Oct 2, 2020 9:00 PM ET
iCrowd Newswire – Oct 2, 2020
With the presence of a large pool of participants, the global PVC market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Axiall Corporation, Formosa Plastics Group, KEM one, Solvay S.A., Ineos Chlorvinyls Ltd, and Shin-Etsu Chemical Co. Ltd. are some of the key vendors of PVC across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the PVC market study.
Citing an instance, in July 2018, Shintech Inc., a leading manufacturer of PVC across the U.S., unleashed its plans of investing nearly US$ 1.49 billion for setting a new PVC manufacturing unit in Plaquemine, a city in the state of Louisiana. Reliable sources claim that the construction of the new plant at Plaquemine will create nearly 3000 jobs. Reportedly, the construction of the new production facility is projected to be completed either in late 2020 or in early 2021. The strategic move is likely to augment the growth of the U.S. PVC market.
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As estimated in this PVC market report, the global PVC market stood at US$ 57.06 billion in 2015. Witnessing a tremendous rise during the period from 2015 to 2021, the revenue in this PVC market is expected to reach US$ 78.90 billion by the end of the forecast period. The main products available in this PVC market are flexible PVC and rigid PVC. Among them, flexible PVC finds lucrative applications in medical equipment, signage, electrical cable insulation plumbing, and inflatable items. While rigid PVC is used across widows & door and construction sectors.
Escalating Product Application In Construction Sector To Boost Market Size
“Considerable product demand in construction activities, including window frames, pipe cabling, shutters, and coatings is anticipated to spur PVC market growth over the forthcoming years,” says the author of this PVC market study. Apart from this, exceptional fire retarding features of PVC are expected to generate slew of opportunities for the PVC market over the span of next few years. The product finds massive applications across automotive, packaging, and electrical & electronics sectors.
Thriving Construction Sector To Aid Asia Pacific Dominate Global Market
Geographically, Asia Pacific has been leading the worldwide PVC market and is anticipated to continue on the dominant position in the years to come, states the PVC market study. Rise in the number of construction activities witnessed in the countries such as India and China is the main factor behind the dominance of the Asia Pacific PVC market. For the record, APAC contributed over 52% towards global PVC market share during 2015 in terms of volume.
The global PVC market is segmented as follows:
- Rigid PVC (polyvinyl chloride)
- Flexible PVC (polyvinyl chloride)
- Pipes & fittings
- Wires and cables
- Film & sheets
By End User
- Electrical & electronics
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
To view TOC of this report – https://www.zionmarketresearch.com/toc/pvc-market
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Keywords: Gobal PVC Market