Global Polyvinyl Chloride (PVC) Market Expected to Reach USD 115.6 Billion by 2026 according to a new report published by Polaris Market Research. Polyvinyl chloride is a vinyl chain polymer and is one of the largest produced synthetic commodity chemicals. The global PVC market id majorly driven by its high demand in some of the rapidly growing end-use industries such as electrical & electronics, building & construction, automotive, and packaging.
Polyvinyl chloride is manufactured in two grades, which include rigid and flexible and are have versatile applications globally. Some of the rigid polyvinyl chloride applications include door & window frames, pipes, bottles, credit cards, and other non-food packaging. Wires, cables, sheets, films, profile, pipes, fittings, and sidings are some of the applications for flexible polyvinyl chloride.
Rising global population in tandem with the increase in disposable incomes has led to growth of many end-use industries that are high consumption areas for polyvinyl chloride. Growing construction industry has mainly projected growth for rigid polyvinyl chloride. Massive demand for consumer electronics products increased the demand of polyvinyl chloride in electronics industry. Modernized and lightweight automotive products have also led to steady growth in the consumption of polyvinyl chloride.
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Technological developments are also a crucial factor for the flourishing growth of PVC industry. Modified PVC, PVC-M, oriented PVC, and PVC-O are the result of technical advancements and are used across a wide array of applications. This industry has also witnessed technical developments in terms of controlling harmful emissions. A significant result in this arena includes 99.45% reduction in lead additives and 90% compliance with the PVC Industry Energy and Greenhouse Gas Emissions Charter.
Asia Pacific is the most popular regional market for the polyvinyl chlorides. This regional demand is mainly driven by increased consumption from China, India, Indonesia, Vietnam, and Thailand. China became the world’s largest PVC importer around 1990s and as a result massive investments in the vinyl capacities and has huge capacities in excess today.
Western Europe and North America are the two mature markets for the polyvinyl chloride. The United States is the largest exporter of PVC where the offshore PVC markets have remained a significant outlet for the U.S. producers on account of its low-cost position that provides them an edge of shipping competitiveness globally. These two regions have almost similar market size with subdued capacities.
Global polyvinyl chloride market comprises of large number of multinationals and regional players. Some of the major companies include China National Chemical Corporation, Formosa Plastics Corporation, Occidental Petroleum Corporation, Mexichem SAB de CV, INOVYN, Saudi Plastics Products Company Ltd, LG Chem, SABIC (Saudi Arabia Basic Industries Corporation), and Shin-Etsu Chemical Co. Ltd.