The global Polyvinyl Chloride (PVC) Market is estimated to be valued at US$ 57.85 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Polyvinyl chloride or PVC is a versatile thermoplastic polymer that is produced by polymerization of vinyl chloride monomer. It is widely used in construction industry for pipes, profiles, and fittings due to its light weight, durability, and ease in joining & installation. Other advantages of PVC include high chemical resistance, low toxicity, flame retardant properties, and recyclability. It also serves as an ideal material for manufacturing doors, windows, roofing sheets, flooring, and electrical wire insulation in buildings.
Market key trends:
Growing infrastructure development and urbanization across developing economies are majorly fueling the demand for PVC in construction industry. PVC finds extensive application in piping systems such as potable water supply lines, wastewater pipes, soil & waste pipes. Its excellent durability and leak-proof properties ensure reliable water transmission over long distances. Furthermore, evolving construction aesthetics is propelling the use of PVC for manufacturing doors, windows, and sidings owing to its ability to endure all climatic conditions and require low maintenance. The lightweight characteristic also reduces burden on structural framework. Rising application scope and favorable properties are expected to augment the global PVC market expansion over the forecast period.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the PVC market is low as it requires high capital investments to set up manufacturing facilities and have an established supply chain network.
Bargaining power of buyers: The bargaining power of buyers is moderate as PVC has many applications and alternative products, though switching costs may be involved.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few raw material suppliers like salt producers, ethylene and chlorine manufacturers.
Threat of new substitutes: The threat of substitutes is moderate as other polymers are replacing PVC in certain applications due to environmental reasons, though performance is still a key criteria over cost.
Competitive rivalry: Competition is intense among the large players.
Key Takeaways:
The Global PVC Market Growth is expected to witness high, exhibiting CAGR of 3.8% over the forecast period 2023-2030, due to increasing demand from the construction industry for pipes, fittings, and profiles.
Regional analysis: Asia Pacific dominates the global PVC market, accounting for over 50% of share in 2023, led by China, India, and other Southeast Asian countries. The region is expected to continue its dominance in the coming years as well, driven by increasing construction activities and infrastructure development projects in the region. Europe and North America are other major markets globally.
Key players operating in the PVC market include ChemChina, Formosa Plastics Corporation, Ineos, Inner Mongolia Junzheng Energy & Chemical Group, Kem One, LG Chem, Occidental Petroleum Corporation, Orbia, SABIC, Shaanxi Coal and Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Co. Ltd, Xinjiang Tianye Co. Ltd, Westlake Chemical Corporation, and Xinjiang Zhongtai Chemicals.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it