The vinyl chloride monomer market is expected to develop at a CAGR of over 4% during the forecast period. The major factor driving the growth of the market is the high demand from the building & construction sector for various applications. Furthermore, rising demand for vinyl chloride monomer across the healthcare sector is predicted to increase the product demand further. On the flip-side, unfavorable conditions arising due to the sudden outbreak of COVID-19 is anticipated to impact the growth of the market studied.
- Vinyl Chloride Monomer is a colorless, combustible gas at room temperature. It is utilized in the creation of polyvinyl chloride, which is further used in the building & construction industry.
- Asia-Pacific is expected to be the largest market for the vinyl chloride monomer and its products globally during the forecast period.
Key Market Trends
Building & Construction Sector to Boost Vinyl Chloride Monomer Market
- Vinyl chloride monomer is considered as one of the notable chemicals used in various businesses. It is a colorless, combustible gas at room temperature. Vinyl chloride monomer is mostly used in the production of polyvinyl chloride, which is utilized predominantly in the building & construction industry.
- The vinyl chloride monomer business is basically determined by the expansion sought after from the building & construction industry. Vinyl Chloride Monomer is utilized in siding, roofing, wire and link protection, window outlines, and so on in the construction business.
- In 2019, the global expenditure of the building & construction industry amounted to roughly USD 11 trillion and estimates suggest that by the year 2025, it will reach around USD 14 trillion, thus profiting the market for vinyl chloride monomer.
- Total construction expenditure accounts for 13% of the world’s GDP and high expenditure in the coming years in the construction sector is anticipated to fuel the growth of the market.
- All the aforementioned factors are expected to drive the vinyl chloride monomer market during the forecast period.
Asia-Pacific Region to Dominate Vinyl Chloride Monomer Market
- Asia-Pacific region holds a prominent share in the vinyl chloride monomer market globally and is expected to dominate the market during the forecast timeline.
- By the end of 2020, the region is projected to lead the construction spending accounting for almost 46% of the share globally with counties like China, India, Indonesia making the major contribution in the industry.
- It is estimated that the market value of China’s construction industry in 2019 amounted to USD 969.06 billion.
- India’s real estate industry is projected to reach a value of USD 180 billion by the end of 2020.
- Thus, rising demand from various segments is expected to drive the market studied in the region during the forecast timeframe.
The market for vinyl chloride monomer is partially fragmented. Some of the players in the market include Occidental Petroleum Corporation, AGC Chemicals, Vynova Group, Olin Corporation, and Tosoh Corporation.
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