How is the PVC Pipes and Fittings Market Positioned in India?
For over 100 years, the PVC pipes and fittings market in India has developed slowly and is now well established with a number of players in both organized and unorganized sectors of the market. Growing population and personal disposable incomes have augmented the growth in the market. The perception of consumers about PVC pipes and fittings has also been changing for the positive over the last few years. Primary growth drivers for this market have been the projects and programs that government has been investing in. These programs generally cater to the housing, sanitation and irrigation sectors. PVC pipes and fittings are widely used in these areas.
By revenue, the market has grown from INR ~ billion in FY’2013 to INR ~ billion in FY’2018 at a double digit positive CAGR of ~% during FY’2013 – FY’2018. The PVC Pipes and Fittings market in India has also shown growth in terms of production capacity and production volume of products. Both organized and unorganized players have been expanding the capacities and the number of manufacturing plants for PVC pipes and fittings.
Which Product Contributes the Most in the PVC Pipes and Fittings Market in India?
By product types available in the market, segmentation of the PVC pipes and fittings market in India can be done into UPVC (Un-plasticized PVC) and CPVC (Chlorinated PVC) pipes and fittings. UPVC pipes and fittings are much more rigid than CPVC pipes and fittings. UPVC is formed when no plasticizers are added to the PVC. To manufacture CPVC, PVC is chlorinated. CPVC is much more flexible than UPVC. UPVC has a much wider range of application areas than CPVC pipes and fittings. UPVC is also priced lower than CPVC products.
Although the revenue share of CPVC products has been growing in the past few years during FY’2013 – FY’2018, it has been at a very slow pace. UPVC accounted for a revenue share of ~% in FY’2018 while CPVC had revenue share of ~%. In terms of production volume as well, UPVC pipes and fittings have a much higher share of ~%. CPVC had a much lower share of ~% in the total production volume in India PVC pipes and fittings market.
Which Application Has the Highest Share in the PVC Pipes and Fittings Market in India?
Various end user applications for PVC pipes and fittings include irrigation, sewerage, water supply and plumbing and borewell application. Of these, irrigation had the highest revenue share of ~% in the PVC pipes and fittings market in India. This is because PVC pipes and fittings are widely used in irrigation systems installed in farms and fields. Although irrigation had the highest share in FY’2018, its share has been on a decline during FY’2013 – FY’2018. This is because the share of sewerage has been aggressively growing over this time period. This was followed by sewerage with a revenue share of ~% and water supply and plumbing with revenue share of ~% in the market. Demand from these sectors mainly stems from the growing real estate sector in India.
These sectors have seen high growth mainly due to the government investments in these sectors through programs and initiatives such as Housing for All, PMKSY, PMAY-U and PMAY-G.
Which Market Sector Has the Higher Share in the PVC Pipes and Fittings Market in India?
The PVC pipes and fittings market in India can be divided into organized and unorganized sectors. Of these, the organized sector dominated the market with a revenue share of ~% in FY’2018. The unorganized sector had a corresponding revenue market share of ~%.
The organized sector has the larger share of the market because organized manufacturers have wider distribution networks which help them sell their products in a larger number of regions. These companies also have well established dealer networks which aid marketing and promotion of their PVC pipes and fittings products. Additionally, companies in the organized sector of the market also have much larger production capacities than unorganized players. They can also alter the volume they produce according to the demand in the market, which may fluctuate depending on seasons or projects. During FY’2013 – FY’2018, the share of the organized sector has increased owing to several factors such as capacity expansion and implementation of GST in India.
Which Region Accounted for Highest Share in the PVC Pipes and Fittings Market in India?
On the basis of regional sales, the PVC pipes and fittings market in India can be segmented into South India, North India, West India and East India. South India had the highest revenue share of ~% followed by North India with ~%. South India has the highest share due to well established irrigation systems in agricultural plots and housing units built in South India. North India had the second highest share due to the large population in this region which has increased demand for residential spaces. This has led to growth in demand for PVC pipes and fittings to be used in plumbing and sewerage systems that have to be installed in these residential spaces.
West India accounted for a revenue share of ~% in the market in FY’2018 and East India had the lowest share of ~% in the market in FY’2018. Demand from West India stems mainly from irrigation required in agriculture as the region suffers from erratic rainfall patterns. East India had the lowest share because development of industry and housing is not as high as it is in other regions.
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Ankur Gupta, Head Marketing & Communications