Polyvinyl Chloride (PVC) Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Market is Segmented by Product Type (Rigid PVC, Flexible PVC, Low-smoke PVC, and Chlorinated PVC), Stabilizer Type (Calcium-based Stabilizers, Lead-based Stabilizers, Tin and Organotin-based Stabilizers, and Barium-based and Other Stabilizers), Application (Pipes and Fittings, Films and Sheets, Wires and Cables, Bottles, Profiles, Hoses and Tubings, and Other Applications), End-user Industry (Building and Construction, Automotive, Electrical and Electronics, Packaging, Footwear, Healthcare, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The Report Offers Market Size and Forecast for Polyvinyl Chloride (PVC) in Volume (kiloton) for the Above Segments.

Market Snapshot

PVC Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %
 PVC Market Key players

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Market Overview

The polyvinyl chloride (PVC) market was valued at more than USD 40,000 million in 2021, and it is expected to register a CAGR of over 4% during the forecast period (2022-2027).

The COVID-19 outbreak resulted in an economic crisis worldwide. The demand for PVC is directly linked with a country's GDP. In 2020, COVID-19 drastically impacted the global economy. Globally, the major PVC-consuming industries, like automotive, electrical and electronics, and building and construction, were severely affected by the COVID-19 pandemic. Disappointing results from the systems and chips output led to a slowdown in the production of mobile phones, consumer electronics, PCs, servers, etc. At the beginning of 2020, the 5G launch was expected to drive the whole electronics market forward, which was disrupted by the pandemic.

  • Over the medium term, PVC’s dominant position in the construction industry and the increasing applications in the healthcare industry are likely to drive the PVC market.
  • Other than the COVID-19 impact on the growth of various end-user industries, the environmental and health hazards during the production, usage, and disposal of PVC are projected to hinder the market’s growth.
  • The accelerating usage of PVC in electric vehicles is projected to act as an opportunity for the market in the future.
  • PVC applications in building and construction dominated the overall end-user industry by volume (kiloton).
  • In 2021, Asia-Pacific dominated the PVC market during the forecast period.

Scope of the Report

Polyvinyl chloride (PVC) is a high-strength thermoplastic material widely used in various applications, such as pipes and fittings, films and sheets, wires and cables, bottles, profiles, hoses, and tubings. PVC-based pipes and fittings accounted for a major application share by volume and value, followed by profiles, hoses, and tubing. The market is segmented by product type, stabilizer type, application, end-user industry, and geography. The polyvinyl chloride (PVC) market is segmented by product type into rigid PVC, flexible PVC, low-smoke PVC, and chlorinated PVC. The polyvinyl chloride (PVC) market is segmented by stabilizer type, which contains calcium-based stabilizers, lead-based stabilizers, tin- and organotin-based stabilizers, and barium-based and other stabilizers. The market is further segmented by applications, including pipes and fittings, films and sheets, wires and cables, bottles, profiles, hoses and tubings, and other applications. The market is segmented by end-user industries, like building and construction, automotive, electrical and electronics, packaging, footwear, healthcare, and other end-user industries. The report also covers the market size and forecast for the polyvinyl chloride market in 16 countries across major regions. The market sizing and forecast for each segment are given by volume (in kiloton).

Product Type
Rigid PVC
Clear Rigid PVC
Non-clear Rigid PVC
Flexible PVC
Clear Flexible PVC
Non-clear Flexible PVC
Low-smoke PVC
Chlorinated PVC
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)
Application
Pipes and Fittings
Film and Sheets
Wire and Cables
Bottles
Profiles, Hoses, and Tubings
Other Applications
End-user Industry
Building and Construction
Automotive
Electrical and Electronics
Packaging
Footwear
Healthcare
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from the Building and Construction Industry

