Polyvinyl Chloride (PVC) Market Size to Rise USD 109.26 Bn By 2032

Published Date : 26 Apr 2024

The global polyvinyl chloride (PVC) market size surpassed USD 84.48 billion in 2023 and is expected to rise around USD 109.26 billion by 2032, expanding at a CAGR of 2.90% during the forecast period from 2023 to 2032. The market is significantly growing due to increased demand in the packaging, automotive, electrical, construction, and electronics industries.

Polyvinyl Chloride (PVC) Market Size and Growth Rate From 2023 to 2032

Market Overview

The polyvinyl chloride (PVC) market deals with the production of medical devices, wire & cables, pipes, and more, and this is a thermoplastic material. Polyvinyl chloride is utilized in various industries, such as building and construction, packaging, healthcare, household products, and others. It is also used in counter medications and clamshell packaging to protect medicines and personal care. The utilization of polyvinyl chloride is growing in these industries due to several advantages such as cost-effectiveness, multi-purpose capabilities, lightweight, tamper-proof, and versatility, which are leading to market growth.

Increasing the use of polyvinyl chloride in different industries fuels the market’s growth

The polyvinyl chloride (PVC) market is growing continuously due to its increased use in various industries. PVC is flexible, durable, and resistant to weathering. It is also known as a versatile material. In the automotive industry, PVC is utilized to make parts like sealants, floor modules, wire harnesses, hoods, and doors due to its corrosion-resistant and lightweight.

The electronics industry commonly uses PVC as an insulation and casing material for electronic devices, while due to its strength and low maintenance requirements, PVC is used in the construction industry for wood, rubber, metal, and glass. Also, in the packaging industry, PVC is used for making containers and bags due to its shatter resistance and recyclability, and it does not affect the taste of food. The growing demand for sustainable and cost-effective materials has also contributed to the market's growth, as PVC is one of the most recycled plastics globally.

However, the utilization of PVC can be a health concern because when PVC burns, it releases toxic hydrogen chloride gas and can be harmful to humans. This raised concerns among consumers and changed the consumer's need for eco-friendly items; the government also has strict rules related to the use of PVC. The use of PVC in food products is restricted due to health concerns and consumer demand for eco-friendly packing which can negatively impact the polyvinyl chloride (PVC) market growth.

Polyvinyl Chloride (PVC) Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 84.48 Billion
Projected Forecast Revenue by 2032 USD 109.26 Billion
Growth Rate from 2023 to 2032 CAGR of 2.90%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Top Companies in the Polyvinyl Chloride (PVC) Market

  • INEOS Group AG
  • Innospec (U.S.)
  • Kaneka Corporation
  • LANXESS (Germany)
  • LG Chem (South Korea)
  • Lubrizol Corporation (U.S.)
  • Mayzo, Inc. (U.S.)
  • 3M (U.S.)
  • Airtel Payment Bank
  • Arkema (France)
  • Dow (U.S.)
  • Avient Corporation (US)
  • Akzo Nobel N.V. (Netherlands)
  • Braskem S.A.
  • Chemplast Sanmar Limited (India)
  • Dorf Ketal Chemicals (I) Pvt. Ltd. (U.S.)
  • China National Chemical Corporation
  • Clariant (Switzerland)

Recent Development by INEOS Group AG

  • In December 2023, INEOS Group launched NEOVYN. It is a new PVC range that will meet the target of reducing carbon footprint by 2030.

Recent Development by Lubrizol Corporation

  • In June 2023, Lubrizol Corporation invested US$ 150 million in different projects that are taking place in India. The purpose of this investment was to set up a PVC resin plant in Vilayat.

Regional Insights

Asia Pacific dominated the polyvinyl chloride (PVC) market due to increased demand for durable and cost-effective materials; countries like China and India are the main players in the region, and growing urbanization or urban developments also lead to market growth. The construction industry is a major consumer of PVC, with the use of PVC pipes, roofing, and cladding becoming more prevalent due to their durability and cost-effectiveness. Along with that, the automotive sector in the Asia Pacific is also contributing to the growth of the PVC market, with PVC being used in the production of various automotive components due to its lightweight and corrosion-resistant properties. Asia Pacific is also focused on the development of a sustainable solution.

  • In March 2022, DBC Bank India and EaseMyTrio partnered to launch an environment-friendly green debit card.

North America is also growing the polyvinyl chloride (PVC) market due to increased demand for durable and cost-effective materials in different industries such as construction, automotive, and healthcare. In these industries, the utilization of PVC is very high, which increases the demand and grows the market. The region is also focused on technological advancement to produce alternative PVC that will not only be cost-effective and durable but also sustainable and eco-friendly.

Market Potential and Growth Opportunity

The development of advanced recycling technologies

The development of advanced recycling technologies represents a significant opportunity for the polyvinyl chloride (PVC) market. Due to increased environmental concerns, there is an increased demand for materials that are not only cost-effective and durable but also sustainable. Advanced recycling technologies can transform PVC waste into new products. Valuable materials like metals and plastics can be recovered from PVC waste and converted into new products using certain technologies. By making PVC more recyclable, these technologies can help reduce the market's environmental footprint, aligning with global sustainability goals. The development of advanced recycling technologies can produce new PVC products with enhanced properties, and due to consumer demand, companies also have the opportunity to produce eco-friendly and sustainable products.

The Polyvinyl Chloride (PVC) Market News

  • In October 2023, Tekni-Plex Healthcare launched PVC and TPE antimicrobial compounds for healthcare applications.
  • In July 2022, the UK launched the world’s first bioplastic vinyl record and reduced the need for highly toxic PVC.
  • In January 2023, Vinyl Institute launched the PVC recycling grant program, which is a first-of-its-kind, industrywide recycling grand program.
  • In Jun 2023, Researchers at Oregon State University (OSU) Engineering College received funding to develop a process for converting polyvinyl chloride into a wax that can be used as an adhesive for flooring and other products.
  • In August 2023, Airtel Payment Bank launched an r-PVC-based eco-friendly debit card for consumers with savings accounts in the bank. The company is promoting eco-friendly and sustainable practices within the financial industry.

Market Segmentation

By Type

  • Rigid PVC
  • Flexible PVC
  • Low-Smoke PVC
  • Chlorinated PVC

By Stabilizer Type

  • Calcium-based Stabilizers (Ca-Zn Stabilizers)
  • Lead-based Stabilizers (Pb Stabilizers)
  • Tin and Organotin-based (Sn Stabilizers)
  • Barium-based and Other Stabilizer Types (Liquid Mixed Metals)

By End Use

  • Construction
  • Electrical Cables
  • Automotive
  • Footwear
  • Transportation
  • Packaging
  • Other

By Application

  • Pipes & Fittings
  • Films & Sheets
  • Profiles & Tubes
  • Wire & Cables
  • Pastes
  • Bottles
  • Others 

By Raw Material

  • Ethylene dichloride
  • Acetylene

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