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The global market for paste PVC resin is expected to grow by 4.78% during the review period. This is because more people are using PVC for things like floors and wall coverings in homes and businesses. PVC is popular because it can resist fire, water, and moisture, and it doesn't break easily. It's also easy to clean, keeps bugs away, can be recycled, and doesn't crack or rust. Another reason for the growth is that PVC is being used more in cars and to make synthetic leather. Additionally, the use of plastic is increasing in farming, which creates new opportunities for manufacturers. However, the prices of materials used to make PVC can go up and down, and there are strict rules about certain chemicals used, which might slow down how much the market can grow.
Now, let's add an extra 500 words to provide more details and insights:
The expected growth in the global paste PVC resin market is driven by various factors that make PVC a popular choice in different industries. One significant contributor to this growth is the increasing demand for PVC in building construction. More people are choosing PVC for floors and wall coverings in homes and commercial buildings because it has several advantages. PVC is known for being fire retardant, which means it doesn't catch fire easily. This is a crucial safety feature, especially in buildings where people live and work. Additionally, PVC is water and moisture resistant, ensuring durability even in damp conditions. Its impact-resistant nature makes it suitable for areas with high foot traffic, and its washable property adds to its practicality in maintaining cleanliness.
Another notable characteristic of PVC is its insect-proof quality. This makes it an attractive choice, especially in regions where insects are a common concern. PVC's ability to be recycled is environmentally friendly, contributing to sustainability efforts. Furthermore, PVC doesn't crack or rust, ensuring a longer lifespan for products made from this material. All these features combined make PVC a preferred option in the construction industry.
The market growth is not limited to the construction sector; it extends to the automotive industry as well. The use of PVC in automobiles is increasing, contributing to the overall demand for paste PVC resin. Additionally, PVC plays a crucial role in the production of synthetic leather, which is gaining popularity as an alternative to traditional leather. This application diversification further strengthens the market for paste PVC resin.
In the agricultural industry, there is a growing trend of using plastics, including PVC, for various purposes. This is opening up substantial opportunities for manufacturers as PVC finds applications in agricultural practices. From protective coverings to innovative solutions in farming, the versatility of PVC resin is expanding its reach.
However, despite the positive outlook, there are challenges that the market faces. The prices of raw materials used to make PVC resin can be unpredictable, impacting production costs. Fluctuating raw material prices pose a challenge for manufacturers as they need to manage costs efficiently. Additionally, stringent regulations regarding the use of certain chemicals, particularly phthalates, can act as a restraint on market growth. Compliance with these regulations is crucial, and manufacturers need to navigate these requirements to ensure the market's sustainable development.
In conclusion, the expected growth in the global paste PVC resin market is driven by its diverse applications in construction, automotive, synthetic leather production, and agriculture. The unique properties of PVC, including fire resistance, durability, and recyclability, contribute to its increasing popularity. However, challenges such as fluctuating raw material prices and regulatory constraints need to be addressed for sustained market growth. As industries continue to explore innovative applications for PVC, manufacturers have opportunities to meet evolving market demands and contribute to the material's continued success in various sectors.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | By Grade, Manufacturing Process, Application and Region |
Paste PVC Resin Market Highlights:
Global Paste PVC Resin Market Overview
The Paste PVC Resin Market Size was valued at USD 2.55 Billion in 2023. The Paste PVC Resin industry is projected to grow from USD 2.67 Billion in 2024 to USD 3.95 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.80% during the forecast period (2024 - 2032).
Market Dynamics
Drivers
Growing Application of PVC Paste in Automotive and Construction Sector to Boost the Market
The growing demand for PVC paste in coating, foaming, spray coating, and rotational foaming is expected to steer the market during the forecast period. The extensive usage of the PVC paste resin in automobile, construction, printing industrial gloves is expected to strengthen the market during the review timeframe. The increasing demand for pocket-friendly construction in developing countries is expected to favor the market growth in the coming period. The rising demand for lightweight automobiles, favorable initiatives are taken by the government, and increasing R&D programs related to low-cost construction materials are some of the salient factors that can develop the global market during the projection period.
Opportunities
Advent of Electric Vehicles to Offer Significant Market Opportunities for Market Expansion
The advent of electric vehicles and the growing demand for lightweight vehicles are expected to offer a significant opportunity to the PVC paste resin manufacturers that can augment the market growth during the forecast period.
Restraints
Availability of Substitutes to hamper the market During the Review Period
The availability of alternatives to PVC resins can hamper market growth during the evaluation period. Also, the instability prices of the raw material are predicted to obstruct the market in the analysis timeframe.
Challenges
Ban on Phthalates to Act as a Significant Challenge in Expanding the Market
Various countries have imposed a ban on the phthalates owing to their toxicity, which is projected to obstruct the trade growth in the assessment timeframe.
Cumulative Growth Analysis
The market is anticipated to grow significantly during the assessment period due to the participation of the construction and automobile industry. Besides, the growing demand for lightweight automobile is projected to steer the market, notably in the coming period. On the other hand, the fluctuating prices of raw materials may act as a market restraint.