  • PVC is strong, lightweight, durable to weathering, rotting, chemical corrosion, and abrasion, versatile, and easy to use, as it can be cut, shaped, welded, and joined in any style. These characteristics make it ideal for many applications, such as pipes, windows, flooring, and roofing.
  • PVC flooring has certain benefits, such as durability, freedom of aesthetic effects, ease in installation, cleaning, and recyclability. Thus, PVC flooring has been used over the years. PVC is also used in roofing in the building and construction industry. It is used for its low-maintenance requirements and long-lasting nature (more than 30 years).
  • The increasing infrastructure construction activities are the major driver in Asia-Pacific, the Middle East, and North America.
  • China has the largest construction market globally, encompassing 20% of all construction investments. According to the National Bureau of Statistics of China, in 2020, the construction industry in China generated an added value of approximately CNY 7.3 trillion.
  • The United States has one of the world’s largest construction industries. ​However, the residential construction declined in 2020 due to COVID-19, which affected the PVC market.
  • In 2021, according to the US Census Bureau, the total value of residential housing during April 2020-2021 was USD 217,30 million, up by 21.8%, compared to USD 178,362 million for FY 2019-2020. This trend is expected to continue during the forecast period.​
  • All such factors are expected to boost the PVC market at a moderate rate during the forecast period.
PVC Trends

Asia-Pacific to Dominate the Market

  • China has the largest electronics production base. It offers tough competition to the existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, witnessed the highest growth in the consumer electronics segment of the market.
  • The medical device market in China is one of the fastest-growing sectors. Private hospitals in the country are fewer, and the procurement of healthcare products is majorly driven by large public hospitals, leading to increasing usage of medical devices in public hospitals. Such factors drove the demand for polyvinyl chloride (PVC) in the sector.
  • In 2020, the health expenditure was ~CNY 7.2 trillion, accounting for ~7.1% of the country’s GDP. The medical device market in China has witnessed strong growth due to a growing number of hospitals and the increasing demand for medical assistance.
  • The Government of India is taking several measures to promote the country's domestic electronics manufacturing industry and exports. For instance, India’s exports of electronic goods were valued at USD 11.7 billion in FY 2021. In May 2021, exports of electronic goods were valued at USD 950.17 million. This growth in electronic products in the country is likely to propel the demand for polyvinyl chloride (PVC) in the electronic industry over the forecast period.
  • The Indian healthcare market may increase three-fold to INR 8.6 trillion (USD 133.44 billion) by 2022. In Budget 2021, India’s public expenditure on healthcare stood at 1.2% as a percentage of the GDP.
  • Such factors are expected to boost the polyvinyl chloride (PVC) market in the Asia-Pacific region.
PVC Growth rate

Competitive Landscape

The polyvinyl chloride market is highly fragmented among the top five players. The top companies have focused on providing better materials for various end-user industries. Major manufacturers of PVCs are Formosa Plastics Corporation, Shin-Etsu Chemical Co. Ltd, Westlake Chemical Corporation, INEOS, and Xinjiang ZhongtaiChemical Co. Ltd.

Recent Developments

  • In January 2021, Shintech announced a capital investment of USD 1.25 billion to bolster its integrated PVC business, Shin-Etsu Chemical Co. Ltd, which will further boost the production capacity of Shintech Inc., its US subsidiary. Shintech’s PVC production capacity is expected to reach 3.62 million metric ton per year.
  • In January 2021, Orbia planned to sell its PVC Unit due to demand constraints. However, the final decision on the divestment is not officially revealed.
  • In October 2020, AGR resin of Xinjiang Zhongtai Chemical Fukang Energy Company successfully passed the National Standard Project Evaluation. AGR resin is a special anti-scour polyvinyl chloride resin developed due to the disadvantage of the low impact strength of universal polyvinyl chloride resin. It is a modified polyvinyl chloride resin.
  • In July 2020, KEM ONE partnered with Polyloop to develop PVC recycling. This partnership will result in the combination of their skills and expertise to develop new PVC recycling solutions at the Balan site.
  • In February 2020, INEOS and UPM Biofuels announced a long-term agreement to supply a renewable raw material for new and innovative bio-attributed polymers produced at INEOS Köln, Germany. The world’s first commercially available bio-attributed PVC uses the residue from wood pulp manufacturing.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Dominant Position in the Construction Industry

