New York, Aug. 25, 2022 (GLOBE NEWSWIRE) -- The global chlorinated polyvinyl chloride market is projected to reach a value at US$ 7.69 Bn by 2032, increasing at a CAGR of 6.3% over the 2022 to 2032 study period.
Growth of the market is expected to be driven by growing urbanization, industrialization, and infrastructural development, which has subsequently driven the demand for CPVC pipes. Increasing usage of CPVC piping systems across industries such as chemical processing, mineral processing, power generation, food & beverages, and pulp & paper is driving market growth.
Several advantages of CPVC piping systems such as lightweight, flexibility, durability, and corrosion resistance, among others, over traditional metallic piping systems, are key growth drivers for the chlorinated polyvinyl chloride market. Significant demand for CPVC piping systems for hot water plumbing applications in residential and industrial end uses is bolstering demand across the globe.
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This increasing industrial application of CPVC piping systems is boosting the sales of chlorinated polyvinyl chloride, which is used as a raw material for the production of CPVC piping systems and related products.
Manufacturers are opting for chlorinated polyvinyl chloride for piping systems over other materials owing to its less environmental impact. Production of CPVC requires less energy as compared to other materials, owing to its low petroleum content, and CPVC can also recycle into polyvinyl chloride (PVC) piping or window profiles. Thus, the growing shift toward sustainable development and increasing adoption of production processes with zero or less carbon emissions to tackle increasing global warming will positively affect market growth.
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Key Takeaways from Market Study
- South Asia Pacific is estimated to remain one of the fastest-growing regional markets at 7.4% CAGR over the projected period.
- Extrusion grade chlorinated polyvinyl chloride sales are expected to witness a growth rate of 5.7% on a volume basis.
- By application, pipes & fittings account for the highest market share on a value basis.
- By end use, the industrial segment is anticipated to create an incremental dollar opportunity of US$ 1.49 Bn over the period of 2022 and 2032.
- East Asia is estimated to remain the largest producer of chlorinated polyvinyl chloride in the world.
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“Key market participants are focusing on strategic partnerships and expansions to increase their production capacities and broaden their geographical presence,” says a Persistence Market Research analyst.
Competitive Landscape
The global market for chlorinated polyvinyl chloride has been identified as a consolidated space with the top players accounting for a key share of the market. Some of the key market players included in the report are The Lubrizol Corporation, SEKISUI CHEMICAL CO., LTD., Kaneka Corporation, PolyOne Corporation, Kem One SAS., GEON Performance Solutions, Hanwha Solutions, Novista Group, Interplast Co, VIA Chemical, Sundow Polymers Co. LTD., and Shandong Tianchen Chemical Co., Ltd.
Several market players are investing in increasing their production capacities of chlorinated polyvinyl chloride, especially in emerging economies. They are also entering into long-term supply agreements with end use product manufacturers to boost their revenue.
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- In July 2022, Meghmani Finechem, a leading chemical manufacturer, announced the commissioning of the Chlorinated Polyvinyl Chloride Resin (CPVC Resin) Plant at Dahej in Gujarat, India, with a production capacity of 30,000 tonnes per annum (TPA).
Conclusion
Consumption of chlorinated polyvinyl chloride has been predominantly influenced by certain macro-economic factors along with demographic factors, including the growing population, increasing demand for housing units, and a growing number of residential and commercial buildings, among others.
Growing government spending on sewage and drainage projects and wastewater treatment projects are boosting the demand for CPVC pipes for plumbing applications, thereby driving demand for chlorinated polyvinyl chloride.
The market is moving toward sustainability development with the rising adoption of energy-efficient and environment-friendly production processes. Several players are opting for chlorinated polyvinyl chloride manufacturing over other plastic compounds.
More Valuable Insights Available
Persistence Market Research, a research and consulting firm, has published a new market research report on the global chlorinated polyvinyl chloride market that contains industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, grade, application, end use, and region. The report also provides supply and demand trends along with an overview of the parent market.
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