Bio-based Polyvinyl Chloride (PVC) Market to Grow with a CAGR of 6.01% through 2028
Rising utilization in wire & cable
and pipe & fittings application are factors driving the Global Bio-based
Polyvinyl Chloride (PVC) Market in the forecast period 2024-2028
According to
TechSci Research report, “Bio-based Polyvinyl Chloride (PVC) Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Bio-based Polyvinyl Chloride (PVC) Market stood at USD 627.13 million in 2022 and is anticipated to grow with a CAGR of 6.01% through
2028. The primary driver of revenue growth in the market is the increasing
demand for environmentally-friendly and non-toxic construction materials.
Consequently, there is a growing utilization of bio-based PVC products across
various sectors, including packaging, automotive, and construction. Bio-based
PVC serves as an environmentally advantageous and sustainable substitute for
conventional PVC, which relies on fossil fuels and releases harmful pollutants
during its manufacturing process. The heightened demand for bio-based PVC
products is attributed to their capacity to diminish the carbon footprint and
reduce greenhouse gas emissions associated with traditional PVC.
Moreover,
substantial driver of market revenue growth is the increasing demand from the
construction sector for PVC products derived from biomaterials. The
incorporation of various materials, such as wood, metal, and plastics, has
paved the way for a diverse range of products, spanning from furniture and
appliances to clothing. Beyond its eco-friendliness compared to standard PVC
products, the utilization of bio-based PVC in construction materials enhances
attributes like durability, flexibility, and fire resistance.
Furthermore, the
automobile industry is experiencing a surge in demand for bio-based PVC, driven
by its exceptional thermal stability and impressive strength-to-weight ratio.
Bio-based PVC is extensively employed in the fabrication of interior components,
including seat covers, dashboard covers, and door panels, thereby contributing
to a more comfortable and environmentally responsible driving experience.
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"Bio-based Polyvinyl Chloride (PVC) Market”
The Global
Bio-based Polyvinyl Chloride (PVC) Market is segmented into product,
application, regional distribution, and company.
Based on
product, rigid segment has emerged as the predominant market leader. Bio-Based
Polyvinyl Chloride (PVC) in its rigid product form offers a multitude of
benefits that make it an attractive choice across various industries. Firstly,
its environmental advantages are paramount; derived from renewable feedstocks
like sugarcane, corn, and soybeans, bio-based PVC significantly reduces the
carbon footprint compared to traditional PVC, making it a sustainable
alternative. Furthermore, it possesses excellent mechanical strength,
durability, and chemical resistance, making it suitable for a wide range of
applications, including construction, automotive, and electrical industries.
Its fire-retardant properties add to its safety credentials. Bio-based PVC also
aligns with regulatory standards by avoiding hazardous additives, such as
phthalates and heavy metals, ensuring compliance with stringent environmental
regulations. As consumer and industrial preferences shift towards sustainable
materials, bio-based PVC in its rigid form stands as a versatile, eco-friendly,
and technologically competitive solution that contributes to a greener and more
responsible future.
Based on
application, the pipe &
fittings segment commands the highest share of revenue. Bio-Based
Polyvinyl Chloride (PVC) has become an increasingly favored choice in the pipe
and fittings industry due to the multitude of benefits it offers. Firstly, its
sustainability merits are noteworthy; sourced from renewable feedstocks like
sugarcane and corn, bio-based PVC significantly reduces the environmental
impact compared to conventional PVC, contributing to a greener, more
sustainable future. Its superior chemical and corrosion resistance make it an
excellent choice for pipes and fittings, ensuring longevity and minimal
maintenance in various applications, including water distribution, drainage
systems, and industrial piping. Bio-based PVC's robustness and durability
enable it to withstand a wide range of environmental conditions, making it
ideal for both above-ground and buried installations. Moreover, its compliance
with stringent environmental regulations, as it lacks harmful additives like
phthalates and heavy metals, assures users of a safe and eco-friendly material.
As the world embraces sustainable practices, Bio-Based PVC stands as a
versatile, eco-conscious, and technically adept solution for pipes and fittings,
contributing to reduced environmental impact and enhanced performance in
diverse applications.
Based on region,
Asia Pacific took center stage as the leading contender in the Global Bio-based
Polyvinyl Chloride (PVC) Market. The Asia Pacific region is witnessing a
substantial surge in the demand for Bio-Based Polyvinyl Chloride (PVC), driven
by a confluence of factors. Firstly, the growing awareness of environmental
issues and sustainability is pushing industries and governments to seek
eco-friendly alternatives to conventional materials. Bio-Based PVC, derived
from renewable sources, aligns perfectly with this agenda, as it offers a
significantly reduced carbon footprint compared to its fossil fuel-based
counterpart. Secondly, the region's rapid urbanization and infrastructural
development have led to increased requirements for construction materials,
including pipes, fittings, cables, and more, all of which can benefit from the
eco-friendly and versatile nature of bio-based PVC. Furthermore, the automotive
industry in the Asia Pacific is witnessing a transformation towards electric
vehicles, which demand high-performance, sustainable materials in their
construction, opening up another avenue for the adoption of bio-based PVC.
Regulatory support and incentives for sustainable materials across countries
like China, India, and Japan further bolster the demand. As industries and
consumers in the Asia Pacific prioritize sustainability and environmental
responsibility, the demand for Bio-Based PVC is poised to continue its upward
trajectory, promising a more eco-conscious and sustainable future for the region.
Major companies
operating in Global Bio-based Polyvinyl Chloride (PVC) Market are:
- BioPlastic Solutions, LLC
- Ineos Group Limited
- BASF SE
- Mitsubishi Chemical Corporation
- LG Chem Ltd.
- Teknor Apex Company, Inc.
- Vynova Group
- Sylvin Technologies, Inc.
- Neste Oyj
- Evonik Industries AG
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“This market's
growth is notably driven by the global push for reducing carbon footprints and
dependence on fossil fuels. Industries such as construction, automotive,
packaging, and electronics are actively embracing bio-based PVC to meet
sustainability goals. Additionally, stringent environmental regulations and
government incentives further augment the market's scope by encouraging the
adoption of eco-friendly materials creates a lucrative opportunity in the
market growth,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Bio-based Polyvinyl Chloride (PVC) Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Product (Rigid, Flexible), By Application (Films and Sheets, Wires and Cables, Pipes and Fittings, Others), By Region and Competition”, has
evaluated the future growth potential of Global Bio-based Polyvinyl Chloride
(PVC) Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Bio-based Polyvinyl
Chloride (PVC) Market.
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