Bio-based Polyvinyl Chloride (PVC) market is expected to witness considerable growth owing to its wide range of end-use applications. Bio-based PVC is used to manufacture pipes, wires, films, cables, and bottles, which find application in end-use industries including building & construction, transportation & packaging, and electrical & electronics industries. Increasing the electrical & electronics industry on account of surging wires and cables demand is likely to drive the bio-based PVC market over the next six years. The growing building & construction industry coupled with the increasing population in emerging economies such as India, China, and Southeast Asia is expected to augment the market growth over the forecast period. Levulinic acid is a major source of producing bio-based polyvinyl chloride. Bio-based products are gaining popularity owing to increasing environmental safety and protection concerns.
This trend is anticipated to have a positive impact on the global bio-based PVC market over the forecast period. However, other bio-based polymers emergence may hinder market growth over the next six years. Highly-priced R&D initiatives for bio-based PVC development are expected to impose a threat on the overall market growth over the forecast period. Increasing bio-based PVC applications in the pharmaceutical and automotive industries is likely to create ample opportunity for the market participants. In 2009, major end-use industries recovered from the global crisis in 2009 in North America and Europe. This is expected to have a positive impact on the bio-based industries over the next six years. Stringent government regulations in the U.S. and Canada, regarding non-biodegradable product usage is likely to have a positive impact on the bio-based PVC market in the regional market.
High purchasing power in stable economies such as the U.S., Germany, the U.K., and Korea has enabled the commercialization of bio-based PVC in this region, and this market is further expected to continue over the forecast period. Increasing constructions in emerging economies such as China and India is expected to drive the bio-based PVC market in the Asia Pacific region. Uncertain crude oil prices in Middle East which adversely affect the conventional PVC price is expected to drive the market in this region over the next six years. Supportive government regulatory system and innovation of novel bio-based products across the globe is likely to create an ample opportunity for new entrants as well as existing market players. Some limited players operating in the global market include Solvay, Teknor Apex Company, Dow Chemicals Company, Metabolix, and Ineos Group Limited.
b. The global bio-based polyvinyl chloride market size was estimated at USD 640.79 million in 2022 and is expected to reach USD 740.61 million in 2023.
b. The global bio-based polyvinyl chloride (PVC) market is expected to grow at a compound annual growth rate of 19.3% from 2023 to 2030 to reach USD 2,544.65 million by 2030.
b. Pipes and Fittings accounted to the largest share in global bio-based polyvinyl chloride market with revenue share of 31.29% in 2022.
b. Major players present across the bio-based PVC market include VinyLoop, INEOS Group, Braskem, Kaneka Corporation, BIO-TEC ENVIRONMENTAL, Westlake Vinnolit GmbH & Co. KG, Vynova Group, Solvay Indupa, Dow and Mitsui & Co. Ltd.
b. The bio-based polyvinyl chloride market is driven by increasing environmental awareness and regulations favoring sustainable materials, along with advancements in bio-based PVC technology and applications.
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