As per Market Research Future Analysis, the Global Polyvinyl Chloride Market was valued at USD 43.20 Billion in 2022 and is projected to grow from USD 45.35 Billion in 2023 to USD 60.40 Billion by 2030, with a CAGR of 4.28% during the forecast period. PVC is recognized for its durability, flexibility, and eco-friendliness compared to other plastics. The construction sector is the largest end-use market, utilizing PVC for pipes, window profiles, and siding. The Asia-Pacific region is expected to dominate the market due to rapid industrialization and infrastructure development, while North America and Europe may experience slower growth due to economic challenges.
Key trends driving the Polyvinyl Chloride market include technological advancements and increased adoption in various sectors.
Key players include LG Chem, Orbia, SABIC, Tianye Group, Occidental Petroleum Corporation, and Ineos Inovyn.
Small and medium-sized businesses are using polyvinyl chloride more frequently as a result of growing public knowledge of its advantages in industrial settings. It's encouraging to see that polyvinyl chloride is becoming more and more popular worldwide in consumer products including athletics, furniture, apparel, and footwear. This is supporting the market's expansion in turn.
Rising technological advancements in manufacturing technology are further inducing growth in market value. An increasing number of technological advancements driven to minimize production costs and wastage coupled with growth in industrialization has increased the use of roofing materials for sustaining the efficiency of machinery further ensuring a bright future for the market.
To make technical and decorative surface materials for its automotive customers, Continental will use BIOVYN, bio-pvc from INOVYN, in August 2022. This will help it reduce its carbon footprint by producing sustainable bio-based products that meet consumer needs.
Shin-Etsu Chemical Co., Ltd. announced a capital investment of $ 1.25 Billion to enhance their integrated PVC business and raise production levels in 2021.
The market segmentation, based on Type, includes Flexible, Rigid. The Rigid segment holds the majority share in 2022, contributing to the global Polyvinyl Chloride revenue. Rigid PVC is widely used in construction and building applications due to its excellent properties such as strength, durability, resistance to weather and chemicals, and ease of processing. The rigid PVC segment includes a wide range of products such as pipes, window profiles, decking, fencing, and siding. These products are used in various construction applications, such as plumbing, electrical conduits, and structural components.
Based on Application, the market segmentation includes Pipes & Fittings, Films & Sheets, Profiles & Tubes, Cables, Bottles, and Others. The Profiles & Tubes segment dominated the market. Polyvinyl Chloride is widely used in the manufacture of profiles and tubes due to its excellent properties such as strength, durability, resistance to weather and chemicals, and ease of processing.
Based on End Use, the market segmentation includes ​​​​​​Construction, Automotive, Packaging, Consumer Goods, and Others. The Construction segment is the largest segment of the market. Polyvinyl Chloride is used in various construction applications, such as pipes, window profiles, decking, fencing, and siding. PVC pipes are commonly used for plumbing and irrigation systems, while window profiles and siding are used in building facades and structures. PVC decking and fencing are also gaining popularity due to their durability, low maintenance requirements, and resistance to rot and termites.
Figure 2: Polyvinyl Chloride Market, by Type, 2022 & 2030 (USD Million)
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region will dominate this market, and the reason attributed to it is an increase in the production of plastic products. Due to factors like rapid industrialization, growing industrial sectors, and high investments in infrastructure development, China and India are witnessing a notable increase in demand for Polyvinyl chloride (PVC). Also, the increase of Polyvinyl chloride (PVC) in various applications of the construction industry attracted massive investments in this market. During the forecast period, the economies of Latin America such as Mexico and Brazil will be witnessing profitable growth owing to increased growth in the construction industry. The demand for Polyvinyl chloride (PVC) will be immobile in the North American region due to the poor growth of construction properties. Also due to factors like debt crisis, depressed business environment, and slow money recovery, the European region will witness average growth during the forecast period. The poor growth of end-use industries like packaging, consumer goods, construction, etc. the African and Middle East region will also experience stable growth during the assessment period.
