Wilmington, Delaware, United States, March 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global PVC emulsion market is projected to expand at a CAGR of 4.3% between 2022 and 2031, according to the market outlook presented in a study by Transparency Market Research (TMR).
As per the PVC emulsion market forecast from the TMR research report, Asia Pacific held 34.4% share in 2021. The market growth in Asia Pacific can be ascribed to the presence of a sturdy construction sector and increase in usage of synthetic leather.
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PVC Emulsion Market: Key Findings
- PVC emulsion is widely utilized in the production of synthetic leather, sealants, and flooring & wall coverings. Population is on the rise in most developed and developing countries globally. Hence, governments of these countries are focusing on infrastructure development in order to fulfill the mounting demand for houses and commercial buildings. Thus, rise in construction projects across the globe is leading to increase in demand for PVC emulsion to manufacture floorings and ceilings as per the TMR research report, which offers important insights on market trends.
- Demand for PVC emulsion is growing in recent years owing to its ability to offer outstanding foam layer and softness in the manufacturing of synthetic leather. Moreover, it is lightweight and highly durable. Materials manufactured using PVC are gaining popularity as they do not create a dusty environment during installation. They are termite- and water-proof and prevent mold & mildew growth. This aside, they can be easily incorporated in various home interior designs. Increase in adoption of PVC-based synthetic leather is likely to fuel business opportunities in the PVC emulsion market during the forecast period.
- PVC emulsion is a key raw material utilized in the production of artificial leather. Leather produced using PVC emulsion resin offers various advantages such as increased durability and cost-effectiveness as compared to polyurethane (PU) leather. It shows high resistance to extreme weather conditions and wear compared to PU-based and natural leather. Demand for synthetic leather has increased in the past few years due to rise in concerns about the usage of natural leather. Popularity of cruelty-free products is on the rise among customers across the globe. Moreover, governments of several countries are implementing strict legislations and laws to prevent the usage of animal-based products. These factors are leading to rise in sales of synthetic leather products, which in turn is likely to propel the PVC emulsion industry in the next few years.
- PVC emulsion resin-based synthetic leather is increasingly utilized in various end-use industries such as interior design, furniture, and footwear. Furthermore, synthetic leather is in high demand in the automotive industry owing to its varied advantages such as resistance to high and low temperatures, highly elastic nature, and ability to offer substantial comfort. Increase in inclination of vehicle owners to opt for synthetic leather interiors in order to boost the appearance of their cars is likely to help in market development in the next few years.
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Growth Drivers
- Increasing construction activities in emerging economies is expected to drive business growth in the global PVC emulsion industry
- Rise in focus of governments on infrastructure development drives growth in the market
Competition Landscape
- Companies manufacturing PVC emulsion resin are entering into contract agreements with suppliers to address the issue of price fluctuation of raw materials
- Players are executing strategies of partnership, mergers, and regional expansion in order to garner higher market share
PVC Emulsion Market: Key Players
- Finolex Industries Limited
- Chemplast Sanmar Limited (The Sanmar Group)
- Kaneka Corporation
- SCG Chemicals Public Company Limited
- Formosa Plastics Corporation, U.S.A.
- Zhengbang
- Kem One
- Westlake Vinnolit GmbH & Co. KG
- VESTOLIT GmbH (Orbia)
- RusVinyl LLC
- LG Chem
- AGC Vinythai
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PVC Emulsion Market Segmentation
Application
- Flooring & Wall Covering
- Fabric Coating
- Synthetic Leather Manufacturing
- Automotive Mastic & Sealants
- Printing Inks & Adhesives
- Surface Coating
- Others (Toys, Gloves, Conveyor Belts, etc.)
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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