Vinyl Chloride Monomer (VCM) Market is anticipated to grow at a substantial CAGR over the forecast period of 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 anticipated to grow at a substantial CAGR over the forecast period of 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.
Market Industry Reports is a global leader in market measurement and advisory services. It is 100% subsidiary of Maniks Systems Pvt Ltd. The firm has always been at the forefront of innovation to address the worldwide industry trends and opportunities.
We offer our clients a unique depth of market intelligence in an actionable format to move their business forward. Our analysis incorporates the consumer study in more than 100 countries that provide a tactical approach to drive the sustained growth for the business. We continue to pioneer state-of theart approach in research & analysis that makes complex world simpler to stay ahead of the curve. By nurturing the perception of genius and optimized market intelligence we bring proficient contingency to our clients in the evolving world of technologies, megatrends and industry convergence. We empower and inspire Vanguards to fuel and shape their business to build and grow world-class consumer products.