimated CAGR of 5.9% from 2014 to 2020. The growth can be accredited to growing automotive, construction, and electrical and electronics in the region.
Leading players in the polyvinyl chloride (PVC) market are Axiall Corporation, Mexichem S.A.B., Shin-Etsu Chemical Co. Ltd., TianjinBohai Chemical, and Ineos Chlorvinyls Ltd. Low rate of PVC degradation and rising environmental concerns are considered as some of the major challenges for market contributors. However, recyclability and lifespan of around 140 years may provide alternative opportunities to the PVC manufacturers. The plastic manufacturers are anticipated to make hefty investments to develop new products with high durability, greater strength, and low environmental impact to cater to the demand from end users.
For instance, recently, BASF has developed a new product called plastic Ultradur. The product can be used in several industrial applications in highly stressed and high grade technical components. The product can be modified for co-extrusion with polyvinyl chloride. It can be also used as an insulator. The production effort is reduced, since all steel-associated activities are avoided, which is considered beneficial for widow constructors and profile manufacturers.
View press release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-polyvinyl-chloride-pvc-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and healthcare.
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