PVC Market

Global Polyvinyl chloride (PVC) Market Size & Growth (2024 to 2032)

As per our analysis report, the global Polyvinyl chloride (PVC) Market size was valued at USD 41.83 billion in 2023, and the global market is expected to reach USD 71.27 billion by 2032 from USD 44.38 billion in 2024, growing at a compound annual growth rate (CAGR) of 6.1 % during the forecast period.                                                  

MARKET OVERVIEW

The call for Polyvinyl chloride (PVC) in construction applications remains strong due to its cost-effectiveness, resistance to chemical corrosion, and durability. The escalating use of unplasticized PVC as a substitute for painted wood in frames and sills will drive construction calls during the foreseen period. The main driver in Asia-Pacific is the increase in infrastructure construction activity. This, combined with the entry of the main European Union construction players into a lucrative market in countries such as China, has further fueled the expansion of this industry.

MARKET TRENDS

The polyvinyl chloride market has grown significantly in recent years and is predicted to grow at a rapid pace over the next five years mainly due to the rising call in the Asia-Pacific region and the economic viability of products based on polyvinyl chloride. Asia-Pacific is the largest market and consumes more than half of the total PVC called worldwide. The market is mainly employed for the manufacture of various products that serve the construction and packaging industry in the region, and the two end-user industries are predicted to drive the market with the electrical industry as well.

MARKET DRIVERS

The call for polyvinyl chloride in consumer applications such as furniture, clothing, footwear, and sportswear will present an immense opportunity in the near future due to its low cost and relative resistance to water, leather, and rubber. The increase in disposable income in the emerging economies of Brazil, China, and India has been a major driver of the call for consumer applications in the electrical and electronics industry. North America accounted for 13.4% of the total market share in terms of revenue in 2023. The economic recession in the United States has slowed the expansion of the construction and automotive industries, leading to a decline in calls for PVC in recent years. However, the recovery of these industries is predicted to propel the market to a significant expansion rate. The segment of the construction will represent 15% of the PVC march in North America in 2023. The economic slowdown affects negatively the automotive march and the construction of the United States and Canada, which will enter the culture from the market. One of the main expansion factors of the studied market is the escalating use of PVC in the automotive industry. The growing call for construction and the growing applications in the healthcare sector have also contributed significantly to the expansion of the PVC market.

MARKET RESTRAINTS

The shortage of raw material supply, due to the closure of facilities and the increase in prices of various products, is likely to hamper the expansion of the PVC market in the coming years.

MARKET OPPORTUNITIES

Market expansion in Europe is driven primarily by the escalating penetration of PVC in application markets such as construction, electricity and electronics, and consumer products. The PVC market expansion in the region can be attributed to the rising call in Russia and Turkey. The call is mainly driven by escalated construction activities in these countries. The predominant use of PVC in energy and electronics is also predicted to drive market expansion during the foreseen period. The growing call for consumer products in the region is also a contributing factor to the expansion of the global polyvinyl chloride market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Polyvinyl Chloride (PVC)Market By Application

Construction activities are predicted to expand mainly in emerging Asia-Pacific, Latin America, and Middle East countries due to escalating call for better infrastructure due to rising GDP, escalating urbanization, and rapid industrialization. Construction calls has reached a saturation point in North America and Europe; therefore, the expansion rate should be negligible. PVC is employed for packaging purposes such as medical device and device packaging, bottle sleeves, and packaging of electronic and other consumer products. The growing packaging industry, mainly the plastic packaging industry, is predicted to show a positive outlook. China and India are the main producers of packaging worldwide; paving the way for further penetration in the region. India is one of the leading suppliers of packaging products in the Middle East region. In addition, emerging economies such as Brazil and South Africa are likely to become packing centers, creating many opportunities for manufacturers in the region. Escalating sales of prepared meals have led to a growing call for packaging, which will drive the call for polyvinyl chloride. Additionally, non-food packaging applications such as e-packaging are likely to contribute to expansion.

REGIONAL ANALYSIS

Asia-Pacific currently consumes the highest amount of polyvinyl chloride, more than half of the total worldwide consumption.

In 2023, among all countries, China dominated the market for polyvinyl chloride with the maximum volume consumption of PVC. Europe is the second largest market and is experiencing considerable expansion, driven by an escalating call for PVC products in Turkey and Russia. Consumption of polyvinyl chloride in the right-of-way regions is quite fragmented and is predicted to increase at the highest CAGR during the foreseen period. Asia-Pacific became the leading region and accounted for 58.1% of worldwide volume in 2023.

It generates the highest expansion of the Southeast Asian countries due to the expansion of business activities, and low and high investment in the manufacturing industry. Countries like Indonesia and Vietnam have become Southeast Asian food production centers requiring the establishment of manufacturing facilities. The Middle East and Africa are predicted to be one of the fastest-growing regions due to the growing call for construction activities in countries such as Qatar, the United Arab Emirates, and Saudi Arabia. Economic expansion in Africa has led to the expansion of the consumer sector, which in turn is predicted to drive market expansion. Escalated disposable income in countries such as Brazil and Mexico is predicted to drive expansion in the consumer and electrical and electronics industries, which in turn is predicted to drive expansion in the industry during the foreseen period.

KEY PLAYERS IN THE GLOBAL PVC MARKET

INEOS (U.K.), Solvay S.A. (Belgium), Kem One (France), Vinnolit GmbH & Co. KG (Germany), Xinjiang Zhongtai Chemical Co. Ltd (China), Shin-Etsu Chemical Co. Ltd (Japan), Formosa Plastics Group (Taiwan), Occidental Petroleum Corporation (U.S.), AXIALL Corporation (U.S.), Mexichem S.A.B. (Mexico) are some of the notable companies in the global PVC market.

RECENT DEVELOPMENTS IN THE PVC MARKET

Lukoil starts the production of polyvinyl chloride in Karpatneftekhim. Karpatneftekhim, a member of the LUKOIL group located in Kalush (Ukraine), has started the industrial production of polyvinyl chloride (PVC) suspension.

DETAILED SEGMENTATION OF THE GLOBAL POLYVINYL CHLORIDE (PVC) MARKET INCLUDED IN THIS REPORT

This research report on the global polyvinyl chloride (PVC) market has been segmented and sub-segmented based on application and region.

By Application

• Construction
• Consumer Goods
• Packaging
• Electrical &Electronics
• Transportation

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa