According to a new report published by Allied Market Research, titled, “Chlorinated Polyvinyl Chloride Market," The chlorinated polyvinyl chloride market was valued at $4.6 billion in 2020, and is estimated to reach $8.6 billion by 2030, growing at a CAGR of 6.5% from 2021 to 2030.
Chlorinated Polyvinyl Chloride (CPVC) offers excellent heat, chemical, and corrosion resistance and in recent years is being used extensively in hot water distribution pipes. Further, it has become an essential engineering thermoplastic, due to its relatively low cost; high heat distortion temperature; resistance; superior mechanical; and flame, dielectric, and smoke resistance properties. It is used in a broad range of applications such as vehicle parts, electrics, construction materials, and others.
Growth in the construction industry is one of the major factors that drives the growth of the global chlorinated polyvinyl chloride (CPVC) market. In addition, wide application scope of CPVC is also anticipated to surge the demand for CPVC in the near future. Furthermore, growing demand for waste water treatment owing to surge in population, urbanization, augmenting manufacturing sector, regulatory requirements, and initiatives by manufacturing industries and state bodies for low waste generation offer growth opportunities to the market players. There is an increase in demand for wastewater treatment For instance, according to The Development Bank of Latin America (CAF), over the period of 2010–2030, approx. $80 billion will be spent on sewerage infrastructure and $33 billion on wastewater treatment. The major challenge for industry is high cost associated with CPVC.
On the basis of application, the pipes & fittings segment dominated the global chlorinated polyvinyl chloride (CPVC) market in terms of revenue, in 2020, owing to extensive use of CPVC pipes & fittings for hot & cold-water applications, water supply & distribution in industrial & domestic applications, and for solar & electric water heaters.
The Chlorinated Polyvinyl Chloride (CPVC) market is segmented on the basis of application, end-user industry, and region. By application, the market is classified into pipes & fittings, fire sprinkler systems, power cable casing, adhesives & coatings, and, others. By end user-industry, the market is categorized into building & construction, chemical, electrical & electronics, healthcare, agriculture, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is dominating the market in terms of demand for Chlorinated Polyvinyl Chloride (CPVC) and is predicted to maintain its dominance over the projection period. The growth of Chlorinated Polyvinyl Chloride (CPVC) market in the region is due to increase in construction and production units. China and India are the major contributors for the market growth, owing to rise in construction activities.
The key players profiled in the report include Astral Limited; GEON Performance Solutions; Grasim Industries Limited; Hanwha Solutions; Kaneka Corporation; Mitsui & Co., Ltd.; Novista Group; Sekisui Chemicals Co., Ltd.; Shandong Xiangsheng New Materials Technology Co., Ltd.; and The Lubrizol Corporation.
Key Findings of Study
- By region, Asia-Pacific accounted for the largest market share in 2020.
- By application, the pipes & fittings segment held the largest market share in 2020.
- By end user-industry, the Construction segment held the largest market share in 2020.
IMPACT OF COVID-19 ON GLOBAL CHLORINATED POLYVINYL CHLORIDE (CPVC) MARKET
Emergence of COVID-19 outbreak negatively impacted the Chlorinated Polyvinyl Chloride (CPVC) market. This impact is mostly attributed to significant disruptions in raw material transportation and shutdown of the end-use industries, such as building & construction, chemical, and electrical & electronics; thereby resulting in decline in demand for Chlorinated Polyvinyl Chloride (CPVC) during this period.