Poly-Vinyl Chloride Global Market Report 2024

The poly-vinyl chloride market size has grown strongly in recent years. It will grow from $89.94 billion in 2023 to $97.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed during the historical period can be attributed to the contributions of the construction industry, the packaging sector, electrical and electronics applications, and automotive uses.

The poly-vinyl chloride market size is expected to see strong growth in the next few years. It will grow to $133.39 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to a focus on sustainability initiatives, the ongoing urbanization and infrastructure development, the adoption of renewable energy sources, and advancements in healthcare devices. Major trends expected in the forecast period include the use of recyclable and bio-based PVC, the development of phthalate-free formulations, the implementation of digital printing on PVC, and the incorporation of smart materials.

The growth of the PVC market has been significantly driven by increased demand from various industries such as construction, healthcare, and packaging. This growing need for PVC is expected to be a key driver for the market. PVC, known for its lightweight and robust characteristics, finds extensive use in the construction sector, including applications like pipes, windows, flooring, and roofing. The global construction output is projected to surge from $10.7 trillion in 2020 to $15.2 trillion by 2030, representing a 42% growth, as per Oxford Economics, a UK-based firm specializing in economic forecasting and analysis. This anticipated growth in construction activity is poised to have a positive impact on the PVC market. The increasing demand across industries like construction, healthcare, and packaging fuels the demand for PVC, further contributing to the growth of the PVC market.

The product types of PVC include rigid PVC, flexible PVC, low-smoke PVC, and chlorinated PVC. Rigid PVC is a robust, stiff, and cost-effective plastic material that is easy to fabricate and can be bonded using adhesives or solvents. PVC finds applications in various industries, including pipes and fittings, film and sheets, wire and cables, bottles, profiles, hoses and tubing, as well as other uses. The end-use industries that rely on PVC include building and construction, automotive, electrical and electronics, packaging, footwear, healthcare, and various other sectors.

The poly-vinyl chloride (PVC) market research report is one of a series of new reports that provides poly-vinyl chloride (PVC) market statistics, including poly-vinyl chloride (PVC) industry global market size, regional shares, competitors with a poly-vinyl chloride (PVC) market share, detailed poly-vinyl chloride (PVC) market segments, market trends and opportunities, and any further data you may need to thrive in the poly-vinyl chloride (PVC) industry. This poly-vinyl chloride (PVC) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The poly-vinyl chloride (PVC) market is expected to witness growth due to the increasing demand from the agriculture sector. The agriculture sector encompasses activities related to the production, cultivation, processing, and distribution of agricultural products. PVC pipes and fittings have found widespread use in irrigation systems, primarily due to their durability and resistance to corrosion, making them well-suited for transporting water from sources to agricultural fields. For instance, according to the Government Digital Service, in the UK, the agriculture sector contributed significantly to the economy, amounting to $13.67 billion in 2021, equivalent to 0.5% of GDP. This marked an increase of $1.1 billion, representing an 8.9% growth compared to 2020. Therefore, the increasing demand within the agriculture sector is a driving force behind the growth of the poly-vinyl chloride market.

The environmental consequences associated with PVC usage present challenges to the growth of the PVC market. Concerns arise from the emission of toxic fumes during PVC manufacturing, utilization, and disposal stages. The production of PVC involves a substantial consumption of chlorine gas, leading to the release of hazardous by-products throughout the PVC lifecycle. PVC is resistant to natural degradation, persisting in the environment for extended periods, contributing to global pollution. Due to the adverse environmental effects linked to PVC, several countries, including Canada, Spain, South Korea, and the Czech Republic, have imposed bans or restrictions on PVC packaging. Some U.S. cities, such as Rahway, NJ, and Glen Cove, NY, have also prohibited the use of PVC in food packaging or utensils. These environmental concerns act as a restraint on the growth of the Poly-Vinyl Chloride market.

Poly-vinyl chloride manufacturing companies are increasingly adopting innovative 'molecular orientation' technology to enhance the physical and mechanical properties of PVC. Molecular orientation is a manufacturing method that aligns the randomly arranged molecules in regular PVC in the same direction under specific conditions of pressure, temperature, and speed. This alignment enhances the strength and ductility of PVC pipes, leading to the creation of PVC-O pipes. For instance, Molecor utilizes molecular orientation to produce TOM PVC-O pipes, known for their resistance to low temperatures and high resistance to cracks or impacts.

Major companies operating in the poly-vinyl chloride market are focusing on innovation by introducing products like GreenVin polyvinyl chloride (PVC) to improve their market competitiveness. GreenVin PVC serves as a low-carbon alternative to conventional PVC and is used in various sectors, including building, healthcare, and automobiles. PVC, being a versatile thermoplastic polymer, has applications in construction, such as door and window profiles, drinking and wastewater pipes, wire and cable insulation, and more. GreenVin PVC can be used for similar purposes as traditional PVC, including cladding, windows, roofing, fencing, decking, wall coverings, and flooring.

In October 2021, Oldcastle Infrastructure, a U.S.-based infrastructure services provider, acquired National Pipe & Plastics Inc. The acquisition added a PVC pipe portfolio to Oldcastle Infrastructure's offerings, enabling the company to provide integrated solutions to its customers. National Pipe & Plastics Inc. is a U.S.-based PVC pipe manufacturing company.

Major companies operating in the poly-vinyl chloride market include Westlake Chemical Corporation, Shin-Etsu Chemical Co. Ltd., Ineos Group Limited, Formosa Plastics Corporation, Occidental Chemical Corporation, China National Chemical Corporation, Orbia Advance Corporation SAB de CV, Axiall Corporation, BASF SE, Mitsubishi Chemical Corporation, DuPont de Nemours Inc., LG Chem Ltd., Oxy Vinyls LP, Inovyn ChlorVinyls Limited, KEM ONE, Vinnolit GmbH & Co. KG, Kaneka Corporation, Hanwha Solutions Corporation, Teknor Color Company, Aurora Plastics LLC, Teknor Apex Company, Sylvin Technologies Inc., Benvic Europe SAS, Mexichem Specialty Compounds, Inc., Roscom Inc.

Asia-Pacific was the largest region in the polyvinyl chloride market in 2023. North America was the second-largest region in the global polyvinyl chloride market. The regions covered in the poly-vinyl chloride market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the poly-vinyl chloride market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The polyvinyl chloride (PVC) market consists of the sales of molecularly oriented polyvinyl chloride and modified polyvinyl chloride. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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