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.

Comments

Post a Comment

Popular posts from this blog

Blowing Agents in Action: Enhancing Sustainability and Performance in Modern Engineering

Image
  Blowing Agents: Unleashing the Power of Expansion in Materials Blowing agents are a remarkable class of chemical compounds that play a pivotal role in various industries, revolutionizing the way materials are manufactured and utilized. These agents are essential additives employed to induce controlled expansion in materials, leading to the creation of diverse products with unique properties and applications. From lightweight foams in packaging to insulating materials and beyond, blowing agents have become indispensable in modern manufacturing processes. 1. Understanding Blowing Agents: Blowing agents are substances designed to generate gas when subjected to specific conditions, such as heat, pressure, or chemical reactions. The produced gas forms bubbles within the material matrix, resulting in a cellular structure with reduced density. This cellular structure not only imparts lightness to the material but also enhances its thermal and acoustic insulation properties. 2. Versatil...
Read more

Multi-Depth Corrugated Box Market Trends 2023 - Industry Insights, Competition Analysis, Growth Rate and Forecast by 2030

Image
  A multi-depth corrugated box is a type of shipping or storage box that has the ability to be adjusted to different depths, allowing for greater flexibility and efficiency in packaging and shipping. This type of box is made of corrugated cardboard, which consists of a fluted layer sandwiched between two flat layers. Multi-depth corrugated boxes are typically made with a series of perforations or scores that allow the box to be easily adjusted to different depths. For example, a box with a height of 10 inches might have perforations at 2-inch intervals, allowing it to be adjusted to a depth of 2 inches, 4 inches, 6 inches, 8 inches, or 10 inches, depending on the specific needs of the user. The advantages of using multi-depth corrugated boxes include reduced inventory costs, improved packing efficiency, and better use of storage space. By using a single box that can be adjusted to different depths, businesses can reduce the number of different box sizes they need to stock and simp...
Read more

Acid Pickling Roll Market Growth Accelerated by Adoption of Anti-Rust Acid Pickle Rolls

Image
  Acid pickle rolls help remove scale, rust or oxide films from metallic surfaces and accurately prepare them for subsequent processing such as coating or plating to improve corrosion resistance. The demand for acid pickling rolls have increased in various end-use industries such as automotive, oil & gas, marine, energy, and general engineering to enhance product durability. The global Acid Pickling Roll Market is estimated to be valued at US$ 1,167 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: The growing adoption of anti-rust acid pickling rolls to increase product lifespan across various corrosion prone industrial applications has accelerated the growth of the acid pickling roll market. Acid pickling rolls equipped with advanced rust removal properties efficiently prepare metallic surfaces and ensure long term corrosion protection. Major mar...
Read more