Global Polyvinyl Chloride Market (PVC) - Segmentation by Type, Application, End-User Industry and Geography - Growth, Trends and Forecast (2018 - 2023)
The global polyvinyl chloride market was valued at USD 58,337.65 million in 2017 and is expected to expand at a moderate CAGR of 5.28% during the forecast period (2018-2023). The demand for PVC market is rising, owing to its increasing usage and demand for high performance plastics. The demand for high-performance, low-cost PVC materials is also increasing in the medical and healthcare industry for manufacturing devices, such as tubes, containers, syringes and others, replacing the conventional materials used earlier in manufacturing of such devices.
High Performance Plastics to Reduce Vehicle Weight and Enhance Fuel economy
The corporate average fuel economy standard has forced manufacturers, in the automotive industry, to develop vehicle designs that incorporate high-performance plastic materials. The focus on minimizing carbon emission and enhancing fuel economy, by reducing the weight of a vehicle, has given PVC the impetus as a lightweight material for manufacturing automobiles. It has been estimated that a 10% reduction in vehicle weight, results in approximately 5 to 7% rise in fuel savings. It is anticipated that over the next decade, plastics will account for about 20% of the average vehicles weight, up from current 14% share.
Building and Construction Industry – The Fastest Growing Segment by Usage
PVC pipes have been used in building and construction for over 60 years, as they offer valuable energy saving during production, low-cost distribution, and a safe, maintenance-free lifetime of service. The main areas of expected growth in construction market are transport, energy, social infrastructure, schools, hospitals, government accommodation, water resources, and defense infrastructure. The Asian market provides market opportunities for this segment as the government plans to provide a clean environment and housing for all, which includes a significant focus on the sanitation facilities for the people, which further increases the demand for PVC market.
Asia-Pacific to Lead the Market
Asia-Pacific will retain its position as the world's largest construction market. China is expected to lead the global construction market by 2020 due to shift in focus of the manufacturing industry from the United States towards Asia and China. Also, the abundance of cheap labor supported the Chinese manufacturing sector. China has planned many infrastructural development projects, such as, the One Belt One Road initiative and infrastructural projects, such as, the development of airport (new Beijing airport), 30,000 km of high speed rail covering, which is expected to cover more than 80 cities, and 60% of urbanization ratio with permanent residents. Furthermore, the Chinese automotive industry is the largest market, globally, and the electrical & electronics market has been growing at a higher rate, which will also drive the PVC market.
February 2017: Solvay has completed the divestment of its 58.77% stake in Vinythai PCL to Japanese company AGC Asahi Glass (AGC)
Major Players: Shin-Etsu Chemical Company, Formosa Plastics, Westlake Chemical Corporation, Inovyn(Ineos) and Chemone, amongst others.
Reasons to Purchase this Report
To understand the impact of end-user industry on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Region expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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