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Chlorinated Polyvinyl Chloride Market size to reach $5.5 Bn by 2032
- Published Date: March 15, 2023
Chlorinated Polyvinyl Chloride (CPVC) Market size is anticipated to surpass USD 5.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
Presence of strict regulatory compliance pertaining to fire safety in commercial and residential buildings is expected to positively influence the CPVC industry outlook. Rapid urbanization across the globe has increased the need for adequate fire safety materials and insulation products to ensure adherence to safety norms in corporate workplaces. Thus, the surging demand for fire safety tools and devices across commercial & industrial spaces, shipbuilding segments, gyms & workout centers, cabinets, and control rooms will offer lucrative business prospects for the chlorinated polyvinyl chloride market players.
The rising rate of fire accidents in residential and commercial buildings has emerged as a major concern as it results in heavy loss of life. To cite an instance, in India, more than 1.5 million fire accidents were reported in 2021. This scenario will emphasize the need for effective fire safety installations, thereby driving the industry trends.
Growing adoption of cost-effective solvent production methods to augment market growth
The solvent production process segment is projected to register over 11.5% CAGR from 2023-2032 owing to its increasing preference over distillation techniques. The solvent-based production process is gaining significant momentum as it provides quick action, easy operation & automation, lower energy consumption, and large production capacity. With the growing emphasis on reducing operational costs by limiting impact consumption and energy expenditure, several manufacturers are switching to solvent production procedures to make CPVC items.
Browse key industry insights spread across 200 pages with 319 market data tables & 30 figures & charts from the report, “Chlorinated Polyvinyl Chloride (CPVC) Market - By Production Process (Solvent, Solid Phase, Aqueous Suspension), By Application (Pipes & Fittings, Fire Sprinklers, Power Cable Housing, Adhesives & Coatings), By Region, Pricing Trend - Global Forecast to 2032”, in detail along with the table of contents:
Increasing preference over metal for superior characteristics to fuel application of CPVC components in fire sprinklers
The chlorinated polyvinyl chloride market revenue from fire sprinkler applications is estimated to reach USD 14.8 billion by 2032. CPVC pipes and other components are widely used in fire sprinkler systems across residential spaces and other light-hazard settings. As compared to metal, CPVC components are relatively cheaper with faster and safer assembly since they do not rely on heavy equipment or flame for welding or attaching parts together. Furthermore, CPVC pipes and fittings are approved by the National Fire Protection Association (NFPA) for use in standalone fire sprinkler systems.
Surging rate of construction spending may impede North America market revenue
North America accounted for more than 13% of the chlorinated polyvinyl chloride market share in 2022 due to the increasing number of construction activities across the U.S. and Canada. The U.S. houses one of the largest construction sectors in the world and is responsible for a spending of USD 1.4 trillion. The booming real estate sector and the rising investments in infrastructure development will propel the demand for CPVC in the region.
New partnerships and collaborations to define competitive landscape
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 are some of the leading companies in the global chlorinated polyvinyl chloride market. These participants are entering strategic agreements and partnerships to expand their production and reach a wider customer base.