Polyvinyl Chloride Industry 2023 Challenges And Opportunities 2030
Polyvinyl Chloride (PVC) is a robust and light-weight plastic used in the making of various consumer goods. Economically versatile, PVC is used in the manufacturing of a variety of plastic products ranging from piping & siding, blood bags & tubing, to wire & cable insulation, windshield system components and many more. Wide applications of PVC across the industries make polyvinyl chloride market an ever-increasing space.
Due to the excellent impact strength and weatherproof properties, Polyvinyl Chloride Industry is used in the making of thousands of life-saving healthcare products used in surgeries, pharmaceuticals, drug delivery, and medical packaging. Some of the burgeoning end-use industries including the building & construction, healthcare, electronics, and automobile among several other sectors are escalating the market on the global platform, creating a massive demand for PVC products.
Acknowledging the considerable growth, the PVC market witnesses currently Market Research Future (MRFR) in its recently published study report asserts that, the already booming global polyvinyl chloride market is expected to garner enormous accruals by 2023, registering an impressive CAGR throughout the estimated period (2020 – 2030).
Owing to its versatile nature and unique performance characteristics and cost-efficiency Polyvinyl Chloride is considered as world’s one of the most widely used polymers and is extensively used across a line of industrial, technical and everyday applications. Also, some of its benefits such as low carbon footprints and recyclability add up to the market growth driving it extensively.
Additional factors helping the PVC market to expand widely include the increasing usages of polyvinyl chloride in the production of films and sheets. Moreover, the ever-increasing population and rapid urbanization that is not only demanding quality housing but also better infrastructures are propelling the PVC market, creating a huge demand in the construction sector.
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Global Polyvinyl Chloride Market - Segments
For ease of understanding, the analysis has been segmented into two key dynamics: -
By End--use Industry : Construction, Automotive, Electrical, and Textiles among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Major Players:
Key players leading the global polyvinyl chloride market include Shin-Etsu Chemical Co., Ltd. (Japan), Formosa Plastics Corporation (Taiwan), Ineos Group Limited (U.K), Axiall Corporation (U.S.), Occidental Petroleum Corporation (U.S.), Vinnolit GmbH & Co. KG (Germany), Mexichem, S.A.B. de C.V. (Mexico), Kem One SAS (France), E. I. du Pont de Nemours and Company (the U.S.), and Xinjiang Zhongtai Chemical Co., Ltd. (China) among others.
Global Polyvinyl Chloride Market -Regional Analysis
The Asia Pacific region heading with some of the burgeoning end-use industries such as construction and automotive dominates the global Polyvinyl Chloride Market Recession Impact. Additionally, growing application areas of Electrical and Textile industries propel the regional market. China being the largest producer and consumer of polyvinyl chloride leads the regional market. Continuing with the same growth trends, the region is predicted to grow with a phenomenal CAGR during the review period (2020 to 2030).
The polyvinyl chloride market in the North American region accounts for the second-largest market, globally. Due to the high consumption potential, increasing production capacities and well-developed economy the market is predicted to garner tremendous gains over the forecast period.
The growing construction industry, a massive demand of PVC, and increasing usage of polyvinyl chloride in healthcare industries and the production of films and sheets are driving the regional market, providing immense growth opportunities for the manufacturing companies to capture the market.
The US, backed by the high consumption of PVC products is predicted to be the most significant contributor to the market in the region, witnessing substantial demand for polyvinyl chloride during the forecast period.
The European polyvinyl chloride market is emerging as a profitable market, globally. Dominant factors such as the presence of a well-established automotive sector drive the regional market, creating a significant demand for automobile parts.
Some of the European countries such as the UK, Italy, Spain, Germany, and France backed by the growing purchasing power of consumers and increasing expenditure in innovation is expected to witness a vast consumption of polyvinyl chloride. Furthermore, increasing consumer spending on passenger cars as well as the involvement of new technologies and inventions in polyvinyl chloride would provide a massive impetus to the growth of the market.
Global Polyvinyl Chloride Market - Competitive Analysis
Several matured and small-scale players form a competitive landscape in the well-established global polyvinyl chloride market. Pricing, technology, and services are the three major parameters these key players compete based on. Manufacturers of polyvinyl chloride strive to deliver the best quality product based on innovative technologies, and best practices. The market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in more intensified competition. There will be immense growth opportunities for manufacturing companies to capture the market.
Industry/ Innovation/ Related News
March 25, 2019 ---- Formosa Plastics Corporation (the US), a vertically integrated producer of plastic resins and chemicals and Entec Polymers (the US), a leading global provider of variety of projects across the industries announced their partnership to supply automotive market with Formosa’s full line-up of highly specified Formolene Polyolefin resins (polyvinyl chloride resins).
Entec has long been a valued partner to the automotive industry, offering a full range of application development tools and process improvement & supply chain management solutions. Apart from forming a unique resource to both OEMs and converters the partnership will enable their ability to support business activity across North America and beyond, leveraging their combined supply chain organization to manage cost and optimize service to the customer.
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