PVC Elastomer Market

• Increased use in medical applications is driving market growth

PVC elastomers' flexibility, clarity, and ease of processing make them a popular choice in the production of medical hoses and tubes. Catheters, intravenous (IV) lines, and other medical tube applications are frequent uses for them. It is possible to construct PVC elastomers to be biocompatible, which means that they can come into direct touch with body tissues and fluids. For materials used in medical equipment, this is an essential need. PVC elastomers ensure the safety and sterility of medical equipment in hospital environments by withstanding a variety of sterilization techniques, such as ethylene oxide sterilization and gamma radiation.

China spent USD 1.10 trillion on healthcare in 2021, making up 6.7% of the nation's GDP. Furthermore, the level of per capita health expenditure in 2021 was approximately USD 780, up from USD 733 in the year prior. A rising number of hospitals and a rising need for medical assistance led to significant expansion in China's medical device market.

PVC elastomers find extensive usage in wiring and cabling applications as jacketing and insulation materials. They are useful in guaranteeing the functionality and safety of electrical systems because of their electrical insulating qualities. PVC elastomers are ideal for situations where wires and cables may need to bend or flex, such as in appliances and electrical gadgets, because of their exceptional flexibility and endurance. Flame retardant criteria can be met by PVC elastomers, which is an essential prerequisite in electrical and electronic applications where fire safety is paramount.

PVC elastomers are used as gaskets and seals in electronic enclosures to shield the components from external elements like dust and moisture that could cause harm.

PVC elastomers enable the production of flexible and elastic structures, adding variety to 3D printing applications. This increases the number of applications that 3D printing technology can be used for. PVC elastomers can be used to make prototype and custom parts with desired durability and flexibility. This is helpful in fields where customization and quick prototyping are crucial. Using 3D printing, elaborate and sophisticated designs can be produced. Because of their flexibility and moldability, PVC elastomers can be 3D printed into structures with distinctive geometries that satisfy particular design specifications. Thus driving the PVC Elastomer market revenue.

The Global PVC Elastomer Market Industry experiences a notable surge in demand driven by the automotive sector. As manufacturers increasingly seek lightweight and durable materials for vehicle components, PVC elastomers offer an attractive solution due to their excellent mechanical properties and resistance to environmental factors. In 2024, the market is projected to reach 3500 USD Million, with automotive applications accounting for a substantial share. This trend is likely to continue as the industry shifts towards more sustainable and efficient materials, potentially propelling the market further as electric vehicles gain traction.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American PVC elastomer market area will dominate this market, owing to the industrial base of North America, and especially the United States, which is strong in a number of industries, such as healthcare, electronics, automotive, and construction. These sectors widely use PVC elastomers. The building of roads, bridges, and utilities is one of the ongoing infrastructure development projects in North America that fuels the need for PVC elastomers in a variety of construction applications.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: PVC ELASTOMER MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's PVC Elastomer market accounts for the second-largest market share due to Europe's robust and cutting-edge vehicle sector. The market has grown as a result of the need for PVC elastomers in automotive applications, notably for gaskets, seals, and lightweight. Further, the German PVC Elastomer market held the largest market share, and the UK PVC Elastomer market was the fastest-growing market in the European region.

The Asia-Pacific PVC Elastomer Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the Asia Pacific, especially China and India, rapidly developing its infrastructure and urbanizing, which has created a significant demand for PVC elastomers in the building industry. Moreover, China’s PVC Elastomer market held the largest market share, and the Indian PVC Elastomer market was the fastest-growing market in the Asia-Pacific region.

The PVC Elastomer market is continuing to grow as a result of major players investing heavily in R&D to expand their product offerings. Market participants are also taking part in a number of strategic initiatives in an effort to strengthen their global footprint. The industry has seen significant development with the launch of new goods, agreements, mergers and acquisitions, higher investment, and collaboration with other companies. For the PVC elastomer industry to expand and prosper in a market that is becoming more competitive and expanding, it must offer reasonably priced products.

Manufacturing locally to save operational costs is one of the main business tactics adopted by manufacturers in the worldwide PVC Elastomer industry to support clients and expand the market sector. In recent years, the PVC Elastomer industry has brought about some of the greatest advances in medicine. Major players in the PVC Elastomer market, including Mitsubishi Engineering-Plastics, Teknor Apex, KK Technovinyl Polymers, Axiall, Westlake Chemical, Avient, Colorite, Ineos, Asahi Kasei Corp., and others, are attempting to increase market demand by investing in research and development operations.

Asahi Kasei Corp. (Asahi Kasei) is a chemical product company. The product portfolio of the company comprises acrylonitrile, styrene, diagnostic reagents, foam insulation panels, foundation systems, methyl methacrylate, polyethylene, polystyrene, polymers, functional additives, membrane filtration systems, ion-exchange membranes, medical devices, and sensors. Products from Asahi Kasei are used in the chemical and fiber industries, electronics, healthcare, and building. It sells these goods under the trademarks Hipore, Duranol, Sepacell, Polydurex, Ceolus, and Aciplex. Asahi Kasei Corporation established Plastic North America (APNA) in July 2022.

It debuted Soform, a new line of engineered resins, as part of its extensive portfolio of specialty chemically-coupled glass fiber-reinforced polypropylenes, known as the Thermylene family.

Teknor Apex Company is among the most morally responsible and customer-focused businesses in the material science sector. People come into contact with products that they contribute to all across the world. They have almost a century of experience and serve seven sectors through their six specialty divisions: Vinyl, TPE, Nylon, Colourants, Chemicals, and Garden Hose. They are able and willing to provide highly customized solutions regardless of the client, supplier, or product. Being the industry leader in customized compounding, they have always pushed the limits of conventional wisdom and given their staff members the latitude to think creatively and strategically.

Their varied workforce is stimulated and developed in an environment that unites the greatest ideas and talent from all divisions, with 10 U.S. locations and operations in Belgium, Germany, Singapore, and China. In June 2022, the Teknor Apex company created Flexalloy® PVC elastomers for a range of jackets and insulation applications, including industrial automation, electric vehicle charging stations, portable power cables, and many more.