Polyvinyl chloride (PVC) is one of the most widely used plastics in the world which is produced by polymerizing vinyl chloride monomers. Various properties of PVC like abrasion resistance, light weight, good mechanical strength, and toughness enable its wide use in construction, automotive, packaging, and electrical industries.
PVC is largely used in pipes, windows, flooring, roofing, inflatable structures, and lighter structures. PVC contributes to the quality, cost-effectiveness, and safety of construction material and is the most widely used polymer used in the building & construction applications. Construction industry is a highly growing segment with remarkable growth trends around the globe, except Europe, due to economic downturns and maturity of manufacturing industry.
Also, the automotive industry is one of the most dynamic industries and is also among the major consumer segments of plastics. On an average, 150.0 kg of plastics is consumed for manufacturing a vehicle and out of which, nearly 10.0% is PVC based plastics. According to the industry experts, the use of every 100 kg of plastics, including PVC, can replace 200 to 300 kg of traditional material employed for automotive production and it has also got the potential to reduce fuel consumption by 750.0 liters over an average life span of a vehicle.
So, the growth of the construction and automotive industry is among the key contributors to significant demand growth of PVC. Additionally, medical device market is also among the key growth areas of PVC that is driving it at a considerable pace.
As a concern for the future growth opportunities, the use of PVC in high efficient pumps, growing electric vehicle demand, emerging wood plastics composites market, and renewable PVC developments are among some key points that enclose major opportunities with them.