The global Polyvinyl Chloride (PVC) Market is projected to reach USD 79.11 billion by 2020 and is expected to grow with attractive CAGR of 5.0% over the forecast period. The decreasing dependability of PVC on non-renewable resources such as crude oil and natural gas as compared to other synthetic polymers is expected to drive the market growth. The demand for PVC in medical devices and automobiles owing to its characteristics such as high corrosion resistance, low price, workability, and effectiveness is expected to fuel market growth.
Polyvinyl
chloride (PVC) is the third most widely produced synthetic plastic polymer
globally after polypropylene and polyethylene. PVC is available in two forms,
namely rigid and flexible. The rigid PVC has its application in bottles, doors
& windows, non-food packaging, and construction of pipes. The flexible PVC
is used in insulation of electrical wires and in the flooring of hospitals, homes,
schools and areas where sterility is required.
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The
attributes of the product such as resistant to alkalies & chemicals,
resistivity to deformation, good tensile strength and easy availability contribute
to the market growth. In addition, PVC is highly used for insulation of
electrical cables in low and medium voltage applications owing to its high
dielectric constant and volume resistivity.
The
economic recession of 2009 resulted in a sharp decline in the demand of PVC on
account of its effects on major application industries including electronics
& electrical, transportation and construction. The application of the
product in 3D printing, injection molding, and CNC machining is limited on
account of its emission of toxic & corrosive gases while melting.
PVC
is highly flammable and emits hydrogen chloride (HCl) while burning thereby
rendering it hazardous for the environment and restricting its use in
applications with the risk of fire hazard. The diversified characteristics of
the product enable its recycling for over five times, which increases it
overall lifespan to around 140 years.
The
increasing infrastructure and construction spending in the developing markets
of Latin America and Asia Pacific are likely to drive global PVC demand. The
fluctuating prices of raw materials together with the strict regulations in
North America and Europe restrict the use of PVC to medical applications only.
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Application Insights
The
major applications of PVC include electrical & electronics, construction,
transportation, and consumer packaging. The product is used for car interiors
such as dashboards and door panels owing to its high durability. In addition,
PVC has its applications in the automotive industry as underbody coatings,
sealants, floor modules, wire harnesses, passenger compartment parts and
exterior parts on account of its inexpensive nature and abilities to reduce the
vehicle weight and providing improved flexibility in designing.
Construction
segment accounted for over 55.7% of the global market volume in 2013. The
global events such as Summer Olympics and FIFA World Cup led to the increase in
the construction spending in the BRICS nations which is likely to propel PVC
demand in the industry.
The
consumer applications including footwear, sportswear, and appliances contribute
to over 12.0% of the global market volume in 2013. The wide use of PVC in
footwear and clothing on account of its water resistance and inexpensive nature
as opposed to rubber and leather is expected to bolster market growth over the
forecast period.
The
demand for PVC in electrical and electronics segment is expected to witness the
fastest growth as opposed to its counterparts. This growth can be attributed to
the increasing demand in the electronics market in Taiwan, China, and South
Korea, which in turn is anticipated to fuel the demand of PVC over the forecast
period.
Regional Insights
Asia
Pacific emerged as the leader by contributing to over 58.1% of the global market
volume in 2013. The infrastructural development and growth of the construction
market in economies such as India, Indonesia and China owing to competent
prices coupled with low labor cost is expected drive PVC market demand in the
region.
Europe
is expected to account for the second largest market share contributing to over
18.9% of the global PVC market volume in 2013. The rising demand for the
product in Turkey and Russia is expected to drive the European market growth.
The
demand for PVC in the Middle East & Africa is expected to witness the
fastest growth as opposed to its counterparts at a CAGR of over 5.9%. The
growth of the key end-use industries including electrical & electronics,
automotive, and construction in South Africa and Saudi Arabia is likely to have
a positive impact on the regional PVC demand.
Competitive Insights
The
key players in the industry are Shin-Etsu Chemical Co. Ltd., Xinjiang Zhongtai
Chemical Co. Ltd, Formosa Plastics Group, LG Chem, Axiall Corporation,
ChemChina, Mexichem S.A.B., Westlake Chemical Corp., BASF, Ineos Chlorvinyls
Ltd., Georgia Gulf Corp., Sinopec Group, Arkema S.A., Tianjin Bohai Chemical,
OxyVinyls, Vinnolit GmBH & Co., Solvay S.A., and KEM One.
Market Segment:
Global Polyvinyl Chloride Application
Outlook (Volume, Million Tons; Revenue, USD Million, 2012 - 2020)
• Construction
• Consumer Goods
• Packaging
• Electrical & Electronics
• Transportation
• Others
Global Polyvinyl Chloride Regional
Outlook (Volume, Million Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Central & South America
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