Market Summary:
The global vinyl chloride monomer market size was USD 15.9 Billion in 2022 and is expected to reach USD 27.03 Billion in 2032, and register a revenue CAGR of 6% during the forecast period. With its distinctive qualities, including corrosion resistance, durability, and affordability, Polyvinyl Chloride (PVC) is increasingly in demand from end-use industries such as construction, automotive, and electrical and electronics, which is majorly driving the market revenue growth.
Increased building activities, particularly in developing economies, have been sparked by the expanding population, rapid urbanization, and industrialization. This demand for PVC is expected to drive revenue growth of the vinyl chloride monomer market. Likewise, the need for PVC-based materials, such as films, sheets, and profiles, which are utilized in automotive interiors and exteriors, is being fueled by rising demand for lightweight and fuel-efficient automobiles. Furthermore expected to contribute to market revenue growth is PVC's increasing use in electrical and electronic items including wires, cables, and insulation
Rising demand for medical-grade PVC materials, which are utilized in a variety of medical applications such as tubing, Bags, and containers, is another factor driving revenue growth of the vinyl chloride monomer market. Growing need for Medical Devices and the prevalence of chronic diseases have increased the demand for medical-grade PVC materials, which is expected to drive the vinyl chloride monomer market revenue growth.
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Strategic Development:
In 2021, BASF SE made an announcement regarding its partnership with the German waste management company REMONDIS, with the objective of jointly developing a chemical recycling process for plastic waste. This collaboration is geared towards reducing the environmental impact associated with plastic waste and fostering the establishment of a circular economy for plastics.
In 2020, Shin-Etsu Chemical Co., Ltd. disclosed its investment of approximately $1.4 billion to expand its production capacity for VCM (Vinyl Chloride Monomer) in both the United States and Japan. This expansion initiative was aimed at meeting the increasing demand for VCM and reinforcing the company's position within the global VCM market.
Also in 2020, Westlake Chemical Corporation successfully concluded its acquisition of NAKAN, a worldwide provider of compounding solutions. This strategic acquisition was intended to broaden Westlake's range of products and enhance its standing within the global VCM market.
In 2019, Ineos Group Holdings S.A. finalized its acquisition of Ashland Global Holdings Inc.'s Composites business. This acquisition was part of Ineos' strategy to diversify its product offerings and bolster its position in the global VCM market.
Vinyl Chloride Monomer Market Report Scope
PARAMETERS | DETAILS |
The market size value in 2022 | USD 15.9 Billion |
CAGR (2022 - 2032) | 6% |
The Revenue forecast in 2032 | USD 27.03 Billion |
Base year for estimation | 2022 |
Historical data | 2020-2021 |
Forecast period | 2022-2032 |
Quantitative units |
|
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Browse press release: https://www.reportsanddata.com/press-release/global-vinyl-chloride-monomer-market
Vinyl Chloride Monomer Market: Key Players
Key companies featured in the global report on the vinyl chloride monomer market include:
- BASF SE
- Formosa Plastics Corporation
- Ineos Group Holdings S.A.
- Kem One
- Mitsubishi Chemical Corporation
- Oxy Vinyls, LP
- Shin-Etsu Chemical Co., Ltd.
- Solvay SA
- Taiyo Vinyl Corporation
- Westlake Chemical Corporation
These major companies significantly influence the dynamics of the vinyl chloride monomer market, contributing to its growth, innovation, and competitiveness.
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