PVC Compound Market Report Overview
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global PVC Compound market size was USD 3939.6 million in 2021 and market is projected to touch 4770.39 Million By 2032, exhibiting a CAGR of 4.9% during the forecast period.
PVC compound is known to be the most versatile thermoplastic available in compounds. It comes in two types namely flexible and rigid. The rigid type is mostly used in construction and making pipes. Its other usage is in non-food packaging, plastic cards, food covering plastics, and plastic bottles. It can be made softer and be used in plumbing, electrical insulation imitation leather, and flooring and there are few places where it replaces rubber with cotton and linen products. It is also used in making canvases. Students use it for many projects and working models as well.
The increasing demand of PVC compounds around the world amongst end users is anticipated to bolster the PVC compound market growth. Developing countries have been witnessed to be the reason for the increased demand for this product in food packaging during the forecast period. It’s usage in construction and residential purposes is also boosting the market growth. These few factors have been driving the expansion of this market which is resulting in the increased PVC compound market share and revenue altogether.
COVID-19 Impact: Covid-19 Pandemic to Affect the Market Growth
The outbreak of coronavirus drastically affected the PVC compound market growth. To control the growing patient count many countries imposed lockdowns and restrictions on traveling as well. Industries like automotive, electrical, and construction use PVC compounds on a large scale. Due to restriction, the demand for this product declined and the whole production and supply chain was affected. These factors stunted the growth of this market share and revenue system. Post covid the industry is doing its best to rejuvenate the lost growth and work on the product in order to increase its demand across the globe.
Latest Trends
"Superior Quality and Growing Demand to Foster Market Development "
The PVC compound market is witnessed to be growing significantly during the forecast period as the market is working on the quality of the product so as to increase its durability and efficiency. This may increase the demand for PVC compound and might proliferate the market growth as well.
PVC Compound Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into non-plasticised PVC and plasticised PVC amongst which non-plasticised PVC is accounted for holding the most shares.
- By Application Analysis
Based on application, the market can be divided into pipe & fitting, profiles & tubes, wire & cable, film & sheet, others amongst which pipe and fitting segment is expected to hold the largest share in the market.
Driving Factors
"Increased Demand among End Users to Augment the Market Growth"
PVC compound market is anticipated to grow as the product demand is increasing the end users rapidly. The risen demand for food packaging in developing countries is expected to carve a growth path for this product. Its usage in commercial and residential purposes is also the reason for this market’s growth margin. Business expansion is another factor for the driving for this market. Furthermore, the PVC blood bags are quite known for their extended shell life and durability. All these factors have been expected to drive the market growth.
"Increased Consumption of Packaged Food Items to Proliferate the Market Growth"
People around the world consume packaged food in order to save time and energy, this increased consumption of packaged food items is increasing the demand for this product. It has been tested that this packaging material is quite durable and reliable to keep the food fresh and edible for a long time. These factors have also augmented the PVC compound market growth worldwide.
Restraining Factors
"Prohibitions to Restrain the Market Growth"
The most challenging restraining factor faced by this market is the replacement of PVC pipes with concrete and steel pipes. Various restrictions are being imposed on the usage of PVC compound as it is not environment friendly and causes a threat to the environment cycles. Prohibitions have declined the demand for this product. Many disruptions were witnessed in the production and supply-demand chain of this product. These factors result in the stunted growth of the PVC compound market.
PVC Compound Market Regional Insights
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"North America to Hold the Most Amount of Shares in the Market"
North American region dominates the global market in terms of shares. The U.S. area specifically is contributing to the development of the region in the market worldwide. The demand and production is in the largest scale in this region. As this region is developing rapidly, it is proportionally increasing the demand for this product as well which is resulting in the proliferation of this market’s growth in this region.
The European region is to be considered the second largest contributor to the global market share as this region is also growing rapidly. Asia Pacific to be attributed to the market share standing after Europe.
Key Industry Players
"Leading Players Adopt Acquisition Strategies to Stay Competitive"
Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- Westlake Chemical (U.S)
- Mexichem (Mexico)
- Aurora Plastics (U.S)
- Benvic Europe (France)
- INEOS Compounds (U.K)
- Vinyl Compounds (U.K)
- Teknor Apex (U.S.)
- Flex Technologies (U.S)
- Roscom (U.S)
- EMPOL/IFFCO (UAE)
- Cary Compound (U.S)
- S&E Specialty Polymers (U.S.)
- Sylvin Technologies (U.S)
- Konnark Polymer (India)
- Mazda Plastic (Singapore)
- Thevinyl (U.K.)
- ACTEGA (Germany)
- PolyOne (U.S.)
- Hanwha (Korea)
- Kingfa (China)
- Thai Plastics (Bangkok)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 3939.6 Million in 2021 |
Market Size Value By |
US$ 4770.39 Million by 2032 |
Growth Rate |
CAGR of 4.9% from 2021 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What CAGR is the PVC compound market expected to exhibit during 2024-2032?
The PVC compound market is expected to exhibit a CAGR of 4.9% over 22024-2032.
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Which are the driving factors of the PVC compound market?
Increased consumption of packaged food and increased demand amongst the end users are the major drivers for the PVC compound market growth.
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Which are the top companies operating in the PVC compound market?
Westlake Chemical (U.S), Mexichem (Mexico), Aurora Plastics (U.S), Benvic Europe (France) and INEOS Compounds (U.K) are the top operating companies contributing to the global PVC compound market share.
