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Flexible PVC Is Fastest Growing Segment Fueling Growth Of Polyvinyl Chloride Market

Polyvinyl Chloride (PVC) Market

The global Polyvinyl Chloride (PVC) Market is estimated to be valued at US$ 57.85 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Polyvinyl chloride or PVC is a versatile plastic material with outstanding mechanical and chemical properties. It has high strength, durability and resistance against moisture and chemicals. PVC is used in a wide range of applications such as pipes and fittings, flooring, window profiles, cables, shoes, credit cards and other consumer goods. Its high versatility, low cost and durability make it a preferred material for various industrial and consumer applications.

Market key trends:

One of the key trends in the PVC market is the increasing demand for flexible PVC from the automotive and construction industries. Flexible PVC has excellent weather resistance and low temperature flexibility. In the automotive industry, flexible PVC is used in interior and exterior automotive parts such as door panels, roof linings, dashboards, bumpers, and exterior body molding. In the construction industry, flexible PVC is utilized in window frames, roofing sheets, wall coverings, and flooring due to its moisture resistance. According to Flexible PVC Forum, flexible PVC comprised 20% of the global PVC demand in 2019 and is expected to witness the fastest growth during the forecast period due to its increasing applications in the automotive and construction industries.

Segment Analysis

The global PVC market is segmented based on form, end-use industry and region. By form, the market is divided into rigid PVC and flexible PVC. Rigid PVC dominates the market as it finds wide application in construction due to its properties such as durability, fire retardancy and resistance to moisture and chemicals. By end-use industry, the market is categorized into construction, automotive, electrical & electronics, packaging and others. The construction segment accounts for the largest share as PVC is extensively used in pipes, windows, doors and flooring.

Key Takeaways:

The Global PVC Market Growth is expected to witness high, exhibiting CAGR of 3.8% over the forecast period, due to increasing infrastructure development activities and growth of the automotive industry.

Regionally, Asia Pacific dominates the market and is expected to grow at the fastest rate owing to rapid industrialization and infrastructure development in countries such as China and India. The global PVC market size for 2023 is US$ 57.85 Bn.

Key players operating in the PVC market are ChemChina, Formosa Plastics Corporation, Ineos, Inner Mongolia Junzheng Energy & Chemical Group, Kem One, LG Chem, Occidental Petroleum Corporation, Orbia, SABIC, Shaanxi Coal and Chemical Industry Group Co. Ltd, Shin-Etsu Chemical Co. Ltd, Xinjiang Tianye Co. Ltd, Westlake Chemical Corporation, and Xinjiang Zhongtai Chemicals. Geographically, ChemChina dominates the Chinese market while Formosa Plastics Corporation leads the global PVC production.

Read More - https://www.trendingwebwire.com/polyvinyl-chloride-market-growth-and-outlook-analysis/

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