Polyvinyl Chloride (PVC) Is Estimated To Witness High Growth
The 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.
SWOT Analysis:
Strength: Polyvinyl Chloride (PVC) has high strength and durability which makes it suitable for construction industry. It has long shelf life and requires low maintenance. Being cost effective material, PVC sees wide applications across various end use industries.
Weakness: Processing of PVC produces harmful dioxins as by-products which can harm the environment as well as human health on exposure. PVC contains phthalate plasticizers which have shown links to health issues. PVC is non-biodegradable posing waste management challenges.
Opportunity: Growth in construction sector across developing countries due to rapid urbanization will augment the demand for PVC. Increasing spending on infrastructure development projects will generate new opportunities. Rising industrialization is expected to boost the consumption of PVC in various industrial applications.
Threats: Stringent environmental regulations over production and usage of PVC can hamper market revenues. Introduction of bio-based and recycled alternatives may limit the adoption of PVC. Volatility in raw material prices poses threat to consistent supply of PVC.
Key Takeaways:
The Global Polyvinyl Chloride (PVC) Market Demand is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand from the construction industry. The construction sector accounts for over 60% of global PVC consumption driven by infrastructure construction and renovation activities across developing nations.
Regional analysis: Asia Pacific dominates the global PVC market with over 50% share globally. China holds the largest share in the region due to robust construction activities and rise in manufacturing sector. Rapid urbanization along with investment in new residential and commercial projects will continue to drive the PVC consumption in the region. Europe and North America are relatively mature markets while South America and Middle East & Africa are expected to offer lucrative growth opportunities.
Key players analysis: Key players operating in the Polyvinyl Chloride(PVC) market are 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. The market remains highly consolidated with top players accounting for over 50% of global production capacity.
Read More - https://diveintoinsights.blogspot.com/2023/12/flexible-pvc-is-fastest-growing-segment.html
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