Global polyvinyl chloride resins market share is anticipated to grow exponentially over 2021-2027. This is a result of the myriad usage advantages of the material, such as abrasion resistance, good mechanical strength, and light weight, making it suitable for building and construction applications. The rising popularity of polyvinyl chloride thermoplastic resins and their adoption across a plethora of end-use industries such as packaging and automotive will further stimulate industry growth in the coming years. PVC resin refers to a thermoplastic resin manufactured by the polymerization of the vinyl chloride monomer and is composed of 57% chlorine and 43% carbon. Based on appearance and flexibility, PVC is categorized into two categories namely rigid PVC and flexible PVC.
Significant economic recovery from the COVID-19 pandemic and the commendable increase in sales of packaged consumer goods will bolster polyvinyl chloride resins market trends over 2021-2027. Due to the emergence of PVC as a favorable packaging material owing to its high durability and barrier protection, the consumption of packaged products will generate opportunities for market growth in the years ahead. In addition, the rising number of emergency room visits and the subsequent increase in the need for blood donations are also likely to influence material adoption, as PVC blood bags are known for their improved shelf life and durability.
Based on type, the polyvinyl chloride resins market from the flexible PVC resin segment will record commendable revenue by 2027. This is a result of the product’s strong application scope in electrical and pharmaceutical industries, due to non-toxicity, stability, and excellent insulation, among other attributes. In addition, the surging residential construction activities in countries including the United States will further drive segmental growth, given the usage of this type of resin for the insulation of electrical wires as well as in home flooring.
North America polyvinyl chloride resins market is projected to gain remarkable traction by 2027, on account of the growing investment in healthcare in the U.S. According to data from Centers for Medicare & Medicaid Services, the country’s healthcare spending is set to reach $6.2 trillion, as well as account for over 20% of the GDP by 2028. Such factors will amplify polyvinyl chloride resin production for use in disposable medical devices like flexible tubing. Likewise, the acceleration of auto vehicle output at U.S. factories will drive the resin demand, given its deployment in automotive underbody coatings, sealants, and other applications.
Major players in the polyvinyl chloride resins market include Mitsubishi Chemical Corporation, Reliance Industries Ltd., DuPont, Hanhwa Chemical Corporation, Finolex Industries Ltd., DCM Shriram (Sumant Investments Pvt Ltd), BorsodChem (Wanhua Industrial Group), Mexichem, Sinopec Group (China Petrochemical Corporation), SABIC (Saudi Aramco), LG Chemical, Shin-Etsu Chemical, SCG Chemicals, Occidental Petroleum, INEOS Group, Solvay, and Formosa Plastics, among others. These companies are focusing on new product launches, mergers, and acquisitions to expand their business footprint in the competitive market.
For instance, in April 2021, LG Chem announced plans to start the production of sustainable materials at its cracker and polymerization plants in Yosu and Iksan, following the attainment of ISCC-Plus certification on products, including polyvinyl chloride.
The second wave of the novel coronavirus outbreak has led to a near washout of sales for the automotive industry. As auto dealers and manufacturing facilities were forced to close down during the peak of the pandemic, the purchase of new vehicles collapsed. These factors have asserted a negative influence on the polyvinyl chloride resins industry, as PVC is used extensively for production of dashboards and automotive body parts. Nonetheless, the robust demand for consumer electronics may help the industry recover at a significant pace over the foreseeable future, given the increasing usage of this material in coatings for computer wires and cables.