Analysis of Bio-Based PVC Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Bio-based PVC is used in the manufacturing of wires, pipes, and cables that are used further in the construction, and electronics segment. The building and construction sector in developing economies is likely to expand in the forecast period which is likely to excel in demand for the bio-based PVC markets in upcoming years. PVC is widely available in two forms rigid and flexible. The market for bio PVC is poised to grow significantly as it has a significant potential to replace conventional PVC efficiently. Bio-based PVCs are made from bio-based feedstock instead of conventional methods.
The rising awareness about climate change across the world has propelled the demand for manufacturers to invest in sustainable alternatives. The invention of bio-based pipes has been proven to be a positive impact on the environment as well as these products survived on the performance and quality standards.
Moreover, it can help manufacturers meet current market demands for bio-based and bio-degradable chemicals and plastics. This can be efficiently used in building and construction, packaging and transportation, electrical and electronics, and textile industries among others for various applications that include the production of agricultural films, bags, fibers, containers, bins, and bottles among others.
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“The market is expected to grow with a CAGR of 4% in upcoming years.”
Plastics are demanded in almost every other industry for packaging applications. The use of conventional plastics is getting more and more restricted as a result of stringent regulations and norms being laid by the governments at national and international levels. These regulations restrict the utilization of plastics that are non-biodegradable and harmful to the environment.
As a consequence, industrialists are bound to use bio-based alternatives to conventional fossil fuel-based chemicals and this has created a significant demand for bio-based PVC. The increasing awareness about the facts such as bio-based PVC is produced from feedstock that is renewable and more importantly, biodegradable has also contributed to the increase in demand for bio PVC across the globe, and this demand for bio-based PVC is expected to increase further in the coming years.
The preference of most industries such as food processing, and packaging has shifted towards bio-based polymers in order to attain their goals of sustainable development. This factor is also expected to drive the growth of the global market significantly.
The uncertainty in the supply of needed feedstock in the manufacturing of PVC is a hindrance faced by vendors. The feedstock crisis is due to heavy demand from the food industry as the feedstock is the same for both PVC and food production segments.
The high price of raw feedstock is likely to affect the average marginal profit of the firm. The major threat these market companies are facing is the shift towards HDPE pipes. The shortage of PVC resin is likely to hinder the growth of this sector. The rise in raw material prices is affecting the marginal profit of these firms.
The penetration of alternative pipe materials such as polyesters, and elastomers may deter the demand for this market. The construction industry is better coping with the impact of Covid- 19 than other industries. Plastic is seen as an alternative to PVC which is likely to affect this market.
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Injection blow and thermoforming are widely used methods in the processing of PVC material. The single-use containers and bags are made out of these processing ways likely to grow in the forecast period.
Based on the application the market is dominated by the use of making agricultural films due to their resistance and rigidity. Bags, bottles, and containers are the second dominant applications in this industry and are likely to gain growth in the forecast period.
On the basis of the end-use industry, the demand for this market is driven majorly by the construction sector. Moreover, the plastic and polymer section is likely to gain traction in the forecast period. The consumer electronics sector is anticipated to drive the demand for bio-based PVC in upcoming years owing to the rise in the worldwide population.
Asian markets are set to gain traction in the forecast period. China and India are densely populated countries. The growth of the population in these countries will lead to the growth of the construction industry in these countries. The plastic industry has also shown significant growth in these countries in recent years.
“The Asia Pacific led by China and Japan dominates the market in terms of production.”
China is one of the prominent regions in the global bio-based PVC market. Japan also has some of the prominent players in the global bio-based PVC market. However, as a consequence of a significant concentration of industries that consume bio-based PVC in China, East Asia is expected to hold a significant share of the global bio-based PVC market in terms of consumption volume. East Asia is followed by other regions such as North America and Europe which have a considerable demand for bio-based polymers such as bio-based PVC.
North America region has shown significant growth in the construction industry in recent years. The plastic industry in the region is also growing moderately. The growth of these two industries in North America is expected to drive the market for Bio-based PVC in the coming years. Middle East region has been showing good growth in the construction industry.
The growth of the construction industry is expected to provide a platform for the growth of the market in the region. The market in the APAC region is expected to grow as the growth of the construction industry in the region is moderate. APAC also has a growing plastic industry, which is also expected to help in the growth of sales of Bio-PVC.
The Bio-based PVC industry is anticipated to rise in terms of the number of players in the industry. Local manufacturers tend to gain a major advantage over international companies. Companies in this industry are focusing on the high performance and durability of pipes. Collaboration and mergers are preferably used strategies by the market players intended to increase the geographical expansion of business.
Technological advantage and product innovation are likely to give the edge to competitors in the industry. The key players in this market are- Solvay, Bio-Plastic Solutions, LLC, BiologiQ, Inc., Trinseo, Proviron, Green Dot Bioplastics, Carnegie Fabrics, LLC, Nomaco, Plastic Extrusion Technologies, AFI Licensing LLC, Presco, ENSO Plastics, Neste.
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The market is likely to grow with a CAGR of 4% in the forecast period.
The key players in this market are- Solvay, Bio-Plastic Solutions, LLC, BiologiQ, Inc., Trinseo, Proviron, Green Dot Bioplastics, Carnegie Fabrics, LLC, Nomaco, Plastic Extrusion Technologies, AFI Licensing LLC, Presco, ENSO Plastics, Neste.
East Asian countries like China and Japan have the highest prominent players in this market during the forecast period.
The industrial shift to use bio-based polymers for achieving their sustainability goals is driving the growth of the Bio-based PVC market.
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