Figure 3: POLYVINYL CHLORIDE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review
Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polyvinyl Chloride industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Polyvinyl Chloride industry to benefit customers and expand the market sector. Major market players, including LG Chem, Orbia, SABIC, Tianye Group, Occidental Petroleum Corporation, and others, are attempting to increase market demand by funding R&D initiatives.
LG Chem is a multinational chemical company based in South Korea. LG Chem's energy solutions division focuses on developing and manufacturing lithium-ion batteries for electric vehicles, energy storage systems, and mobile devices. The company is a leading supplier of batteries to the global electric vehicle market and has partnerships with several major automakers. LG Chem's petrochemicals division produces a wide range of products, including basic petrochemicals, synthetic resins, and specialty chemicals. The advanced materials division develops and produces high-performance materials such as OLED display materials, engineering plastics, and carbon fiber composites. The life sciences division focuses on the development and manufacture of pharmaceuticals, medical devices, and biosimilars.
SABIC, or the Saudi Basic Industries Corporation, is a multinational chemical manufacturing company based in Riyadh, Saudi Arabia. SABIC operates in a wide range of industries, including petrochemicals, chemicals, plastics, Agri-nutrients, and metals. The company's product portfolio includes a variety of chemicals and plastics, such as polyethylene, polypropylene, polycarbonate, and engineering thermoplastics. SABIC also produces a range of specialty chemicals and intermediates, including fertilizers, metals, and additives.
Ineos Inovyn, a vinyl manufacturer with its headquarters located in the United Kingdom, has added goods with a higher recycled content and a much lower carbon footprint to its line of polyvinyl chloride (PVC) in 2023. According to the business, Biovyn, the bio-attributed PVC that was introduced in 2019 and is intended to be carbon neutral, is a net zero alternative. According to Ineos Inovyn, Biovyn is being utilized more and more in a variety of industries, including the automotive, building and construction, medical, and fashion.
PVC and TPE Antimicrobial Compounds for Healthcare Applications are being introduced by TekniPlex Healthcare in 2023. Many products that come into touch with patients, such as syringes, catheters, connections, gas hoses, and needle-free injectors, can be made using bacteria-neutralizing chemicals. Polyvinyl chloride (PVC) and thermoplastic elastomer (TPE) compounds made with silver ion technology are available from TekniPlex. In order to create its line of antimicrobial goods, TekniPlex Healthcare combines its extensive selection of medical-grade flexible and rigid PVC compounds, or medical-grade CELLENE® TPE compounds, with natural antimicrobial qualities found in silver ion additions.
Together with MCT Cards & Technology Pvt. Ltd. and NPCI (National Payments Corporation of India), Tide, the top SME-focused business financial platform in the UK, announced today the launch of India's first recycled Rupay card in 2023. Transcorp International Limited is a Reserve Bank of India (RBI) regulated Prepaid Payment Instrument (PPI) license holder.
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North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Attribute/Metric | Details |
| Market Size 2022 | USD 43.20 Billion |
| Market Size 2023 | USD 45.35 Billion |
| Market Size 2030 | USD 60.40 Billion |
| Compound Annual Growth Rate (CAGR) | 4.28% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2018 & 2022 |
| Market Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Westlake Chemical Corporation, Ineos, DCW Ltd, Formosa Plastics Corporation, Xinjiang Zhongtai Chemical Co. Ltd, LG Chem, Orbia, SABIC, Tianye Group, Occidental Petroleum Corporation |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Dynamics | Increasing demand in the construction and automotive industries. The rapid growth of packaging & consumer goods |
Polyvinyl Chloride Market Highlights:
Frequently Asked Questions (FAQ):
The Polyvinyl Chloride Market size was valued at USD 43.20 Billion in 2022.
The global market is projected to grow at a CAGR of 4.28% during the forecast period, 2023-2030.
Asia Pacific had the largest share of the Polyvinyl Chloride Market.
The key players in the market are Westlake Chemical Corporation, Ineos, DCW Ltd, Formosa Plastics Corporation, Xinjiang Zhongtai Chemical Co. Ltd, LG Chem, Orbia, SABIC, Tianye Group, Occidental Petroleum Corporation.
The Rigid category dominated the market in 2022.
The Profiles & Tubes segment had the largest share of the global market for Polyvinyl Chloride.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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