The global vinyl chloride monomer market is expected to grow positively owing to the growing construction industry coupled with the piping industry over the forecast period. They are considered as a dynamic part of the petrochemical industry. Vinyl chloride monomer (VCM) is primarily used for polyvinyl chloride i.e. PVC production along with some copolymer resins, which is used by the building and construction sector. They are also used in health care, agriculture, and the electrical sector. Development coupled with growth in healthcare, agriculture, and the electrical sector is expected to propel the global vinyl chloride monomer market over the forecast period. Increase in PVC applications such as pipe & fittings, cable & wires, floorings, tubes, windows, floorings, bottles, and doors are expected to further develop the global VCM market over the forecast period. Vinyl chloride monomers are also used in ethylenediamine and chlorinated solvents production. Shifting focus for bio-based vinyl chloride monomer is expected to be the major opportunity for vinyl chloride monomer industry growth over the forecast period. They are produced by acetylene hydro-chlorination and ethylene dichloride de-hydro-chlorination. Process involved in vinyl chloride monomer (VCM) production which is called a balanced process which is expected to pollute the environment as it consumes a huge amount of energy. Major VCM parts are used in polyvinyl chloride (PVC) production. Growing environmental concerns such as carbon emission and global warming along with health-related issues are expected to obstruct the global vinyl chloride monomer market over the forecast period. Lack of end-use industries diversification and raw materials price volatility is also expected to hinder market growth across the globe in the coming years. The technological barrier is also expected to obstruct global market growth.
Global VCM market is segmented on the basis of application. The application segment is categorized as PVC and others. Others include construction, building, electrical, and the agriculture sector. PVC was the major sub-segment as 80 % of VCM was used in its product and expected to be the major global vinyl chloride monomer application.
Asia Pacific was holding the major global vinyl chloride monomer market share. The market was followed by North America and Europe. China along with India are major countries which are expected to be the major market growth contributor in the Asia Pacific region. In the coming years, huge demand is expected from Asia Pacific region on account of emerging economies coupled with growing end-use industries. U.S was the principal VCM manufacturer followed by China on account of technological development and low-cost raw materials availability. Owing to infrastructure development and rise in polyvinyl chloride application, vinyl chloride monomer demand was high in developing countries in comparison with developed countries. Moderate growth rate is expected in Europe over the forecast period.
Global vinyl chloride monomer market players include Georgia Gulf Corporation, Formosa Plastics Group, Axiall, Occidental Chemical Corporation, and Dow Chemicals are some key players. These companies were holding more than one-third share of the global vinyl chloride monomer industry. Other small scale companies operating in the vinyl chloride monomer market are Bayer, Chemson Group, Mexichem, Nova Chemical, DuPont, and Boytek. Global VCM market is highly fragmented in nature resulting in more competition among the present market players across the globe. Companies are expected to continue their research and development activities for bio-based vinyl chloride monomer in order to penetrate in the eco-friendly product segment. This is expected to increase their market share and help the company to strengthen its global network. Companies are also expected to adopt various innovative strategies such as mergers, acquisitions, and joint ventures in account of increasing their market volume along with their revenue. They are also expected to work on their technological development in order to simplify the production process and also minimize the risk
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The prevalence of COVID-19 has led to decreased utilization rates of refineries across the globe, resulting in supply shortages for various end-use sectors. The health crisis has, on a different note, has led to a sudden spike in demand for olefins which find usage in the formulation of sanitizers and other cleaning products. The report will account for Covid19 as a key market contributor.