Polyvinyl chloride (PVC) is a thermoplastic polymer, which is also referred to as polychloroethylene. PVC is produced by polymerization of vinyl chloride monomer. It is widely used in various end-use industries, owing to its high mechanical and hardness properties.
Increasing adoption of polyvinyl chloride in various end-use industries particularly in automotive and construction is a major factor driving growth of the global polyvinyl chloride market. In addition, production of plastic films and sheets is another factor anticipated to fuel growth of the target market over the forecast period.
Substitute of polyvinyl chloride pipes is a major factor challenging growth of the global polyvinyl chloride market. In addition, environmental regulations for use and disposal of plastics is another factor projected to hinder growth of the global market to a significant extent over the forecast period. Manufacturing of cost effective bio-based polyvinyl chloride is anticipated to create lucrative opportunities for prominent players in the market.
The global market is segmented on the basis of end-use industry, and region. On the basis of end-use industry, the global market is segmented into construction, automotive, electrical & electronics, packaging, and others such as healthcare, footwear, and transportation.
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On the basis of region, the global polyvinyl chloride market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific accounted for highest share in terms of revenue in the global market, owing to increasing adoption of polyvinyl chloride in construction industry in emerging economies such as China and India. Also, the market in Asia Pacific is expected to register highest CAGR over the next ten years. The market in Europe is also projected to witness significant growth over the forecast period.
Prominent players in the global market include Shin-Etsu Chemical Co., Ltd., Formosa Plastics Corporation, U.S.A., Occidental Petroleum Corporation, INEOS Group Ltd., Solvay S.A., Westlake Chemical Corporation, Mexichem S.A.B. de C.V., Vinnolit GmbH & Co. KG, Xinjiang Zhongtai Chemical Co., Ltd., and PolyOne Corporation.