The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Europe polyvinyl chloride (PVC) is expected to register a CAGR of around 3% during the forecast period. PVC is strong and lightweight, durable to weathering, rotting, chemical corrosion and abrasion, versatile, and easy to use, as it can be cut, shaped, welded, and joined in any style.
- Major factors driving the market studied are the increasing use of plastics to reduce vehicle weight and enhance fuel economy, growing demand from the construction industry, and increasing applications in the healthcare industry
- However, hazardous impacts on humans and the environment are expected to majorly hinder the growth of the market studied.
- The accelerating usage of electric vehicles and PVC recycling are likely to act as an opportunity in the future.
Key Market Trends
Growing Demand from the Construction Industry
- PVC pipes have been used in building and construction for over 60 years, as they offer valuable energy saving during production, low-cost distribution, and a safe, maintenance-free lifetime of service. These pipes are widely used for pipeline systems for water, waste, and drainage as these pipes suffer no build-up, scaling, corrosion, or pitting and they provide smooth surfaces reducing energy requirements for pumping.
- PVC flooring has several benefits, such as durability, freedom of aesthetic effects, ease in installation, easy to clean, recyclability, etc. Thus, its flooring is used over years. Another area in the building and construction industry, where PVC is used, is in roofing; it is used mainly due to its low maintenance requirements and as it lasts more than 30 years.
- In the Europe region, the construction industry is expected to witness a moderate growth, supported by single-family, roads and bridges, and institutional construction expected in the coming years.
Germany to Dominate the Market
- Germany is the largest economy in Europe and the fifth largest globally. The automotive industry is the largest sector in Germany, accounting for 20% of the total industrial revenue.
- Public consumption rate has increased by 0.5%, which is expected to drive the growth of the automotive, construction, and electrical & electronics sectors, along with the accelerating growth of the PVC market.
- The public investment increased by over 1.5% in the construction sector in the recent past. Hence, due to the booming housing market and real estate demand, the construction and building industry is expected to grow rapidly. This is expected to increase the demand for PVC in the country during the forecast period.
- Besides this, the German Plastics Packaging Industry Association expects 5.1% increase in the sales for German plastic packaging production and a 3.9% increase in volume in the recent past, which is expected to be driven by the healthy economic conditions in the country. This is further likely to add to the demand for PVC in the country.
Europe Polyvinyl Chloride market is fragmented among the top five players. The top companies have been focusing on providing better materials for various end-user industries. Major manufacturers of Europe PVCs are Formosa Plastics Corporation, Covestro AG, Shin-Etsu Chemical Co., Ltd., Westlake Chemical Corporation, LG Chem, and amongst others.
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