Industry Insights
Global
polyvinyl chloride (PVC) market is expected to register considerable growth
owing to increasing demand for rigid PVC in applications such as tubes, pipes
and fittings. Increasing construction spending in emerging markets such as
Brazil, China and India is expected to fuel the market growth over the forecast
period. Increasing application of PVC in automotive and medical devices may
positively impact the market over the next six years.
PVC is widely
used to manufacture pipes, wires, sheets, films, cables and bottles which find
application in various end-use industries such as building & construction,
electrical & electronics, transportation and packaging. Over the last few
years, the market has witnessed downturn in demand owing global recession of 2009
which impacted the growth of critical industries such as construction,
transportation and electronics.
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Furthermore,
the global recession had an impact on the prices of PVC which faltered due to
low demand in major markets such as North America and Europe. Recovery of
end-use industries in North America and Europe is expected have a positive
impact on the market. Civil unrest in Middle East has hindered the crude oil
prices which adversely affected feedstock prices. Fluctuating raw material
prices have resulted in volatility in PVC prices. Rising environmental concerns
regarding presence of phthalate plasticizers and low degradation rate of PVC
pose threat to the market. However, increasing R&D for development of
bio-based PVC is expected to hold opportunities for market participants.
Application
Insights
Application
segments analyzed in the report include construction, packaging, electrical
& electronics, consumer goods and transportation. Increasing use of PVC by
car manufacturers to produce car interiors and vinyl flooring is expected to
drive its demand in automotive applications. PVC has been widely used in pipes,
tubes, cables & wires and fittings. Construction was the largest
application segment for PVC market and accounted for over 55% of the market
volume in 2013. Growth of infrastructure sector in emerging markets and Middle
East has been a major driving factor for the rise demand for rigid PVC in
construction applications.
Low cost and
superior water resistance of PVC compared to leather and rubber make it an
ideal material to be used in consumer goods such as clothes and footwear.
Consumer segment accounted for 12.6% of the total market share in 2013 to
emerge as the second largest application segment. The growth in demand for
consumer applications can be attributed to rising disposable income in emerging
markets of Asia and South America. Electrical & electronics is expected to
be the fastest growing application at an CAGR of 5.4% from 2014 to 2020.
Growing electronics industry in South Korea, Taiwan and China is expected to
fuel the market growth over the forecast period.
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Regional
Insights
Asia Pacific
was the largest regional market for PVC and accounted for over 55% of the total
market volume in 2013. Rising demand for PVC in the region can be attributed to
increasing construction spending in China and India. Apart from being the
leading electronics producer, China is also one of the largest electronics
consumers. Growth of electronics industry in China along with South Korea and
Taiwan is expected to fuel the market growth in Asia Pacific over the forecast
period. Middle East & Africa is anticipated to witness significant growth
rate over the forecast period. Increasing construction spending in Middle
Eastern markets such as Qatar, UAE, Saudi Arabia and Oman is expected to drive
the demand for PVC in the region.
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