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Polyvinyl chloride (PVC) is a versatile type of plastic used in different industries like cars, buildings, electricity, and household items. It comes in forms like rigid or liquid paste. Manufacturers mix these PVC resins with other things like plasticizers to make a substance called PVC paste. Most PVC paste is made using methods like emulsion or micro suspension polymerization. Only a small part is made using a special method called suspension.
PVC paste, also known as emulsion PVC or dispersion PVC, is getting more popular because it's used in valuable products. It's used in many things like synthetic leather, products made through slush molding, wall coverings, floors, seats and coverings, printing inks, and films for greenhouses.
The reason the market for PVC paste is growing is because more and more is being used in cars and buildings. The world is growing quickly, and we're spending a lot on building things and managing resources well. This means there's more need for PVC paste. Also, changes in the economy mean there's more construction happening, which also boosts the need for PVC paste. Governments are doing things to help with housing, and this helps companies making PVC paste. More companies are making synthetic leather because people want to stop animal abuse. This is also good for the PVC paste market. However, sometimes the prices of the materials used to make PVC paste go up and down, and there are strict rules about certain chemicals used in it. This can slow down how much the market grows. But, if we can make PVC paste in a way that's good for the environment, it could help the market grow more.
Experts estimate that the global PVC paste market will grow at a rate of 4.78% from 2018 to 2023. In terms of money, the market is expected to be worth USD 3,054.2 million by 2023, up from USD 2,418.7 million in 2018. There are also new opportunities for PVC paste in farming and gardening.
When it comes to types of PVC paste, there are different grades like high, medium, and low K value, and vinyl acetate copolymer grade. The medium K value is the most common, making up 39.3% of the market in 2017.
People use PVC paste in many ways, like on walls, in cars, on floors, in glues, to make synthetic leather, in inks, for industrial gloves, in molding, and more. The most popular use is in flooring, making up 30.6% of the market, valued at USD 741.3 million in 2018 and expected to reach USD 985.0 million by 2023. This is because of more building activities in countries like India, Thailand, South Korea, and Indonesia. PVC is a good choice for flooring because it resists mold, mildew, and moisture, and it's durable and doesn't need much maintenance. This makes it great for use in buildings, hotels, healthcare places, and other businesses. There's also an increasing use of PVC paste in making the insides of cars.
Looking at different parts of the world, Asia-Pacific is the biggest market, making up 49.8% of the share and being worth USD 1,205.2 million in 2018. By 2023, it's expected to reach USD 1,584.8 million. The growth in population, more people living in cities, and more renovations happening are driving the market in Asia-Pacific during this time.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 4.78%(2022-2030 |
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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