      2. 4.1.2 Increasing Applications in the Healthcare Industry

    2. 4.2 Restraints

      1. 4.2.1 Unfavorable Condition Arising Due to the Impact of COVID-19 Outbreak

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Rigid PVC

        1. 5.1.1.1 Clear Rigid PVC

        2. 5.1.1.2 Non-clear Rigid PVC

      2. 5.1.2 Flexible PVC

        1. 5.1.2.1 Clear Flexible PVC

        2. 5.1.2.2 Non-clear Flexible PVC

      3. 5.1.3 Low-smoke PVC

      4. 5.1.4 Chlorinated PVC

    2. 5.2 Stabilizer Type

      1. 5.2.1 Calcium-based Stabilizers (Ca-Zn Stabilizers)

      2. 5.2.2 Lead-based Stabilizers (Pb Stabilizers)

      3. 5.2.3 Tin and Organotin-based (Sn Stabilizers)

      4. 5.2.4 Barium-based and Other Stabilizer Types (Liquid Mixed Metals)

    3. 5.3 Application

      1. 5.3.1 Pipes and Fittings

      2. 5.3.2 Film and Sheets

      3. 5.3.3 Wire and Cables

      4. 5.3.4 Bottles

      5. 5.3.5 Profiles, Hoses, and Tubings

      6. 5.3.6 Other Applications

    4. 5.4 End-user Industry

      1. 5.4.1 Building and Construction

      2. 5.4.2 Automotive

      3. 5.4.3 Electrical and Electronics

      4. 5.4.4 Packaging

      5. 5.4.5 Footwear

      6. 5.4.6 Healthcare

      7. 5.4.7 Other End-user Industries

    5. 5.5 Geography

      1. 5.5.1 Asia-Pacific

        1. 5.5.1.1 China

        2. 5.5.1.2 India

        3. 5.5.1.3 Japan

        4. 5.5.1.4 South Korea

        5. 5.5.1.5 Rest of Asia-Pacific

      2. 5.5.2 North America

        1. 5.5.2.1 United States

        2. 5.5.2.2 Canada

        3. 5.5.2.3 Mexico

      3. 5.5.3 Europe

        1. 5.5.3.1 Germany

        2. 5.5.3.2 United Kingdom

        3. 5.5.3.3 Italy

        4. 5.5.3.4 France

        5. 5.5.3.5 Spain

        6. 5.5.3.6 Rest of Europe

      4. 5.5.4 South America

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 Rest of South America

      5. 5.5.5 Middle-East and Africa

        1. 5.5.5.1 Saudi Arabia

        2. 5.5.5.2 South Africa

        3. 5.5.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share** Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 ChemChina

      2. 6.4.2 Formosa Plastics Corporation

      3. 6.4.3 Ineos

      4. 6.4.4 Inner Mongolia Junzheng Energy & Chemical Group

      5. 6.4.5 Kem One SaS

      6. 6.4.6 LG Chem

      7. 6.4.7 Orbia

      8. 6.4.8 Occidental Petroleum Corporation

      9. 6.4.9 SABIC

      10. 6.4.10 Shaanxi Coal and Chemical Industry Group

      11. 6.4.11 Shin-Etsu Chemical Co. Ltd

      12. 6.4.12 Tianye Group

      13. 6.4.13 Westlake Chemical Corporation

      14. 6.4.14 Xinjiang Zhongtai Chemical Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Accelerating Usage in Electric Vehicles

    2. 7.2 Increasing Emphasis of Using Recycled PVC

**Subject to Availability

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Frequently Asked Questions

The Polyvinyl Chloride (PVC) Market market is studied from 2017 - 2027.

The Polyvinyl Chloride (PVC) Market is growing at a CAGR of >4% over the next 5 years.

The Polyvinyl Chloride (PVC) Market is valued at 45069 Million USD in 2017.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Westlake Chemical Corporation, Ineos, Shin-etsu Chemicals Limited, Formosa Plastics Corporation, Xinjiang Zhongtai Chemical Co. Ltd are the major companies operating in Polyvinyl Chloride (PVC) Market.

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