Global polyvinyl chloride (PVC) market is anticipated to reach $115.6 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
For the uninitiated, polyvinyl chloride is a vinyl chain polymer and is one of the most highly produced synthetic commodity chemicals. The worldwide PVC market is primarily driven by its increasing demand in some of the swiftly growing end-use industries like electrical & electronics, automotive, building & construction, and packaging.
Polyvinyl chloride is produced in two grades, comprising rigid and flexible and can be used for an array of purposes. Applications of rigid polyvinyl chloride comprise bottles, pipes, credit cards, door & window frames, and other non-food packaging. On the other hand, the applications of flexible polyvinyl chloride include wires, sheets, cables, films, pipes, profile, sidings, and fittings.
As per the report, the rising global population paired with the rise in disposable incomes has resulted in the growth of several end-use industries which are the primary users of polyvinyl chloride. The construction boom across the world has primarily augmented the demand for rigid polyvinyl chloride. Increasing demand for consumer electronics also proliferates the need for polyvinyl chloride in the electronics industry. The demand for lightweight and modernized automotive parts further propels polyvinyl chloride market growth.
Technological advancement is an important factor responsible for the flourishing growth in the PVC industry. Advancements have led to technologies like modified PVC, oriented PVC, PVC-M, and PVC-O which are used across a wide range of applications. This vertical has also observed technical developments pertaining to reducing harmful emissions. Noteworthy developments include 99.45% decrease in lead additives and 90% adherence with the PVC market Energy and Greenhouse Gas Emissions Charter.
In terms of geographical development, Asia Pacific is the dominant regional market for polyvinyl chlorides. PVC demand in the region is mainly fueled by increased consumption from India, China, Vietnam, Thailand, and Indonesia. Meanwhile, North America and Western Europe are the two mature markets for PVC.
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The United States is the largest exporter of polyvinyl chloride where the offshore PVC industries have remained an important outlet for the U.S. producers due to its low-cost position that offers them an edge over shipping competitiveness worldwide. Moreover, these two geographies have an almost similar market size with subdued capacities, cites the report.
The competitive landscape of the global polyvinyl chloride market includes well-known multinationals such as Formosa Plastics Corporation, China National Chemical Corporation, Mexichem SAB de CV, SABIC (Saudi Arabia Basic Industries Corporation), Occidental Petroleum Corporation, INOVYN, LG Chem, Saudi Plastics Products Company Ltd., and Shin-Etsu Chemical Co. Ltd. The growth strategies employed by these companies include new product launch and collaborations with other market leaders in order to innovate and introduce new products that meet the growing consumer demand.
The report also delivers a comprehensive analysis of the polyvinyl chloride market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of grade type, application type, end-use type, and regional landscape is also included in the report. Additionally, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.