Vinyl Chloride Monomer (VCM) Market Insights
Vinyl Chloride Monomer (VCM) Market is projected to be worth USD 22.69 Billion by 2028, registering a CAGR of 6.4% during the forecast period (2022-2028), The market was valued at USD 14.70 Billion in 2021. The PVC segment is expected to lead the growth of the market owing to increasing applications such as tubing, wire, and others. Building and construction segment is expected to dominate the growth of the market due to growing industrialization. Further, Asia Pacific leads the growth of the market due to the growing end-use industry in the region.
Vinyl chloride monomers are colorless, flammable, and widely used in copolymer resin production which is preferred in the building and construction sector. Vinyl chloride is a gas that has a sweet odor and is highly toxic. VCM production is mainly based on the ethylene feedstock, excluding China, where the acetylene-based capacity leads.
Vinyl Chloride Monomer (VCM) Market Dynamics
Increasing the use of vinyl chloride as an additive in the manufacturing of various plastic products and working fluids are driving the growth of the market. Further, the increasing application of PVC is fueling the growth of the market.
Rising environmental concerns and the availability of substitutes for various applications are expected to hamper the growth of the market.
The development of bio-based vinyl chloride monomer (VCM) in the market is anticipated to bring profitable opportunities for the market.
COVID-19 Analysis of Vinyl Chloride Monomer (VCM) Market
The detrimental effects of COVID-19’s global expansion on numerous countries have shocked governments around the world, prompting them to act decisively to stop COVID-19. The first strain of Coronavirus was identified in Wuhan, China in December 2019 which affected the entire world. On a rise in infection across various nations, around 212 countries were infected by the pandemic. Most companies in numerous nations have been severely impacted by the global crisis COVID-19 pandemic. Import-export limitations that caused delays and disturbances at foreign borders harmed the wound dressings as well. The raw material supply chain faced numerous obstacles as a result of restrictions on the mobility of persons and goods. Hence, overall, the vinyl chloride monomer (VCM) market has observed a moderate impact on the economy.
Vinyl Chloride Monomer (VCM) Market Report Coverage
|Report Attributes||Report Details|
|Market Size in 2028 (USD Billion)||22.69|
|By Application||PVC, Copolymer Resins|
|By End Use||Building and Construction, Healthcare, Agriculture, Electrical and Electronics, Others|
|By Geography||North America: U.S., Canada, Mexico
Europe: Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe
Asia Pacific: China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile, Rest of Latin America
The Middle East and Africa: GCC, Turkey, Israel, Rest of MEA
Vinyl Chloride Monomer (VCM) Market Segment Analysis
By application, the segment includes PVC and copolymer resins. Polyvinyl chloride segment dominates the application segment in the vinyl chloride monomer market. Due to increasing application of PVC such as tubes, cable & wires, pipe & fittings, floorings, bottles, windows, and floorings in end-user industries such as health care, building and construction, electronics, automobile, and other sectors, and other.
By End Use
The segment is divided into building and construction, healthcare, agriculture, electrical and electronics, and others. Building and construction segment is projected to lead the growth of the end-use segment in the vinyl chloride monomer market. The factor contributing to the growth of the market is rising global expenditure in the building and construction sector. As vinyl chloride monomers are used in applications such as wire, roofing, siding, link protection, and window outlines.
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America in the vinyl chloride monomer (VCM) market. The Asia Pacific is leading the growth of the vinyl chloride monomer market due to increasing construction in emerging countries such as China, India, and Indonesia. Further, China dominated the construction sector in the region.
Vinyl Chloride Monomer (VCM) Market Competitive Landscape
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and product launches have accelerated the growth of the vinyl chloride monomer (VCM) market.
- Formosa Plastics Corporation
- Occidental Petroleum Corporation
- Bayer AG
- Akdeniz Chemson
- NOVA Chemicals
- BOYTEK A.S.
- BASF SE
- Westlake Chemical Corporation
- LG Chem.
- Reliance Industries Limited
- Tokuyama Corporation.
- Qatar Petrochemical Company (QAPCO) Q.P.J.S.C (Qatar)
- AGC Chemicals Americas
- Chevron Phillips Chemical Company LLC.
- Lyondellbasell Industries Holdings B.V.
What is the forcasted value of the market year?
Vinyl Chloride Monomer (VCM) Market is expected USD 22.69 billion by 2028.
Which are the worldwide major key players covered for this market report?
Formosa Plastics Corporation, Occidental Petroleum Corporation, Dow, Bayer AG, Akdeniz Chemson are the worldwide major key players in this market report.
Which region registered the rapidly CAGR growth?
Asia Pacific registered the fastest CAGR growth during the forecast period.
What is the major market-driving factor?
Increasing the use of vinyl chloride as an additive in the manufacturing of various plastic products and working fluids are driving the growth of the market.
Which is the greatest application segment in this market?
Polyvinyl chloride (PVC) greatest application segment in the vinyl chloride monomer market.
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