PVC Boots Material Market Trend Analysis From Dowell Safety
Our Company Dowell is a professional PPE manufacturer in China. With about 20 years of experience in the PPE industry, we have known more about the material market. In this post, we will share with you about the PVC boots material trend.
What is PVC?
Polyvinyl chloride (PVC) resins are produced by polymerizing vinyl chloride and finally blending them with additives. PVC is the most extensively used thermoplastic after polyethylene and polypropylene. PVC resins-based products exhibit muscular impact strength and stiffness. These products are stable at ambient temperatures, durable, chemically resistive, and have a non-flammability character.
Owing to these excellent features, the end-user products of PVC are applicable in construction, food, pharmaceutical, chemical, and various other industries. PVC resins also have applications in the consumer goods and furniture industry, wherein they utilize manufacturing raincoats, shoe soles, conveyor belting, and other household products. These products are abundantly demanded in the construction industry for pipes and fittings, cable insulation, door & vent seals, office furniture, and many others.
PVC Market Overview
The polyvinyl chloride (PVC) market at USD 45,069 million in 2020 and the need to register a CAGR of over 4% during the forecast period (2021-2026).
The COVID-19 outbreak has resulted in a substantial economic crisis across the world. Since the growth in the demand for PVC is directly linked to the rising GDP, this situation poses many challenges for the PVC market. Globally, the major PVC-consuming industries, like automotive, electrical and electronics, and building and construction, have been severely hit by the COVID-19 pandemic.
In 2019, the global electronics industry remained stagnant, and the total output of PCBs declined. Moreover, there were disappointing results from the systems and chips output, which led to a slowdown in mobile phones, consumer electronics, PCs, servers, etc. At the beginning of 2020, it was expected that the 5G launch would drive the whole electronics market forward, which was eventually disrupted by the pandemic.
· In 2020, the Asia-Pacific region dominated the global PVC market during the forecast timeline.
· Over the medium term, the factors driving the market’s growth are PVC’s dominant position in the construction industry and increasing applications in the healthcare industry.
· Furthermore, other than the impact of the COVID-19 pandemic on the various end-user industries’ growth, the environmental and health hazards during the production, usage, and disposal of PVC hinder the development of the market studied.
· Accelerating usage of PVC in electric vehicles is projected to act as an opportunity for the market in the future.
· PVC applications in building and construction dominated the overall end-user industry share in terms of both volume and value in 2020.
Key Market Trends Of PVC Boots
Increasing Demand from the Building and Construction Industry
· The increasing infrastructure construction activities are the primary driver in Asia-Pacific, Middle East, and North America region.
· United states have one of the world’s largest construction industry, and it recorded annual revenue of USD 1,306 billion in 2019. Although the residential construction is expected to reduce due to COVID-19 for 2020 and 2021, which will likely hit the PVC market, the growth is expected to pick up after 2021 and continue during the forecast period.
· All the factors above are expected to drive the global market during the forecast period.
Asia-Pacific Region to Dominate the Market
China has the most extensive electronics production base and offers tough competition to the existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, witnessed the highest growth in the consumer electronics segment of the market.
· The medical device market in China is one of the fastest-growing market sectors. The number of private hospitals in the country is less, and the procurement of healthcare products is majorly driven by large public hospitals, which led to the increasing usage of medical devices in public hospitals. This factor drove the demand for polyvinyl chloride (PVC) in the sector.
· In 2019, the health expenditure was recorded to be ~USD 750 billion, which accounted for ~5.3% of the country’s GDP. The medical device market in China has been witnessing strong growth with many hospitals and increasing demand for medical assistance. According to the China Association for Medical Device Industry, the medical device market size was recorded to be around ~USD 80 billion in 2019. About 70% of the growth was majorly fueled by hospital procurement.
· China has planned many infrastructural development projects, such as the Belt and Road Initiative and infrastructural project, which includes the development of airport (new Beijing airport), roads (30,000 km of highways, with bridges, built or upgraded), 30,000 km of high-speed rail covering (which is expected to cover more than 80 cities), and 60% of urbanization ratio with permanent residents.
· The Government of India is taking several measures to promote the country’s domestic electronics manufacturing industry and exports. For instance, the Modified Special Incentive Package Scheme (M-SIPS) provides a 20-25% subsidy for investments in capital expenditure for setting up an electronics manufacturing facility. So far, 212 projects have been approved with proposed investments of INR 551.82 billion. This boom in electronic products in the country is instrumental in propelling the demand for Polyvinyl Chloride (PVC) in the electronic industry over the forecast period.
The factors above are expected to change the dynamics of the polyvinyl chloride (PVC) market in the region.