PVC market for construction
PVC (Polyvinyl Chloride) is one the most widely used plastics. It is produced by polymerisation of the monomer vinyl chloride and is lightweight, has good mechanical strength, abrasion resistance, and toughness. It is used in construction, packaging, and the automotive and electrical industries.
The global PVC market has accelerated as a result of significant growth in the building and construction segments in the Asia Pacific and Latin America, as well as huge growth in the automotive industry, emerging demand of plastic film and sheets, and rising demand from the packaging industry. However, the growth in 'green' buildings is expected to have an adverse impact on the market.
The global PVC market was valued at USD 57.06 billion in 2015 and is expected to reach USD 78.90 billion in 2021, growing at a CAGR of 5.6%. In terms of volume, the global PVC market stood at 43,662.0 kilotons in 2015.
Pipes and fittings, wires and cables, film and sheets, bottles and others are the major application categories of PVC. Pipes and fittings was the leading segment of the market and is expected to maintain its dominance throughout the forecast period. Based on type, PVC market is categorised as; rigid polyvinyl chloride and flexible polyvinyl chloride.
The PVC market is segmented by end users as; automotive, electrical and electronics, construction, packaging, and others. The construction segment held the largest market share in 2015. Growth in the automotive sector is expected to drive the demand for PVC in that segment.
Asia-Pacific was the largest market for PVC due to the rapidly growing building and construction industry, accounting for more than 52% of the market in 2015. Europe is the second largest market for PVC, followed by North America. The Middle East and Africa is expected to witness significant growth in the forecast period due to investments in infrastructure in GCC countries. Latin America is expected to show noticeable growth rate during the forecast period.
The key players in the global PVC market include; Occidental Petroleum Corporation, Shin-Etsu Chemical Co. Ltd, Xinjiang Zhongtai Chemical Co. Ltd., Formosa Plastics Group, INEOS , Solvay S.A., Mexichem S.A.B., Kem One , Vinnolit GmbH & Co. KG and AXIALL Corporation amongst others.
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