Synthetic and Bio Polyvinyl Chloride (PVC) Market Size, Potential Industry Outlook Report, Regional Analysis (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Price Trends, Application Development, Competitive Landscape & Forecast, 2016 - 2023
Report ID: GMI321
Global polyvinyl chloride (PVC) market size was estimated at over 38 million tons in 2015 and is likely to reach more than 58 million tons by 2023, with CAGR gains of over 5%. Polyvinyl chloride market revenue is anticipated to exceed USD 80 million by 2023.
Construction was the largest application and accounted for more than 53% of the PVC market size in 2015. Electrical & electronics application is likely to be the fastest growing, with an estimated CAGR of over 5.2% up to 2023. Growth of Taiwan & Chinese electronics industry is anticipated to favor high growth rates for this particular application.
Asia Pacific PVC market was the dominant region and accounted for over 58% of the total volume in 2013. China and India PVC market price trends are expected to remain competitive in the long run. Middle East is likely to witness highest gains with an estimated CAGR of over 5.8% up to 2023 owing to growth construction & automobile industry particularly in Saudi Arabia.
Rapid urbanization has resulted growth in construction spending particularly in Asia Pacific. It is used in applications such as windows, tubes, pipes, cables & wires and fittings. Characteristics such as strong, durable, versatile and lightweight characteristics make it ideal for use in window profiles. It can be used for different effects and colors and are often used as an alternative to wood frames. British construction regulatory bodies such as The Building Research Establishment (BRE), Green Guide to Specification and The British Fenestration Ratings Council (BFRC) have recognized it for window frame applications in residential and commercial buildings. This factor is likely to favor polyvinyl chloride market growth.
Increase in automobile production is likely to favor PVC market growth. Automobile industry is witnessed to grow in Thailand, Indonesia, China, South Korea and India. Key uses include interior door panel & pocket, instrument panels, seat & floor coverings, sun visors, mud flaps, anti-stone damage protection and protective strips.
They are used to manufacture cable for electronics & electrical industry owing to its properties such as flexibility, inherent flame retardation and ease of installation. PVC cables are not witnessed to harden & crack over time and finds use in applications from telecommunication to electric blankets.
They are also used in applications such as healthcare, sports and packaging. Flexible PVC is used to manufacture blood storage bags which can store blood longer and safer. Healthcare application also utilizes it to make artificial skins, containers, endotaracheal tubing, surgical & examination gloves and inhalation masks.
Growing environmental concerns owing to release of carbon footprints into the atmosphere is likely to challenge industry participant’s growth. Investments in research to develop bio products are likely to open up opportunities for PVC market growth.
In 2007, Solvay Indupa, an affiliate of Solvay, had announced to enter bio-based PVC market, with route of ethylene partially derived from sugarcane and the chlorine content derived from brine. A plant of 120 kilo tons per year of bio PVC capacity was envisioned with keeping in mind Latin America as the initial target market. However, due to the recent announcement of rise of bio polyethylene costs by Braskem gave rise to uncertainty of the project initiation.
There are recent developments of renewable based modifiers and bio plasticizers market, which are phthalate-free flexible vinyl compounds and help in reducing carbon footprints. Metabolix has developed renewable based modifier based on bio PHA (polyhydroxyalkanoate) copolymers offering enhanced processing and toughening. Companies such as BioVinyl, Galata Chemicals and Tcknor Apex Co. have developed plasticizers which are phthalate free based on renewable content. Application development and competent pricing will be critical to bio PVC market prenetration.
Asia Pacific dominated demand owing to growth of end-use industries such as electronics, automotive and construction. Increasing disposable income coupled with population expansion particularly in countries such as China and India is likely to favor demand in Asia Pacific. Europe was the second largest consumer and is expected to be driven by demand in countries such as Turkey and Russia. North America is likely to witness steady growth rates over the forecast period.
Global PVC market share is fragmented and is characterized by the presence of domestic and multinational companies across the value chain. Key companies include BASF, Formosa Plastics, Solvay, Arkema S.A and LC Chem. Other prominent companies include Axiall Corp, Shin-Etsu Chemical Co., Georgia Gulf Corp, Ineos Chlorvinyls Ltd., Sinopec group and KEM One.
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