Global Vinyl chloride monomer (VCM) market is anticipated to grow at a 6.3% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Vinyl Chloride Monomer (VCM) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, in 2018 the global vinyl chloride monomer (VCM) market in terms of volume was over 52 million tons and is anticipated to grow at a CAGR of 6.3% from 2019 to 2030.
Rising demand from end-use industries such as construction, healthcare, and agriculture is the prime factor driving the market growth. Production of bio-based VCM is anticipated to boost the overall market demand.
Rising Demand from Various End Use Industries
VCM market is witnessing growth owing to increasing demand of PVC from end use industries. Construction and health care are the two major industries.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Vinyl Chloride Monomer (VCM) Market by Application (Polyvinyl chloride (PVC) and Other Applications) and Region - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/vinyl-chloride-monomer-VCM-market/50
VCM is prominently used in the production of PVC. PVC manufactured products are widely used in the construction industry. As the construction industry is anticipated to grow over US$ 15 trillion by 2030. The construction market will be driven by emerging economies recovering from economic instability and developed economies continuing to industrialize. US, China and India are projected to be the major contributor towards this growth. As the construction industry continues to grow the demand for PVC will also grow and the rise in demand for PVC will in turn spur the demand for VCM.
Another factor contributing towards the market growth is the rising demand of VCM from healthcare industry. As VCM is primarily used in the production of PVC, PVC is further used in the manufacturing of thermoplastic material used in medical devices. Moreover, PVC is also used in manufacturing of blood bags. The healthcare industry is witnessing growth due to rise in incidence of chronic diseases, unhealthy lifestyle, and growth in aging population. As the healthcare industry continuous to grow the demand for VCM will also grow.
Volatility in the Prices of Raw Materials
The raw materials used in the production of VCM are acetylene, ethane, and ethylene and shale gas. These raw materials are generated from crude oil and natural gas and any fluctuation in the pricing of raw materials impact the pricing of the final product. Thus, fluctuating prices of crude oil and natural gas is hampering the overall market growth.
Key Players are Adopting Various Strategies to Enhance Their Market Position
The VCM market is highly fragmented. Players such as Formosa Plastics Group, Dow Chemicals, and Occidental Chemical Corporation are some of the prominent players present in this market. To enhance their market position players are shifting towards the production of bio-based VCM. Some are also adopting strategies such joint ventures and merger and acquisition to enhance their market presence. Some of the other players present in this market are Bayer, DuPont, Solvay, Nova Chemical, and Sasol among others.
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