BANGALORE, India, Feb. 14, 2024 /PRNewswire/ -- PVC Compound Market is Segmented by Type (Non-Plasticised PVC, Plasticised PVC), by Application (Pipe & Fitting, Profiles & Tubes, Wire & Cable, Film & Sheet).
The global PVC Compound market was valued at USD 3939.6 Million in 2023 and is anticipated to reach USD 5528.4 Million by 2030, witnessing a CAGR of 4.9% during the forecast period 2024-2030.
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Major Factors Driving the Growth of PVC Compound Market
In the PVC compound industry, plasticized PVC is preferred because of its remarkable flexibility, affordability, robustness, processing ease, and customizability.
The rising demand from the building, automotive, packaging, and healthcare industries, as well as developments in material technology, sustainability programmes, and local market dynamics, are the main drivers of the PVC compound market's expansion. All of these elements work together to increase the use of PVC compounds in a variety of industries, which promotes market growth and opens doors for stakeholders and manufacturers alike.
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TRENDS INFLUENCING THE GROWTH OF PVC COMPOUND MARKET
Plasticizers are added to PVC to improve its molding properties, which opens up a wide range of uses in the packaging, automotive, construction, and medical industries. Plasticized PVC's affordable pricing and superior resistance to weathering, chemicals, and abrasion reinforce its status as a material of choice for businesses looking for cost-effective solutions without sacrificing performance or quality. PVC compounds are widely used in the construction industry, especially for floors, pipes, fittings, and cables.
The need for PVC compounds in construction operations is being driven by the growing global population, urbanization trends, and infrastructure development initiatives in emerging nations. Furthermore, PVC is a favored material among builders and contractors due to its affordability, robustness, and adaptability.
PVC compounds have extensive application in the automotive sector, particularly in interior and external components. PVC compounds are being used more often in car design by manufacturers in an effort to meet consumer demand for lightweight, fuel-efficient vehicles. PVC-based polymers are also being used more often in the production of car parts due to stricter laws governing safety requirements and vehicle emissions. Because of their superior barrier qualities, affordability, and clarity, PVC compounds are widely used in the packaging sector. The demand for creative packaging solutions is rising due to the growth of e-commerce, food and beverage consumption, and healthcare items. PVC compounds encourage market expansion by giving producers the freedom to build unique packaging while maintaining product safety and shelf attractiveness.
PVC compounds are frequently used in the healthcare industry for tube applications, pharmaceutical packaging, and medical devices. The ageing population, rising rates of chronic illness, and improvements in medical technology are driving up demand for PVC-based healthcare items. Strict safety and sanitary regulations also play a significant role in the market expansion. PVC compounds and other sustainable materials are being adopted by industry due to regulatory pressure and environmental concerns. Manufacturers are spending money on R&D to create PVC formulations that are less harmful to the environment and more environmentally friendly. Initiatives supporting the circular economy and recycling are also propelling the use of recycled PVC compounds in a range of applications, which is expanding the market.
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PVC COMPOUND MARKET SHARE
The majority of the manufacturers, including INEOS Compounds, Westlake Chemical, Mexichem, Aurora Plastics, Benvic Europe, and others, are based in the USA and Europe. Westlake Chemical currently commands a 23% market share in production, making it the global leader.
North America and Europe are the two largest regions in the world market for PVC compound usage.
Furthermore, North America is the biggest geographical market for PVC compounds, making up roughly 52% of the world's total consumption.
The PVC compound market is primarily driven by rising demand for profiles and tubes. PVC compound downstream is broad, and recently, PVC compound has gained increasing relevance in many industries of Wire & Cable, Pipe & Fitting. Almost 25% of the world's downstream PVC compound consumption is made up of profiles and tubes.
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Key Players:
- Westlake Chemical
- Mexichem
- Aurora Plastics
- Benvic Europe
- INEOS Compounds
- Vinyl Compounds
- Teknor Apex
- Flex Technologies
- Roscom
- EMPOL/IFFCO
- Cary Compound
- S&E Specialty Polymers
- Sylvin Technologies
- Konnark Polymer
- Mazda Plastic
- Thevinyl
- ACTEGA
- PolyOne
- Hanwha (Korea)
- Kingfa (China)
- Thai Plastics
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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-Specialty Paste PVC Resin market is projected to reach USD 3321.9 Million in 2029, increasing from USD 3121 Million in 2022, with a CAGR of 0.9% during the period of 2023 to 2029.
-PVC Thermoplastic Powder Coatings market is projected to reach USD 313.3 Million in 2029, increasing from USD 219.8 Million in 2022, with a CAGR of 5.0% during the period of 2023 to 2029.
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-Low Molecular Weight PVC Paste Resin market is projected to reach USD 1062.6 Million in 2029, increasing from USD 1011 Million in 2022, with a CAGR of 0.7% during the period of 2023 to 2029.
-CPVC Pipe market was valued at USD 1201.2 Million in 2023 and is anticipated to reach USD 2483 Million by 2030, witnessing a CAGR of 10.8% during the forecast period 2024-2030.
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-Specialty Plastic Additives market size is expected to reach USD 15550 Million by 2029, growing at a CAGR of 3.6% from 2023 to 2029.
-Plastic Compounding Market revenue was USD 66640 million in 2022 and is forecast to a readjusted size of USD 104090 million by 2029 with a CAGR of 6.5% during the forecast period (2023-2029).
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