Asia-Pacific Polyvinyl Chloride Market (PVC) - Segmentation by Type, Application, End-User Industry and Geography - Growth, Trends and Forecast (2018 - 2023)
In 2017, the Asia-Pacific polyvinyl chloride (PVC) market was valued at USD 32,737.11million. The market is likely to register a CAGR of about 6.95% during 2018-2023 (the forecast period). The growing population, combined with the rising purchasing power of middle-class population in developing economies (such as India, South Korea, and ASEAN Countries), has boosted the demand for infrastructural projects (such as recreational centers, shopping malls, sophisticated health care centers, high-rise buildings (to cater the needs of high population in small areas), housing complexes, etc.
Soaring Demand from the Construction Industry
Asia-Pacific is likely to reinforce its position as the world's largest construction industry over the coming decade. The main areas of expected growth in the construction industry are transport, energy, social infrastructure, schools, hospitals, government accommodation, water resources, and defense infrastructure. In Asia-Pacific, the demand for PVC in the construction industry is expected d to grow at a significant rate during the forecast period. Rising living standards, which is driven by advances in services, industry, and agriculture, along with the need to develop infrastructure, are expected to boost PVC supplies in the construction industry.
Building & Construction – The Fastest Growing Segment by Usage
The building & construction segment accounts for the highest CAGR of over 5.48%, along with generating the largest revenue. The growth of the Indian PVC market is expected to be led by the rising construction of the much required residential units and the growing demand for PVC pipes and fittings in the agricultural sector, in order to bring in more area under cultivation. The Asia-Pacific construction sector is the largest in the world, and is increasing at a healthy rate. This growth pattern can be attributed to the growing population, rising middle class incomes, and urbanization. Owing to their business potential, countries, such as Indonesia, China, Malaysia, Singapore, and South Korea, have become hosts to numerous national and international events. Therefore, the construction activity has been growing rapidly in Asia-Pacific, which, in turn, is driving the demand for PVC market.
India to Lead the Market
The growth of the Indian PVC market is expected to be led by the rising construction of residential units and growing demand for PVC pipes and fittings in the agricultural sector. The growing demand for light-weight vehicles, with increased awareness regarding their fuel efficiency and environmental benefits, has affected the growth of the PVC market. Moreover, the ‘Make in India’ initiative taken by the government is expected to augment the electrical & electronics, automotive, footwear industries in the country, which, in turn, is likely to drive the Indian PVC market over the forecast period.
Notable Developments in the Market
February 2018: PolyOne Corporation started thermoplastic elastomer production in India.
December 2017: Formosa Plastics Corporation announced plans to hold seminars in India every year.
Major Players: Shin-Etsu Chemical Limited, Formosa Plastics, and Mitsui Chemicals Inc., amongst others.
Reasons to Purchase the Report
The impact of end-user applications on the market
Various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
The latest developments, market shares, and strategies that are employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in Excel)
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