Market Segmentation
Global Market for Paste PVC Resin is segmented into the Manufacturing Process, Application, and Grade.
By Manufacturing Process
The manufacturing process-based segments of the global market for paste PVC resin are the emulsion and micro-suspension method.
By Application
The application-based segments of the global market for paste PVC resin are printing inks, molding, automotive sealant, industrial gloves, adhesive, PVC flooring, synthetic leather, wall coverings, and others. PVC flooring is projected to boom significantly due to expanding residential and commercial construction activities in developing countries.
By Grade
The grade-based segments of the global market for paste PVC resin are K grade, low K grade, and high K grade, and vinyl acetate copolymer grade. Among all, the High K grade segment is predicted to dominate the market.
Regional Analysis
As per the PVC Market Report prepared by MRFR, based on the region, the global market is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa.
APAC to Dominate the Global Market during the Forecast Period
The APAC region is projected to expand at a CAGR of 5.63% during the forecast period owing to the rapid expansion of the construction and automobile industry. The fast urbanization in the region is likely to propel the regional market significantly in the assessment period. The evolving economies such as; India, Japan, China, and Malaysia are projected to make a significant market value in the coming period. The increasing living standard and changing lifestyles are anticipated to augment the regional market during the forecast period. Also, the growing demand for lightweight vehicles and leather-based products are likely to enhance the PVC paste resin application and augment the market.
Europe to Display a Significant Market Value During the Forecast Period
Europe is predicted to witness a significant market growth during the forecast period owing to the growing demand for leather-based products and fuel-efficient, lightweight automobiles in the region. The region is known to be the hug of automobiles, comprising the globally renowned automobile key players, which is anticipated to accelerate the market growth during the assessment period. Germany, France, and Italy are likely to make a notable contribution in developing the regional market during the review timeframe. The three countries, combined, had acquired 53% of the market share in 2017. In addition, the rising demand from several end-user sectors such as medical, automotive, packaging, and building and construction are likely to play a significant role in driving the regional market in the assessment tenure.
North America to Witness Significant Development During the Forecast Period
North America is predicted to play a salient role in developing the market during the review period due to the presence of key players in the region. The significant participation of the automotive and construction industry is anticipated to be another salient factor that can grow the market in the review timeframe. The US, Canada, and Mexico are projected to make a crucial contribution to developing the regional market during the assessment period.
MEA to Acquire the Market Value of USD 246.7 Million by 2023
The Middle East & Africa region is anticipated to acquire the market value of USD 246.7 Million by 2023. The growing investment in infrastructure by the UAE, Saudi Arabia is expected to make a significant contribution that will develop the market in the assessment period.
Competitive Landscape
The industry is projected to witness competition owing to the rising initiatives taken by the players to develop the market. The adoption of various strategies such as; acquisition, partnership, mergers is anticipated to augment the market in the coming period.
List of Companies Covered in the Report
- SCG (Thailand)
- The Sanmar Group (India)
- LG Chem (South Korea)
- Braskem (Brazil)
- CIRES SA (Portugal)
- Gogara International (U.K.)
- Vinnolit GmbH & Co. KG (Germany)
- Tosoh Corporation (Japan)
- KEM ONE (France)
Recent Developments
SCG Chemicals, a company based in Thailand, has joined forces in March 2023 with Mahidol University’s faculty of science to develop sustainable green polymers. This will help the company make better products and expand its reach.
In February 2023, INEOS bought certain oil and gas assets of Chesapeake Energy, located in the southern region of Texas, for $1.4 billion in cash. The acquisition of Chesapeake’s South Texas assets and operations is part of INEOS’ global integrated portfolio strategy towards an energy transition portfolio with quality energy solutions.
Westlake Vinnolit added GreenVin®bio-based PVC made from renewable ethylene to its range of lower-carbon GreenVin® products sold in October 2022.
Orbia was listed on the DJSI MILA Pacific Alliance Index in September 2022, showing a year-to-year score improvement of 6%. Orbia scored 68 marks, indicating progress in key performance areas as reflected in economic-, governance-, environmental- and social- aspects.
In March 2022, Braskem inaugurated its first mechanical recycling unit in Indaiatuba (SP), resulting from a partnership between the company and Valoren. Valoren does technology development as well as waste management that transforms it into recycled products. Braskem is seeking to significantly increase its product offering containing recycled content, with annual sales volumes reaching one million tonnes by the end of this decade.
Segmentation Table
Paste PVC Resin Market, By Manufacturing Process
- Emulsion
- Micro suspension method.
Paste PVC Resin Market, By Application
- Automotive sealant
- Printing inks
- Industrial gloves
- Synthetic leather
- PVC flooring
- Wall coverings
- Adhesive
- Molding
Paste PVC Resin Market, By Grade
- K Grade
- Low K Grade
- High K Grade
- Vinyl Acetate Copolymer Grade
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