March 1, 2024

Polyvinyl Chloride (PVC) Market Propelled by Increased Demand from Construction Industry

Polyvinyl chloride or PVC is a thermoplastic polymer which is widely used in construction applications such as pipes, windows, and profiles owing to its versatile properties such as durability, flexibility and corrosion resistance. PVC is cost effective alternative to traditional building materials and requires lower maintenance. Increasing infrastructure development activities across both developed and developing economies is driving the demand for PVC in applications such as piping, doors & windows profiles.

The global Polyvinyl Chloride (PVC) Market is estimated to be valued at US$ 55.73 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increased demand from construction industry

One of the major trends contributing to the growth of global PVC market is increased demand from the construction industry. PVC is increasingly being used in construction applications such as pipes, windows, doors and roofing due to advantages such as durability, flexibility, lightweight and resistance to moisture. According to U.S. Census Bureau, the total construction spending in United States is expected to grow at a rate of 6% annually during 2022-2026 period. Growing construction activities in regions such as Asia Pacific and Middle East due to rapid urbanization and industrialization will augment the consumption of PVC in construction applications over the forecast period.

SWOT Analysis

Strength: PVC is durable, weather resistant and cost effective. It is lightweight yet strong which makes it suitable for construction applications.

Weakness: PVC produces toxic fumes and pollutants when burnt. Production and disposal of PVC poses environmental hazards.

Opportunity: Growing construction industry in Asia Pacific is expanding the market for PVC in applications like pipes, fittings, windows etc. Development of bio-based and non-toxic PVC variants can address environmental concerns.

Threats: Strict environmental regulations around the usage and disposal of PVC. Emergence of alternatives like polyethylene which are environment friendlier.

Key Takeaways

The global Polyvinyl Chloride (PVC) market is expected to witness high growth. The global Polyvinyl Chloride (PVC) Market is estimated to be valued at US$ 55.73 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the global PVC market with a share of over 50% in 2023. Rapid urbanization and infrastructure growth in countries like China and India is driving the demand for PVC in construction applications. Europe and North America are also major markets for PVC owing to high ongoing construction activities.

Key players related content comprises

Key players operating in the Polyvinyl Chloride (PVC) market are Shin-Etsu Chemical Co., Ltd., Formosa Plastics Group, Xinjiang Zhongtai Chemical Co., Ltd., Braskem, Vinnolit GmbH & Co. KG, Xinjiang Tianye (Group) Co., Ltd., SABIC, Occidental Petroleum Corporation, Solvay, and Westlake Chemical Corporation.