The growth of the chlorinated polyvinyl chloride (CPVC) market is supported by notable development in the chemicals industry, prominent infrastructural activities in emerging nations, and rising demand for adhesives & coatings, says this report.
Selbyville, Delaware, May 17, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Chlorinated Polyvinyl Chloride (CPVC) Market was estimated at USD 1.6 billion in 2021 and is expected to be valued at over USD 3.4 billion by 2028, progressing at a CAGR of 11.4% from 2022 to 2028. The report provides a detailed analysis of top winning strategies, wavering market trends, competitive scenario, drivers & opportunities, market size & estimations, and major investment pockets.
Chlorinated polyvinyl chloride (CPVC) refers to a thermoplastic homopolymer made by the chlorination of PVC with a free radical. Chlorination of PVC helps improve the temperature performance and fire resistance of CPVC. Chlorinated polyvinyl chloride (CPVC) offers various advantages over traditional pipe material, such as good strength and excellent corrosion resistance, among others. High usage of chlorinated polyvinyl chloride in industrial pipes/fittings, hot water pipes/fittings, fire sprinkler pipes/fittings, films/sheeting, and so on, is set to foster product outlook over the forecast period.
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The chlorination of polyvinyl chloride (PVC) resin in an aqueous medium without swelling agents has been widely used conventionally. In this method, the reaction takes place with a high PVC concentration in an aqueous suspension medium. This facilitates the production of CPVC with superior uniformity and quality as well as a heat distortion temperature (HDT) of at least 100° C. By production process, the aqueous suspension method segment is slated to reach a valuation of about USD 2.3 billion by 2028, growing at a CAGR of more than 11.5% through the assessment timeframe.
Key reasons for chlorinated polyvinyl chloride (CPVC) market growth:
Growing product usage in pipes & fittings.
Increasing product uptake in adhesives & coatings.
Widespread utilization in water storage and distribution.
Rising significance of aqueous suspension production method.
2028 forecasts show ‘adhesives & coatings’ segment retaining its dominance:
With regards to application, the adhesives & coatings segment is estimated to grow at a CAGR of approximately 11% to surpass USD 210 million in revenue by 2028. Vinyl chloride monomer is a primary component in CPVC production. This process also enhances the abrasion and impact resistance of the adhesive and coating material. Rising consumer demand for adhesives & coatings that follow safety measures and possess exceptional corrosion resistance is likely to drive segmental demand over the forthcoming period.
Meanwhile, the chlorinated polyvinyl chloride (CPVC) industry share from the pipes & fittings application segment is poised to witness strong growth through the review period. Escalating demand for CPVC in pipes & fittings, coupled with prominent infrastructural development in emerging nations, is foreseen to bolster segmental growth in the coming years.
Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, the Asia Pacific chlorinated polyvinyl chloride (CPVC) market is anticipated to reach a revenue of above USD 1.97 billion by 2028, delivering around 12% CAGR over the forecast period. Demand for CPVC, particularly in fire sprinklers and pipes & fittings, is primarily boosted by surging uptake in developing economies, especially in agricultural-based countries like China, India, and Indonesia, across APAC. Rising infrastructure construction activities are promoting industry growth in the region. Furthermore, China and India contribute significantly to the massive consumer base and decreased manufacturing costs in APAC, which is attracting high levels of foreign direct investments (FDI) towards the sector. These factors are primed to aid regional market growth.
Impact of COVID-19 pandemic on chlorinated polyvinyl chloride (CPVC) market:
The standards of sanitation and hygiene were under even more scrutiny following the COVID-19 outbreak. Growing prominence of chlorinated polyvinyl chloride (CPVC) in water storage and distribution in the food & beverage sector as well as its adherence to the prevalent stringent standards that required highly corrosive cleaning agents in food processing have been favorable for overall market expansion during the pandemic.
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Leading market players:
Some key companies in the global chlorinated polyvinyl chloride (CPVC) industry include Hangzhou Electrochemical Group Co., Ltd., KEM One, Lubrizol Corporation, Novista Group, Avient Corporation, Kaneka Corporation, Jiangsu Tianteng Chemical Industry, BASF SE, Sekisui Chemical, Shandong Xiangsheng New Materials Technology, and others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.