Market Overview of PVC

March 08, 2021

Market Overview of PVC

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The market for polyvinyl chloride (PVC) is anticipated to register a CAGR of around 3.5% during the forecast period. One of the major factors driving the growth of the market studied is the rising usage of PVC from the automotive industry. The rising demand from construction and increasing applications in the healthcare sector (medical applications) have also significantly contributed to the growth of the market studied.

The focus on minimizing carbon emissions and enhancing fuel economy, by way of reducing the weight of a vehicle, has given PVC the impetus as a lightweight material for manufacturing automobiles, thereby augmenting the growth of the market.
The shortage in the supply of feedstock, due to closing of facilities and increase in prices of various products, is likely to hinder the PVC market growth in the coming years.
Major automotive companies are involved in the development of viable electric vehicles. Governments are extending a helping hand to electric vehicle manufacturers, with increasing pressure of global warming. Electric vehicles significantly decrease the consumption of fossil fuels, and thus, avoid the emission of carbon monoxide, nitrogen dioxide, carbon dioxide, and other harmful gases. They are an efficient, eco-friendly alternative to the present-day automobiles. These factors are projected to act as an opportunity for the market in the future.

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