According to a report by Grand View Research, Inc.; the global polyvinyl chloride (PVC) market is projected to reach USD 79.11 billion by 2020. Growing requirement for cost effective and durable construction and consumer products is anticipated to drive the market over the forecast period (2012 to 2020). Polyvinyl chloride possesses effective properties such as chemical resistance, water resistance, and durability. These properties are likely to fuel its demand as a raw material in numerous industrial applications. This factor can further boost the global market in near future.
High demand for polyvinyl chloride to manufacture consumer goods such as footwear and clothing attributed to low cost and water resistance can fuel market growth. Increasing use of PVC in construction products such as fencing, cables, pipes, and landfill liners is expected to augment growth of the market in the forthcoming years. Growing adoption in electrical wires and cables owing to superior insulation properties can further spur the expansion of the polyvinyl chloride market during the forecast period (2012 to 2020).
Full research report on polyvinyl chloride (PVC) market analysis:
However, growing health concerns coupled with stringent regulatory policies against the use of PVC compounds attributed to the presence of diethylhexyl phthalate (DEHP) can hinder growth of market. In addition, health issues related to medical grade polyvinyl chloride and its compatibility are anticipated to encourage the use of alternative polymers such as polyethylene and polymethyl methacrylate (PMMA) in medical devices. This factors may further restrict the market expansion over the forecast period.
The worldwide polyvinyl chloride market can be segregated on the basis of application and region. Based on application, the market can be categorized into consumer goods, transportation, packaging, construction, electrical and electronics, and others. In 2013, the construction segment dominated the market and accounted for around 55.7% of total market share in terms of volume. It is expected to be the largest application segment in the forthcoming years. High demand for advanced infrastructure facilities attributed to rapid industrialization and urbanization can fuel construction activities in several countries of Asia Pacific and Middle East region.
In addition, the packaging segment can witness impressive growth during the forecast period. This growth can be attributed to rising use of polyvinyl chloride in packaging of medical devices and apparatus. In addition, the use of PVC to pack electronic items and other consumer products can positively influence the market development in the forthcoming years.
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The transportation segment is estimated to display substantial growth during the forecast period owing to increasing use of PVC in automobile interior and flooring. Thermal insulation and acoustic properties of PVC coupled with its durability and workability can fuel product demand. In addition, rising use of PVC to make aircraft components such as air ducts, seat parts, window shades can also bode well for the growth of the polyvinyl chloride market during the forecast period.
Based on region, the PVC market can be classified into Asia Pacific, Europe, North America, Middle East & Africa, and Central & South America. In 2013, Asia Pacific dominated the market and accounted for nearly 58.1% of overall market share in terms of volume. High investments in manufacturing sector, weak currency, and increasing trade activities are expected to fuel market growth in Southeast Asian countries. Vietnam and Indonesia are likely to be the food production hubs of Southeast Asia and would require manufacturing facilities. High demand for PVC products as raw materials to create such facilities is anticipated to propel regional growth in the forthcoming years.
The Europe market for polyvinyl chloride is expected to grow well during the forecast period. Rising construction activities demanding electrical and electronics products are likely to stimulate development of the regional market. In addition, high demand for consumer goods can also impel regional market growth during the forecast period.
The Middle East & Africa market is projected to display significant growth during the forecast period. This expansion is attributed to rising number of construction activities in countries such as UAE, Qatar, and Saudi Arabia. In addition, economic growth in Africa can also augment growth of the consumer sector, which in turn, can spur the polyvinyl chloride market in the forthcoming years.
The Central and South America region is expected to witness steady growth owing to increasing disposable income in countries such as Mexico and Brazil. High demand for consumer goods and electrical and electronic products can further foster regional market growth during the forecast period.
Some of the leading companies offering polyvinyl chloride are BASF, Axiall Corporation, Shin-Etsu Chemical Co. Ltd., Mexichem S.A.B., and Formosa Plastics Group.
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