Chlorinated Polyvinyl Chloride (CPVC) Market Size, Share and Industry Analysis Report by Production Process (Solvent Method, Solid Phase Method, Aqueous Suspension Method) and Application (Pipes & Fittings, Fire Sprinklers, Power Cable Housing, Adhesives & Coatings), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028
The chlorinated polyvinyl chloride (CPVC) market is slated to exhibit significant growth through 2028 on account of mounting applications of the material in pipes and fittings used for the transport of hot water in key regions across the globe.
Notably, the growing prominence of CPVC worldwide has opened new growth avenues for various business leaders. These conglomerates are opting for strategic initiatives like acquisitions, mergers, product launches, and R&D projects to fortify their position in the global industry, which has been favorable for the expansion of the chlorinated polyvinyl chloride (CPVC) market.
To cite an instance, in October 2020, Lubrizol, a U.S.-based specialty chemicals provider, entered into a definite collaborative agreement with Grasim, an Aditya Birla Group company, to establish India’s largest CPVC resin plant. The new CPVC plant with nearly 100,000 metric-ton capacity, which was to be built at Grasim’s site located in Vilayat, Gujarat, was claimed to offer the largest single-site capacity for CPVC resin production globally upon being commissioned. Lubrizol also planned to make additional investments to supply CPVC resins to Grasim’s existing plant in Gujarat, enabling it to emerge as the only company in India with end-to-end CPVC capability.
The chlorinated polyvinyl chloride market has been fragmented in terms of production process, application, and region. With regards to production process, the market has been bifurcated into solid phase method, solvent method, and aqueous suspension method.
Amongst these processes, the aqueous suspension method segment dominated the industry with about 65% market share in 2021 and is slated to surge considerably over 2022-2028. The segmental development can be attributed to the ease in production and prevalent use of the method by major CPVC resin producers.
Based on application, the chlorinated polyvinyl chloride (CPVC) market has been divided into fire sprinkler, pipes & fittings, adhesives & coatings, power cable housing, and others. Out of these, the power cable housing application segment is poised to expand substantially through the study timespan to be worth more than $400 million by 2028. Rising use of chlorinated polyvinyl chloride in the production of high-voltage power cable protective tubes is foreseen to augment segmental growth in the future.
On the geographical front, the Middle East & Africa chlorinated polyvinyl chloride market is anticipated to surpass $340 million in revenue by 2028 end. The growth of the market is projected to be facilitated by the expanding construction industry in the region. Increasing government investments towards promoting mega-projects for construction & engineering companies in the UAE are also estimated to propel product adoption across MEA in the upcoming years.
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