Home > Polymers, Specialty Chemicals & Advanced Materials > Chlorinated Polyvinyl Chloride (CPVC) Market
Chlorinated Polyvinyl Chloride Market size valued at USD 1.5 billion in 2022 and is poised to register over 12% CAGR from 2023 to 2032. Increasing number of construction activities worldwide will drive business growth.
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The swiftly expanding construction sector across the globe is expected to foster lucrative demand for CPVC. Hefty investments across developed countries such as the U.S., and Canada for new construction activities, repair of buildings & roads, as well as building maintenance will complement the chlorinated polyvinyl chloride market outlook. In 2022, the construction sector in the U.S. accounted for 10.2% of the nation's GDP while employing over seven million people. Several economies are also ramping up regional and international collaborations to strengthen infrastructure development.
|Market Size in 2022:||USD 1.5 Billion|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||12%|
|2032 Value Projection:||USD 5.5 Billion|
|Historical Data for:||2018 to 2022|
|No. of Pages:||200|
|Tables, Charts & Figures:||349|
|Segments covered:||Production Process, Application, and Region|
|Pitfalls & Challenges:|
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The availability of various product alternatives such as PVC could restrain the CPVC industry outlook. Polyvinyl chloride (PVC) has similar characteristics and yet is relatively cheaper as compared to CPVC. Besides being priced at a low-cost, the material offers excellent reliability in low-pressure and temperature conditions. Additionally, unlike CPVC, polyvinyl chloride pipes do not require skilled professionals and are easy to install without the need for expensive welders, further ensuring cost cutting.
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The pipes & fittings application is anticipated to exhibit nearly 12.5% growth rate up to 2032 led by the increasing strides in residential and commercial construction. Recent breakthroughs in material science have led to the development of advanced CPVC materials for pipes and fittings. CPVC pipes are widely used to transport hot water owing to their ability to withstand extreme temperatures from 93°C to 115°C without softening or deteriorating. They are also used for plumbing and HVAC systems across industrial units where corrosion resistance is crucial. CPVC pipes are also gaining significant momentum in chemical manufacturing to transport hazardous chemicals and hot corrosive fluids.
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Aqueous suspension method will capture approximately 69% of the chlorinated polyvinyl chloride market share by 2032 on account of increasing deployment by businesses such as Sekisui, Lubrizol, and PolyOne. The aqueous suspension method is extensively used as a CPVC synthesizing procedure since it provides high-quality CPVC products. However, the growing awareness regarding the environmental impacts of large volumes of toxic acid liquid waste may hamper the adoption of the procedure. Nonetheless, the ongoing advancements to introduce novel methods for the development of CPVC products will positively influence the industry dynamics.
Asia Pacific chlorinated polyvinyl chloride market is estimated to reach USD 32.5 billion by 2032. Lately, APAC countries are experiencing significant population shift from rural to urban areas, propelling the need for robust housing developments. According to the National Institution for Transforming India (NITI Aayog), India’s urban community is projected to add another 416 million people to its cities by 2050, with the urban population accounting for 50% of the country’s population. Several governments are thus accelerating urbanization and construction activities in the region.
Some of the leading companies in the chlorinated polyvinyl chloride market include Lubrizol Corporation, KEM ONE, Novista Group, Jiangsu Tianteng Chemical Industry, BASF SE, Sekisui Chemical, Hangzhou Electrochemical Group Co., Ltd., Kaneka Corporation, Avient Corporation, and Shandong Xiangsheng New Materials Technology. These firms are employing strategic mergers and deals to expand their geographic footprint.
The COVID-19 crisis had a negative impact on the CPVC industry with the sudden drop in the demand for CPVC pipes, fittings, and other products. The emergence of the pandemic resulted in a halt across several industrial, commercial, and manufacturing activities as governments worldwide imposed stringent lockdowns, forcing businesses to cease operations. For instance, the demand for CPVC pipes across the construction sector reduced dramatically owing to the widespread shutting down of construction activities. the chlorinated polyvinyl chloride market also experienced significant challenges due to soaring raw material costs, shortage of labor, and unprecedented supply chain disruptions.
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