The global Polyvinyl Chloride (PVC) Market Growth Accelerated by Increased Use in Construction Industry

 

Polyvinyl chloride, also known as PVC, is a versatile plastic polymer that can be molded into different shapes. It is used to manufacture a variety of construction materials like pipes, doors, and windows frames owing to its durability and resistance to corrosion. The global construction industry has picked up the pace with increasing investments in infrastructure projects around the world. This has augmented the demand for PVC as it is widely used in construction applications.

The global Polyvinyl Chloride (PVC) Market is estimated to be valued at US$ 55.73 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends driving the growth of the PVC market is increased spending on infrastructural projects across both developing and developed economies. Majority of the developing nations are focusing on upgrading their existing infrastructure as well as constructing new roads, bridges, railways, and buildings. For instance, the Indian government introduced the Infrastructure Vision 2025 aimed at improving connectivity and infrastructure development across the country. Such large-scale construction activities generate substantial demand for PVC due to its excellent durability and cost-effectiveness. The rising infrastructure expenditures are expected to accelerate the consumption of PVC globally during the forecast period.


Segment Analysis
The global polyvinyl chloride (PVC) market is dominated by the pipes and fittings segment. Pipes and fittings account for over 30% of the total PVC demand globally due to their versatile properties such as durability, corrosion resistance, and flexibility. PVC pipes require less maintenance and have longer lifespans compared to traditional construction materials like concrete or metal pipes. This has resulted in widespread adoption of PVC pipes for potable water supply, sewage and drainage, and irrigation. Windows and doors is another major segment in the PVC market owing to increased use of PVC profiles in window frames and doors for their excellent insulation and weather resistance properties.

Key Takeaways

The global polyvinyl chloride (PVC) market is expected to witness high growth over the forecast period. The global Polyvinyl Chloride (PVC) Market is estimated to be valued at US$ 55.73 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

Asia Pacific currently dominates the PVC market and is projected to maintain its lead through 2030. Growing construction activities and infrastructure development projects in China, India, Indonesia, and other Asian economies are driving the demand for PVC in pipes and fittings applications in the region.

Key players operating in the polyvinyl chloride (PVC) market are Formosa Plastics Corporation, Shin-Etsu Chemical Co. Ltd., Ineos Group Ltd., LG Chem, Mexichem S.A.B. de C.V., Westlake Chemical Corporation, Occidental Petroleum Corporation, SABIC, Reliance Industries Limited, and Xinjiang Zhongtai Chemical Co. Ltd. Major players are focusing on capacity expansions and backward integration strategies to gain a competitive advantage in the market. For instance, Formosa Plastics Corporation is constructing a new PVC plant in Point Comfort, Texas with an annual production capacity of 600,000 tonnes to cater to the growing North American market.

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