Polyvinyl Chloride (PVC) Market: KeyHighlights
· Theglobal polyvinyl chloride (PVC) market wasvalued at ~US$ 63 Bn in 2018, and is anticipated toexpand at a CAGR of ~4% from 2019 to 2027.PVC is used in packaging, owing to its excellent organoleptic properties. Itdoes not impart any taint or taste to foodstuff. The global packaging market isdriven by the rise in population, and growth in urbanization and trade.Globally, increasing online trade is further driving the demand for packaging.Products are also being consumed on-the-go. This is boosting the demand forfood service packaging and different sizes of packaging. In turn, this islikely to fuel the global packaging market, and thereby propel the polyvinylchloride market.
Key Drivers of Polyvinyl Chloride Market
· PVCoffers excellent electrical insulation properties, making it ideal for cablingapplications. It has good impact strength and is weatherproof, and is thusideal for usage in construction products. PVC has received approval from thefood contact and medical regulatory authorities in Europe. Therefore, polyvinylchloride is commonly employed in packaging in food and healthcare industries.
· Polyvinylchloride is easy to process, long lasting, tough, and light. Therefore, it isideal for usage in the building & construction industry. PVC consumes lessprimary energy during production as compared to other commodity plastics. Theunique properties of polyvinyl chloride are driving its demand in differentsectors such as construction, electrical & electronics, health care,footwear, and packaging.
Shift toward Eco-Friendly PVC to Offer AttractiveOpportunities
· Ethylene-vinylacetate (EVA) is the copolymer of ethylene and vinyl acetate. EVA is being usedsince several years, primarily in non-building materials, such as toys andathletic shoes. It is occasionally used as a protective film or binder. EVA iscommonly employed in footwear components, flexible hoses, automobile bumpers,toys and athletic goods, molded automotive parts, flexible packaging, andfilms. It is flexible, resilient, and tough at low and moderate temperatures,and also crack-resistant.
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Volatility in Prices of Raw Materials
· Theoperating rates for chlorine have been low across most parts of Asia Pacificsince the last few years due to production outages.
· Ethyleneis a major raw material used in the production of PVC. Volatility in the pricesof ethylene poses a challenge to the demand-supply curve. Volatility in theprices of raw materials such as chlorine and ethylene leads to considerablevolatility in the prices of PVC. The shift from conventional PVC toeco-friendly PVC such as EVA, PEVA, PVA and PVB is creating opportunities forthe polyvinyl chloride market.
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Asia Pacific Dominates PolyvinylChloride Market
· AsiaPacific is estimated to be a highly attractive region of the global polyvinylchloride market during the forecast period. The region accounted for a largeshare of the global polyvinyl chloride market in 2018. The PVCmarket in Asia Pacific is anticipated to expand at a rapid pace during theforecast period. The food & beverage industry in Asia Pacific is expandingat a rapid pace, owing to the high population in countries in the region. Thisis boosting the polyvinyl chloride market in Asia Pacific.
· NorthAmerica is projected account for a significant share of the global polyvinylchloride market during the forecast period. The residential sector is prominentin the U.S. The healthcare industry in North America has been transforming. PVCis widely used in surgeries in the healthcare industry, which is propelling thepolyvinyl chloride market in the region.
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Rigid Type Holds Major Shareof PVC Market
· Rigid isexpected to be a highly attractive segment of the polyvinyl chloride marketduring the forecast period. The segment accounted for a major share of thepolyvinyl chloride market in 2018. The rigid segment is anticipatedto expand rapidly during the forecast period. Rigid PVC is processed throughthermoplastic methods. It is non-flammable, and offers good dimensionalstability and resistance to weathering.
Top Three Players Accounted for Major Market Sharein 2018
· Prominentplayers operating in the global polyvinyl chloride market include Shin-EtsuChemical Co., Ltd., Formosa Plastics, Inovyn, ChemChina, Mexichem S.A.B. deC.V., Westlake Chemical Corporation, and Occidental Petroleum Corporation. Theglobal reach of these companies and their focus on a wide range of end-userindustries are responsible for their large share. Companies are engaged inefficient and well-developed planning and designing. They are investing in thedevelopment of new products that are eco-friendly and recyclable in order to meetcustomer requirements.
· ChemChinais one of the top three producers of polyvinyl chloride in China; however, thecompany’s production is based on coal. The production capacity of its four PVCsubsidiaries — Shenyang Chemical Co. (Shenyang, China), Dezhou Shihua ChemicalCo. (Dezhou, China), Hebei Shenghua Chemical Industry (Zhangjiakou, China), andHaohua Yuhang Chemical Co. (Jiaozuo, China) — collectively exceeds 1 MMt peryear of PVC and 1 MMt per year of caustic soda.
· On November28, 2016, Mexichem S.A.B. de C.V. acquired Vinyl Compounds Holdings Ltd., aleading U.K.-based manufacturer of technical polyvinyl chloride compounds thatprovides services to a wide range of industries such as building &construction, pipes & profiles, footwear, and consumer goods.
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