The Global "Vinyl Chloride Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).
Vinyl chloride is an organochloride that is also called vinyl chloride monomer (VCM) or chloroethene. It is produced industrially for its commercial uses. Vinyl chloride is predominantly used in multiple industries including – construction, automotive, electronics. since the most commonly used thermoplastic, PVC is being utilized in the production of a variety of products, such as pipes and fittings, wires and cables, sheets, blow-molded bottles, windows, doors, roofing, automotive parts. The growth of the application of this product in various industries is expected to drive the global vinyl chloride market over the forecast period at a high CAGR.
Continuous improvement in manufacturing technology is one of the key trends in the market which is incited by the emerging safety and environmental regulations across the globe.
Growth in the end-user industries such as automotive, building & construction, health care, electronics, and others is one of the major factors that are boosting the market growth. It is used in a variety of applications in the building and construction, health care, electronics, automobile, and other sectors, in products ranging from piping and siding, blood bags and tubing, to wire and cable insulation, windshield system components, and more. Because vinyl plays a critical role in helping make modern automobiles safe, cost-effective and of high quality also it is very flexible. For instance, according to the International Organization of Motor Vehicle Manufacturer (OICA), global automobile production between 2000 and 2017 was increased by approximately 25%. Thus, growth in the automobile industry is predicted to drive the global vinyl chloride market.
However, growing environmental concerns such as carbon emission and global warming along with health-related issues are hampering the global vinyl chloride monomer market.
Based on the application the global vinyl chloride market is broadly segmented as building & construction, automotive, packaging, medical, and others.
Among all these, building & construction segment accounted for a major market share and is expected to grow at a high CAGR over the forecast period. Vinyl chloride monomer is used in siding, roofing, water distribution, wire and cable insulation, window frames, and others in the building & construction industry. According to the Institution of Civil Engineers (ICE) global Construction is expected to grow by 85% by 2030. Thus, growth in the building & construction segment is expected to drive the global vinyl chloride market growth in the forecast period.
The global Vinyl Chloride market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific region accounted for major market share in 2018 and is expected to grow at a high CAGR during the forecast period. Due to emerging economies coupled with growing end-use industries such as automotive, construction, packaging, and others. China is the principal VCM manufacturer on account of technological development and low-cost raw materials availability.
All these factors are projected to influence market expansion in the forthcoming years positively. For instance, according to the Construction Industry Council (CIC), during 2017-2021 the Asia Pacific region's construction output will increase by 3.3 %.
Significant players in vinyl chloride market are Axiall, Occidental Chemical Corporation, Dow Chemicals, Mexichem, Nova Chemical, Tokuyama, Mitsubishi Chemicals, and others. The product launches, collaboration, and product agreements, and other key developments are the dominating strategies adopted by the market players to enhance their product portfolio in the vinyl chloride market. For instance, in November 2016, Mexichem acquired Vinyl Compounds Holdings Ltd. a leading U.K.-based technical PVC compounds manufacturer serving a broad range of industries. In January 2018, Mexichem acquired Sylvin Technologies Inc., a niche PVC compounds manufacturer based in Pennsylvania for USD 39 million.
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