The global polyvinyl chloride market size is estimated to reach USD 70156.2 million by 2024 and is set to grow at a CAGR of 3.6% from 2024 to 2034. It is estimated that worldwide sales of polyvinyl chloride will total USD 100115.7 million by 2034, driven by the increasing application of PVC in the healthcare sector.
PVC flooring is affordable, durable, and easy to install, making it a popular choice for homeowners and businesses. The material’s corrosion resistance contributes to surging demand in various industries.
The construction industry is expected to surge the demand for polyvinyl chloride (PVC) products due to infrastructure development, urbanization, and renovations across the globe. PVC is gaining traction in various end-use industries due to high versatility and affordability.
There is a growing emphasis on sustainable practices in its manufacturing and use. This includes advancements in PVC formulations, recycling techniques, and the creation of eco-friendly PVC products.
PVC components are used in marine infrastructure and industrial applications due to their ability to withstand corrosion, moisture, and chemicals. The material has a high utilization in the healthcare industry due to its biocompatibility, ease of sterilization, and cost advantage.
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However, the industry faces challenges due to its reliance on oil and gas derivatives, environmental concerns, and regulations on PVC use and disposal. Companies are working on developing sustainable PVC formulations and addressing these challenges through responsible waste management and compliance with regulations.
Key Takeaways from the Market Report
- The polyvinyl chloride market is set to reach USD 100115.7 million by 2034 with a CAGR of 6%.
- By product type, rigid PVC is likely to dominate the polyvinyl chloride market with a value share of 2% in 2024.
- Based on end-use industries, building, and construction will likely account for a market share of 3% in 2024.
- The United States is anticipated to record a CAGR of 2% between 2024 and 2034.
- Germany is estimated to hold the leading position in Europe and show steady growth at a CAGR of 8% by 2034.
“Nations having ambitious plans for their infrastructure development are the prominent drivers pushing sales of PVCs around the globe,” says a lead analyst at Future Market Insights (FMI).
Who’s Winning?
The polyvinyl chloride industry is highly competitive, with key players like Formosa Plastics Corporation, Chinyang Chemical Co. Ltd, BASF SE, and Arkema S.A. developing bio-based plasticizers and compostable PVC formulations to reduce environmental impact and meet consumer demand for sustainable goods. These players are increasingly investing in innovative recycling technologies to reduce virgin materials and promote a circular economy. They are also focusing on developing unique PVC films with enhanced properties, promoting lead-free compounds, and focusing on minimizing production costs and maximizing resource usage in niche markets.
Leading Polyvinyl Chloride Brands
- Formosa Plastics Corporation
- Chinyang Chemical Co. Ltd
- BASF SE
- Arkema S.A.
- Ineos Chlorvinyls Ltd
- Saudi Plastic Products Company Ltd
- Occidental Petroleum Corporation
- Premier Polyfilm Ltd
- The Chemical Company
Industry Updates-
- Bharti Airtel, headquartered in New Delhi, in February 2024, partnered with IDEMIA to launch recycled PVC SIM cards.
- Phoenix Industries, headquartered in Colombo, in March 2024, re-launched their range of PVC product lines under a new Super PVC brand.
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Get More Insights into the Polyvinyl Chloride Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the polyvinyl chloride market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on product type (rigid PVC and flexible PVC), application (pipes and fittings, films and sheets, cables, and others), end-use industries (building and construction, electrical and electronics, automotive, packaging, medical and others), and region (North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa).
Key Segments of Market Report
By Type:
Based on type, the sector is divided into rigid PVC and flexible PVC.
By Application:
PVC has applications in pipes and fittings, films and sheets, cables, and others.
By End-use:
By end-use, the sector is segmented into building and construction, electrical and electronics, automotive, packaging, medical, and others.
By Region:
The polyvinyl chloride industry is spread across North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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