Polyvinyl chloride (PVC) is shapeless compound having polar chlorine atoms in its molecular structure. PVC, its molecular structure has chlorine atom bound to other carbon chain that makes compound resistant to oxidative reactions. It has inherently superior fire retarding properties due to its chlorine content. Some of other key properties of PVC compounds include flexibility, elasticity, impact resistance, anti-fouling, prevention of microbial growth, and anti-mist. Moreover PVC compounds are also used over wide range of domestic and industrial products, from raincoats and shower curtains to window frames and indoor plumbing. The PVC compounds also used mix resin and the other additives over a homogeneous processing state. They are also used over different medical applications used for manufacturing of oxygen mask, blood bags, urine bags, glucose bags, disposable tubes. Additionally they are also used for manufacturing of food and packaging applications including bottles, blister packaging films and crown caps, industrial applications such as petrol tubes, profiles, co-extrusion strap, fuels hoses and other oils and gaskets, building and construction and consumer and institutional products.
According to study, “Global PVC Compounds Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global PVC compounds market are Westlake Chemical, INEOS Compounds, Mexichem, Teknor Apex, Aurora Plastics, EMPOL/IFFCO, Benvic Europe, Cary Compound, Vinyl Compounds, Sylvin Technologies, Flex Technologies, Konnark Polymer, Roscom, ACTEGA, S&E Specialty Polymers, Thevinyl, Mazda Plastic. The key manufacturers are focusing on improving sustainability of business by developing the eco-friendly substitutes.
Based on type, PVC compounds market is segmented into wet PVC compound and dry PVC compound. Based on manufacturing process, market is segmented into extrusion, injection molding and others. Based on application, market is segmented into pipe & fitting, wire & cable, profiles & tubes, film & sheet and others. In addition, based on end-use industry, market is segmented into electrical & electronics, automotive, building & construction, packaging and others.
The PVC compounds market is driven by growth in building & construction activities, followed by increase in demand for consumer electronics, rise in consumer awareness regarding attractive interiors and increase in substitution for glass, metals, wood, natural rubber, and man-made materials, such as concrete. However, fluctuating prices of petrochemical and crude oil prices may impact the market. Moreover, increase in development and innovative product launches are a key opportunity for market. Furthermore, growth in development of molecular orientation technology for environment- friendly, efficient, and cost-efficient high-pressure PVC water pipe is an emerging trend for market.
Based on geography, the Asian-Pacific region dominates the PVC compounds market owing to favorable government policies, rise in manufacturing sectors, increase in population size and rise in demand for wire & cable, pipe & fitting, and profiles in the region. In upcoming years, it is predicted that future of the market will be optimistic due to increase in production of plastic production during the forecast period. The worldwide PVC compound market is projected to grow at a CAGR of roughly 5.7% over the next five years will reach US $4370 million in 2024, from US $3140 million in 2019.
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Ankur Gupta, Head Marketing & Communications