PVC is one of the most widely used plastic in the world, produced by polymerizing vinyl chloride monomer, which is experiencing strong market growth. Much of this growth is due to the strong demand in its key application industries such as construction and automobile. The global PVC industry is witnessing high growth on account of increasing applications, technological advancements, and growing demand in the Asia-Pacific region. It is used largely in manufacturing various products such as pipe & fittings, profiles & tubes, film & sheets, wire & cables, bottles, and others. The global PVC market has been estimated at $34,922.19 million in 2012 and is expected to reach $51,089.65 million by 2018.
North America’s PVC market was valued at about $6,295.53 million in 2012, and is expected to reach $8,520.75 million by 2018. North America is a diversified market for chemicals due to the presence of numerous giant companies in the region. The North American chemical industry was profoundly affected by the economic crisis in 2008, but it underwent accelerating recovery and is expected to grow in the future. Domestic demand for specialty and base chemicals is experiencing high growth due to increase in the number of domestic manufacturers, and the industry has undergone various recent expansions to expand its export market. The future growth of the industry would be augmented by the investments in chemical and petrochemical projects due to recent boom in the shale gas and oil slates in the U.S. and Canada.
Europe’s PVC market was valued at about $7,663.22 million in 2012 which is expected to reach $10,135.53 million by 2018. The European chemical industry is a significant part of the country’s economy. Traditionally, the chemical industry in Europe is a world leader in chemical production. The European chemical industry is mainly based on four categories of chemicals including base chemicals, specialty chemicals, pharmaceuticals, and consumer chemicals. In 2012, Germany was the major consumer of PVC in Europe, accounting for almost 20.25% of the total regional consumption. Subsequently, Russia was the second-largest consumer of PVC in the region with a consumption share of about 16.30% followed by Turkey with nearly 14.00% of the total PVC consumed by the region in 2012.
The Asia-Pacific PVC market valued at around $20,963.44 million in 2012, is expected to reach $32,433.37 million by 2018. Asia-Pacific is the most promising chemical market and is expected to be the same in the near future. The growing demand and policies including emission control and environment-friendly products have led to innovation and developments in the industry, making it a strong chemical hub globally. The exorbitant growth and innovation along with the industry consolidations are expected to ascertain a bright future for the industry in the region.
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