North America Polyvinyl Chloride (PVC) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 21, 2021 by statzyreports

The North America Polyvinyl Chloride (PVC) Market was estimated at USD 9,926 million in 2020 and the market is projected to register a CAGR of over 4% during the forecast period (2021-2026).

 
The market was negatively affected by COVID-19 in 2020. Owing to the pandemic scenario, the countries in the region went into lockdown to curb the spreading of the virus, which negatively impacted the market. Various end-user industries such as building and construction, electrical and electronics, automotive, and others were badly affected, due to supply chain disruption, work stoppages, and labor shortages. However, the condition is expected to recover in 2021, which is likely to restore the growth trajectory of the market studied during the forecast period.

- Over the medium term, major factors driving the market studied are the increasing use of plastics to reduce vehicle weight and enhance fuel economy and increasing applications in the healthcare industry.

- On the flip side, hazardous impacts on humans and the environment and negative impact of COVID-19 pandemic are expected to majorly hinder the growth of the market studied.

- Polyvinyl Chloride recycling is likely to act as an opportunity in the future.

Key Market Trends

Growing Demand from the Construction Industry

- PVC pipes have been used in building and construction for over 60 years, as they offer valuable energy saving during production, low-cost distribution, and a safe, maintenance-free lifetime of service. These pipes are widely used for pipeline systems for water, waste, and drainage as these pipes suffer no build-up, scaling, corrosion, or pitting and they provide smooth surfaces reducing energy requirements for pumping.

- PVC flooring has several benefits, such as durability, freedom of aesthetic effects, ease in installation, easy to clean, recyclability, etc. Thus, its flooring is used over years. Another area in the building and construction industry, where PVC is used, is in roofing; it is used mainly due to its low maintenance requirements and as it lasts more than 30 years.

- In the North American region, the construction industry is expected to witness a moderate growth, supported by single-family, roads and bridges, and institutional construction expected in the coming years. In the United States, Southern and Western regions are the key regions for growth, with Nevada, Texas, and New Mexico leading the growth prospects. In Canada, the overall construction industry is expected to resume its growth in forecast period, supported by a rebound in non-building construction.

- Canada’s Construction industry was undergoing a high growth over the past decade with about 50 skyscrapers being built in major cities including Toronto, Vancouver, and Calgary. However, it has seen a decline in the recent past with total value of residential permits decreased by about 13.1% to reach a total of CAD 4.6 billion (~USD 3.27 billion) revenue in March 2020.

- However the Canadian government is in positive view to tackle the COVID-19 outbreak and maintain its economy in a stable manner by making necessary fiscal adjustments in the fastest possible way. Various government projects, such as New Building Canada Plan (NBCP, and Affordable Housing Initiative (AHI), are supporting the sector’s growth. The construction industry in Canada is expected to recover by 2021 and is estimated to post a moderate growth over the forecast period which in turn will influence the demand for market studied over the forecast period.

- Furthermore, the Mexican government announced a huge investment plan of almost 42 billion to boost the growth of the construction sector and economy over the period of 2020-2024.
- All the aforementioned factors are expected to increase the demand for polyvinyl chloride over the forecast period.

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United States to Dominate the Market Growth

- United States is the world’s largest and most powerful economy in the world. However, the economic growth of the country has been slowed in the recent past with the GDP growth rate dropping from 3% in 2018 to 2.2% in 2019. Additionally, the GDP of the country contracted by 4.8% in the first quarter and 31.4% in the second quarter of 2020, indicating severe impact of COVID-19 pandemic. Overall, the country’s annual GDP growth dipped to -4.3% in 2020

- The United States is the second-largest automotive manufacturer, after China, and had a production of 10.88 million vehicles in 2019. After it registered a growth of 3.8% in 2015, the growth slowed down to 0.8% in 2016, due to excess inventory and low demand for passenger cars. Furthermore, automotive production decreased by 8.13% in 2017, but witnessed 1.1% growth in 2018. However, the production tanked again in 2019 witnessing decline of about 3.7%.

- In the first nine months of 2020, the total automobile production in United States witnessed a decline of about 25.1% Y-o-Y over the same time period in 2019. The decline in production due to the virus outbreak has affected the automotive industry in the country thereby indirectly affecting the market growth.

- The US electronics market is the largest market in the world, in terms of size acting as one of the leading potential zones for the market studied. Furthermore, it is expected to remain the leading market over the forecast period, due to the usage of advanced technology, an increase in the number of R&D centers, and rising demand from the consumers.

- The shift toward low-cost, flexible packaging, and the increase in demand for innovative and clear packages continue to provide the necessary impetus for the growth of the United States packaging industry.

- According to US Census Bureau, the total Residential housing units authorized by building permits in March 2020 were at a seasonally adjusted annual rate of 1,353,000 representing 5% growth over March 2019 rate of 1,288,000. The total number of privately‐owned housing starts in March 2020 were at a seasonally adjusted annual rate of 1,216,000 representing 1.4% growth over March 2019 rate of 1,199,000.

- In 2020, various cities and states across the United States, such as Boston, San Francisco Bay Area, and Pennsylvania, shut down construction work owing to the COVID-19 pandemic. This hampered the market growth. But, the narket is expected to recover through the years to come.

- All the above-mentioned factors, in turn, are expected to show a significant impact on the amrket studied during the forecast period.

Competitive Landscape

North America Polyvinyl Chloride market is partially fragmented among the top five players. The top companies have been focusing on providing better materials for various end-user industries. Major manufacturers of North America PVCs are Formosa Plastics Corporation, Covestro AG, Shin-Etsu Chemical Co., Ltd., Westlake Chemical Corporation, LG Chem, and amongst others.

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Issued By Statzy Market Research
Country India
Categories Science
Tags North America Polyvinyl Chloride (PVC) Market , North America Polyvinyl Chloride (PVC) Market share , North America Polyvinyl Chloride (PVC) Market size , North America Polyvinyl Chloride (PVC) Market forecast
Last Updated April 21, 2021