Growing applications of PVC paste in the construction and healthcare industry is an important driver for the global polyvinyl chloride (PVC) paste resin market. Shifting focus on the production of synthetic leather and industrial gloves is expected to propel the growth of the global polyvinyl chloride (PVC) paste resin market.
Data Bridge Market Research analyses that the Global Polyvinyl Chloride (PVC) Paste Resin Market is expected to grow at a CAGR of 3.4% from 2021 to 2028 and is expected to reach USD 12,795,771.98 thousand by 2030. The driving factors of market growth include the extensive properties offered by polyvinyl chloride (PVC) paste resin.
Low-weight Alternatives for Replacing Conventional Materials
The construction sector is witnessing a rise in infrastructure investment by the government, construction companies, and private builders to meet the rising demand for residential and commercial properties. The demand for low-cost and low-weight alternatives for replacing conventional materials such as metal and wood is increasing, making room for PVC based such as vinyl siding, window profiles, magnetic stripe cards, pipe, and plumbing conduit fixtures. Therefore, increasing. PVC-based construction materials are gaining importance in the construction sector.
The demand for flexible PVC resin type is growing due to the strong application scope over rigid type, excellent insulation, non-toxicity, and stability. The applicability of flexible polyvinyl chloride is surging in the residential construction sector for roofing, home flooring, sealants, and other applications. In addition, increasing the usage of electrical wires and cables in installing electronics and electrical components in residential and commercial spaces is also boosting its demand.
Market Segment Analysis
The global polyvinyl chloride (PVC) paste resin market is segmented based on grade, manufacturing process, application, and end-use.
- On the basis of grade, the global polyvinyl chloride (PVC) paste resin market is classified into high k-value grade, mid k-value grade, low k-value grade, suspension copolymer grade, and suspension blending grade. In 2023, a high k-value grade is expected to dominate the global polyvinyl chloride (PVC) paste resin market with 40.29%. A high k-value grade is suitable for producing high-quality coating and flooring materials.
- On the basis of manufacturing process, the global polyvinyl chloride (PVC) paste resin market is classified into micro-suspension and emulsion process. In 2023, the micro-suspension process segment of the manufacturing process segment is anticipated to dominate the global polyvinyl chloride (PVC) paste resin market with 52.58%.
In 2023, the micro-suspension process is expected to dominate the global polyvinyl chloride (PVC) paste resin market as the micro-suspension process is effective, increasing demand for superior-quality PVC materials among consumers. The micro-suspension process segment is expected to reach the highest CAGR of 3.5% in 2023-2030.
- On the basis of application, the global polyvinyl chloride (PVC) paste resin market is classified into seven segments, artificial leather, wall papers, plastisol inks, hand gloves, artificial flowers, transparent balls, and others. In 2023, artificial leather is expected to dominate the global polyvinyl chloride (PVC) paste resin market with 28.26% due to the growing demand for leather-based products.
- On the basis of end-use, the global polyvinyl chloride (PVC) paste resin market is classified into construction, automotive, consumer goods, electrical & electronics, packaging, healthcare, and others. In 2023, construction is expected to dominate the global polyvinyl chloride (PVC) paste resin market with 30.48% due to increasing demand for pocket-friendly construction, growing favorable government initiatives, and increasing R&D programs related to low-cost construction materials.
Regional Analysis
Geographically, the countries covered in the global polyvinyl chloride (PVC) paste resin market report are U.S., Canada, and Mexico in North America, Germany, U.K., Italy, France, Spain, Russia, Switzerland, Turkey, Belgium, Luxemburg, Netherlands, and the rest of Europe in Europe, China, Japan, South Korea, India, Singapore, Thailand, Indonesia, Malaysia, Philippines, Australia & New Zealand, rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Brazil, Argentina and rest of South America as part of South Africa, South Africa, Egypt, Saudi Arabia, U.A.E., Israel, and rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
As per Data Bridge Market Research analysis: Asia-Pacific is the dominant region in the global polyvinyl chloride (PVC) paste resin market during the forecast period 2023 – 2030
Asia-Pacific is expected to grow during the forecast period due to the presence of major market players and the rapid development of medical facilities in emerging economies in this region. In addition, shifting focus on the production of synthetic leather and industrial gloves and the extensive properties offered by polyvinyl chloride (PVC) paste resin are expected to propel the market’s growth rate in this region.
Events Driving the Market Development
- In March 2023, SCG Chemicals Public Company Limited (SCGC) partnered with the faculty of science Mahidol University for special green polymers. This will increase lease of knowledge, expertise, and resources available to make better products and reach a greater audience.
- In October 2022, Westlake Vinnolit expanded its lower-carbon GreenVin product line and offered GreenVin bio-attributed PVC based on renewable ethylene. Such expansion will help the company to generate more sales and profits.
- In February 2023, INEOS acquired a portion of Chesapeake Energy’s oil and gas assets in the Eagle Ford shale, south Texas, U.S., for USD 1.4 billion. The addition of Chesapeake’s assets and operations in south Texas is part of INEOS’ strategy to build a global integrated portfolio fit for the energy transition, offering high-quality energy solutions to its customers.
- In March 2022, Braskem inaugurated its first mechanical recycling unit in Indaiatuba (SP), resulting from a partnership between the company and Valoren. Valoren is a company that develops technology and manages waste to transform it into recycled products. This development will help Braskem take an important step towards expanding its products with a recycled content portfolio to reach 1 million tons of these products by 2030.
- In November 2020, LG Chem partnered with Finnish bio-diesel firm Neste to introduce a new line of eco-friendly synthetic resins. It is committed to becoming carbon-neutral by 2050. This partnership helped the company to expand its bio-based, eco-friendly businesses. Under the agreement, the two companies will seek opportunities to commercialize bio-based products.
Significant Players
Data Bridge Market Research recognizes the following companies as the major global polyvinyl chloride (PVC) paste resin market players in the global polyvinyl chloride (PVC) paste resin market: Formosa Plastics Corporation, U.S.A., KANEKA CORPORATION, Orbia, INEOS, Shin-Etsu Chemical Co., Ltd., PT. Standard Toyo Polymer (A subsidiary of TOSOH CORPORATION), LG Chem, Solvay, Westlake Vinnolit GmbH & Co. KG, Occidental Petroleum Corporation, Braskem, KEM ONE, SCG Chemicals Public Company Limited, CIRES, Lda, Chemplast Sanmar Ltd, Redox, CHEMDO, Gogara International, THE CHEMICAL COMPANY, and SHANGHAI KEAN TECHNOLOGY CO., LTD., among others.