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Albany, New York, Oct. 03, 2019 (GLOBE NEWSWIRE) -- A recent report by Transparency Market Research talks gives a detailed insight about the overall working dynamics of the global polyvinyl chloride (PVC) market. As per the research report, the polyvinyl chloride (PVC) market will exhibit a CAGR of around 4% during the given forecast period of 2019 to 2027. With this rate of growth the polyvinyl chloride (PVC) market is estimated to reach a valuation that will be worth US$88 Bn by the fall of 2027. This growth in valuation is a considerable one given the initial market valuation was recorded at US$63 Bn back in 2018.
The growth of the polyvinyl chloride (PVC) market can be primarily attributed to its growing popularity among the end-use application sectors, particularly in the packaging sector. Polyvinyl chloride has outstanding organoleptic properties and it does not impart any taste or taint to food products. With the growing demand for efficient and long standing packaging, the use of polyvinyl chloride has increased significantly in this sector. Naturally, the polyvinyl chloride (PVC) market is expanding at a great pace as the demand for the packaging sector grows consistently.
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Polyvinyl chloride provides outstanding insulation that makes it ideal for wiring and cabling applications. Moreover, it also a utility component for construction industry as it has high strength and water-resisting properties. With the developments and advances in the respective markets, the global polyvinyl chloride (PVC) market is also expected to grow at a great pace over the course of the given forecast period.
Increasing Demand for EVA is Key for Market Growth
One of the key trends that have been emerging in the polyvinyl chloride in recent years, has been the use of ethylene vinyl acetate or EVA. EVA is now being increasingly used in the manufacturing of athletic shoes and toys. At times, it is also used as a binder or as a protective film. Moreover, in recent years, the applications of ethylene vinyl acetate has been growing considerably. It ranges from the development of footwear components to the manufacturing of automobile bumpers. Naturally, it has been lending a helping hand in the development of the global polyvinyl chloride (PVC) market.
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The global polyvinyl chloride (PVC) market has five key regional segments viz. Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Of these, the global market is currently dominated by the Asia Pacific region. The region is home to two of the fastest developing economies in the world. India and China are experiencing huge demands for polyvinyl chloride for nearly all of its developing industries. Industries in the region such as packaging, food and beverages, and automotive are some of the most developing sectors and their growth directly corresponds to the development of the polyvinyl chloride (PVC) market in the Asia Pacific region.
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Developments in Healthcare and Residential Sector Driving North America Market
On the other hand, the North America market is also expected to exhibit a steady growth rate over the course of the given forecast period of 2019 to 2027. The growth of the polyvinyl chloride (PVC) market in the region is primarily attributed to the advancing residential sector. Moreover, the developments in the healthcare industry have also played a crucial role in the development of the polyvinyl chloride (PVC) market in North America.
The vendor landscape of the global polyvinyl chloride (PVC) market is a fragmented on with the presence of several key players. Some of the key players in the market include names such as Occidental Petroleum Corporation, Westlake Chemical Corporation, Mexichem SAB de CV, and Formosa Plastics among others.
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This review is based on the research report by Transparency Market Research titled, “Polyvinyl Chloride (PVC) Market (Type: Rigid, Flexible, and Others; End-use Industry: Construction, Electrical Cables, Packaging, Transportation, and Others; and Application: Pipes & Fittings, Profiles, Films & Sheets, Cables, Pastes, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027”
Global Polyvinyl chloride (PVC) market: Research Scope
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