Polyvinyl Chloride (PVC) companies play a pivotal role in the global chemical industry, manufacturing versatile and durable PVC products. These companies produce a wide range of applications, from pipes and cables to clothing and medical devices. With a focus on innovation and sustainability, PVC companies contribute significantly to modern infrastructure and consumer goods.
Polyvinyl chloride (PVC), a versatile and cost-effective plastic, finds its way into everything from pipes and windows to toys and medical tubing. This ubiquitous material's market is a dynamic and complex landscape, with players vying for dominance in a constantly evolving environment.Â
Strategies for Success:
Factors Shaping Market Share:
Key Companies in the Polyvinyl Chloride market include
Recent Developments:
August 2023:Â Formosa Plastics Corporation, a leading Taiwanese PVC producer, announced plans to invest $1 billion in a new PVC production facility in Vietnam, targeting the growing Southeast Asian market.
October 2023:Â Westlake Chemical Corporation, a major US PVC producer, announced a strategic partnership with a renewable energy company to develop sustainable PVC production processes.
November 2023:Â The global PVC market witnessed a slight price increase due to supply chain disruptions caused by the ongoing war in Ukraine.
December 2023:Â Several major PVC producers announced plans to increase production capacity in anticipation of a strong demand outlook in the coming year.
The Polyvinyl Chloride Market Size was valued at USD 43.20 Billion in 2022. The Polyvinyl Chloride industry is projected to grow from USD 45.35 Billion in 2023 to USD 60.40 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.28% during the forecast period (2023 - 2030). Polyvinyl chloride (PVC) is an amorphous compound with polar chlorine atoms present in the molecular structure. Due to the chlorine content present in it, PVC has a permanent fire-decelerating property. If we look at the structure of PVC the chlorine atom is attached to every carbon chain present in it which makes the present compound highly rebellious to oxidation reactions and maintains its performance for a long period in turn increasing its durability. Other properties of polyvinyl chloride (PVC) are flexibility, elasticity, impact resistance, anti-fouling, prevention of microbial growth, and anti-mist. It comes under the category of thermoplastics as it is made up of 57% of chlorine and 43% of carbon. It is not dependent upon non-sustainable resources like crude oil or natural gas. In comparison to plastics (such as PE, PP, PS, and PET) that are dependent on oil or gas, polyvinyl chloride (PVC) resin is considered to be more eco-friendly.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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.
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, MRFR 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, MRFR 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.
November 2022 DCW Ltd. expanded its Chlorinated Polyvinyl Chloride (CPVC) and Synthetic Iron Oxide Pigment (SIOP) capacity by investing $16 million.
October 2022, TotalEnergies and Valeo have announced an agreement to develop an innovative method for cooling electric vehicle batteries using a new high-performance dielectric liquid. This innovation not only improves the use of electric vehicles, but also reduces the carbon footprint.August 2022 Continental is to use BIOVYN, bio-attributed PVC, from INOVYN to produce its technical and decorative surface materials for its automotive customers. The agreement will help to reduce its carbon footprint and meet customer demand for sustainable bio-based products.
January 2021:Â Orbia planned to sell its PVC Unit due to demand constraints. However, the final decision on the divestment is yet to be officially revealed.
Polyvinyl Chloride Type Outlook
Polyvinyl Chloride Application Outlook
Polyvinyl Chloride End-Use Outlook
Polyvinyl Chloride Raw Material
Polyvinyl Chloride Regional Outlook
North America
Â
Europe
Â
Asia-Pacific
Â
Rest of the World
Middle East
Africa
Latin America
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)