(MENAFN- GlobeNewsWire - Nasdaq) The global chlorinated polyvinyl chloride (CPVC) market reached a value of nearly $4.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.19% since 2018. The market is expected to grow from $4.2 billion in 2023 to $6.3 billion in 2028 at a rate of 8.36%. The market is then expected to grow at a CAGR of 10.01% from 2028 and reach $10.1 billion in 2033.Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) -- The "Chlorinated Polyvinyl Chloride (CPVC) Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
This report describes and explains the chlorinated polyvinyl chloride (CPVC) market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region. Growth in the historic period resulted from growth in the construction industry, rising urbanization, rising industrialization and a growing agriculture sector. Factors that negatively affected growth in the historic period were high raw material prices.
Going forward, the growing chemical industry, increasing expansion of oil and gas, strong economic growth in emerging markets and government initiatives will drive the market. Factors that could hinder the growth of the chlorinated polyvinyl chloride (CPVC) market in the future include export restrictions.
The chlorinated polyvinyl chloride (CPVC) market is segmented by grade into injection grade and extrusion grade. The extrusion grade market was the largest segment of the chlorinated polyvinyl chloride (CPVC) market segmented by grade, accounting for 74.5% or $3.1 billion of the total in 2023. Going forward, the extrusion grade segment is expected to be the fastest growing segment in the chlorinated polyvinyl chloride (CPVC) market segmented by grade, at a CAGR of 8.62% during 2023-2028.
The chlorinated polyvinyl chloride (CPVC) market is segmented by application into pipes and fittings, fire sprinkler systems, power cable casing, adhesives and coatings and other applications. The pipes and fittings market was the largest segment of the chlorinated polyvinyl chloride (CPVC) market segmented by application, accounting for 57.5% or $2.4 billion of the total in 2023. Going forward, the fire sprinkler systems segment is expected to be the fastest growing segment in the chlorinated polyvinyl chloride (CPVC) market segmented by application, at a CAGR of 9.69% during 2023-2028.
The chlorinated polyvinyl chloride (CPVC) market is segmented by end user industry into construction, chemical, electrical and electronics, healthcare, agriculture and other end user industries. The construction market was the largest segment of the chlorinated polyvinyl chloride (CPVC) market segmented by end user industry, accounting for 40.4% or $1.7 billion of the total in 2023. Going forward, the construction segment is expected to be the fastest growing segment in chlorinated polyvinyl chloride (CPVC) market segmented by end user industry, at a CAGR of 9.59% during 2023-2028.
Asia-Pacific was the largest region in the chlorinated polyvinyl chloride (CPVC) market, accounting for 41.5% or $1.7 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the chlorinated polyvinyl chloride (CPVC) market will be Eastern Europe and Asia-Pacific, where growth will be at CAGRs of 10.18% and 9.31% respectively. These will be followed by South America and North America, where the markets are expected to grow at CAGRs of 8.75% and 8.02% respectively.
The global chlorinated polyvinyl chloride (CPVC) market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up 21.82% of the total market in 2022. Kaneka Corporation was the largest competitor with a 5.36% share of the market, followed by Nan Ya Plastics Corporation with 4.52%, Sekisui Chemical Co. Ltd. with 3.66%, Lubrizol Corporation with 3.41%, Astral Ltd. with 1.39%, Hanwha Solutions Corporation with 0.83%, Arkema SA with 0.77%, DCW Ltd. with 0.68%, IPEX Inc. with 0.60% and BASF SE with 0.59%.
The top opportunities in the chlorinated polyvinyl chloride (CPVC) market segmented by grade will arise in the extrusion grade segment, which will gain $1.6 billion of global annual sales by 2028. The top opportunities in the chlorinated polyvinyl chloride (CPVC) market segmented by application will arise in the pipes and fittings segment, which will gain $1.2 billion of global annual sales by 2028. The top opportunities in the chlorinated polyvinyl chloride (CPVC) market segmented by end user industry will arise in the construction segment, which will gain $989.21 million of global annual sales by 2028. The chlorinated polyvinyl chloride (CPVC) market size will gain the most in the USA at $494.79 million.
Market-trend-based strategies for the chlorinated polyvinyl chloride (CPVC) market include expanding capacity of CPVC compounds to meet growing demand and domestic supply needs, increasing investments in new CPVC plants to expand product portfolio, introduction of green CPVC cement for diverse applications and the rise in production capacities to cater to increasing demand across diverse industries.
Player-adopted strategies in the chlorinated polyvinyl chloride (CPVC) market include focus on strategic partnerships to develop business expertise, expanding operational capabilities through strategic partnerships and expanding business through new product launches.
To take advantage of the opportunities, the analyst recommends the chlorinated polyvinyl chloride (CPVC) companies to focus on capacity expansion, focus on strategic investments, focus on innovative CPVC products, focus on extrusion grade segment, focus on diversifying distribution channels, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, focus on strategic pricing strategies, cultivate strategic partnerships to strengthen promotional efforts, participate in trade shows and events, continue to use B2B promotions, focus on construction sector penetration and focus on pipes and fittings manufacturers engagement.
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