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PVC sheets are used as floors in many types of buildings like homes, hospitals, offices, and schools. They're popular because they're not expensive, easy to put in, easy to take care of, and they last a long time. There are two kinds of PVC floors: flexible and rigid. PVC floors have a lot of advantages over other types like hardwood, carpets, laminates, and ceramics. They are low-cost, not heavy, don't get easily scratched, and are resistant to dents and water.
PVC is also used a lot on walls because it has many good qualities. It's resistant to fire, stays clean, resists water and moisture, doesn't break easily, and is easy to wash. It's also insect-proof and can be recycled. All these qualities make PVC very useful in construction. The construction industry is growing a lot, with more homes and buildings being built worldwide. In the United States, for example, a lot of money is spent on construction, with over a trillion dollars spent in 2017, and a big part of that was for building things other than homes. In countries like India, Thailand, and Malaysia, where cities are growing fast, there's a lot of construction happening too. In India, the construction market is expected to become one of the biggest in the world.
As more buildings and homes are being made, there's a higher demand for PVC floors and wall coverings. This means more people want PVC, and that's good for the market that makes PVC resin, the material used to make PVC products.
Not just for floors and walls, PVC is also used in construction adhesives. Adhesives are like glues that stick things together. PVC adhesives are used for many things like laying carpets, putting in ceramic tiles, sticking together concrete, laminating countertops, making floors softer, laminating drywalls, setting up heating and air conditioning, making finished panels, and creating resilient flooring. PVC adhesives are the preferred choice for sticking PVC pipes together in sewage systems, water pipes, and drinking water installations.
So, because more people are building and making things, there's a higher demand for PVC floors, wall coverings, and adhesives. This means the market for PVC resin is expected to grow during the forecast period.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Advent of Electric Vehicles to Offer Significant Market Opportunities for Market Expansion |
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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