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Global Polyvinyl Chloride (PVC) Market - by End Use Industry, Product, and Region - Market Size, Demand Forecasts, Industry Trends and Updates (2018 - 2025)
Polyvinyl Chloride (PVC) Market - Segmented by End Use Industries, Products, and Region | Market Size, Growth, Drivers, Trends, Industry Structure and Forecasts, Competitive Intelligence, Company Profiles | MarkGenes
Polyvinyl Chloride is one of the widely produced polymers along with polypropylene, polyethylene, and PET. Its properties such as lightweight, resistance, high mechanical strength, makes it widely used in applications such as Packaging, Construction, Electrical, and Automotive
The global production of Polyvinyl Chloride resin is 44.3 MMT in 2018 and is estimated to reach 59.72 MMT by 2025, at a CAGR of 4.36% for the forecasted period. While, on the other hand, in terms of demand, the market is USD 59.1 billion in 2018 and would reach USD 88.63 billion by 2025 growing at a rate of 5.96% compounded annually.
Growth by Region
APAC leads the production market with more than 50% market share in 2018 followed by North America and Western Europe and is expected to dominate for the forecasted period as well. However, MEA is expected to be the fastest growing market for PVC at a CAGR of 5.9% for the period as a result of growth in end-use industries like Automotive, Construction, Electricals in Saudi Arabia, South Africa and others.
Growth by End Use industry
Construction, packaging, electrical are the major end-use industries of PVC accounting to more than 70% of the market share in 2018. The remaining market is from other industries like agriculture, automotive, and footwear. Construction industry leads the market with half of the share in 2018 while Electrical and Electronic industry is expected to be the fastest growing industry for the forecasted period.
Drivers vs. Constraints
Factors such as increasing spend in construction / infrastructure industry in emerging regions like APAC, and LATAM, growth in automotive industry are expected to drive the market. On the other hand, volatile raw material prices, stringent regulations particularly in North America and Europe limit the use of PVC. To overcome such challenges, companies are focusing on bio-based alternatives to PVC.
North America and Europe have high capacity utilization while, APAC has excess capacity. The weak demand in Europe has led to changes in the industry structure in terms of acquisitions, quitting the market, some companies selling their PVC units, etc. In Italy, the production of PVC ceased completely
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