Improvements in plumbing and fire suppression systems, particularly in developing nations such as India and China, will result in rapid growth for the global chlorinated polyvinyl chlorides (CPVC), according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 10.3% through 2023, when it is expected to reach nearly $3.4 billion, according to the report Chlorinated Polyvinyl Chloride: Global Markets to 2023.
- The Chinese CPVC product market will see particularly fast growth, with a CAGR through the period of 12.4%. CPVC P/T and fittings for fire sprinkler systems will grow at 14.9%.
- The Indian CPVC market will grow at a CAGR of 15.9% through the period. P/T and fittings will see especially strong growth for plumbing and fire sprinkler systems. It is estimated that nearly 30% of the global increase in CPVC products for plumbing will come from India.
- Globally, pipe/tubing and fittings account for 89.3% of the market, with other materials at just 10.7%.
“As a result of fast-growing market demands, leading CPVC resin producers have been rapidly expanding capacity in recent years,” said BCC Research analyst and report author Jason Chen. “Lubrizol, the world’s largest CPVC producer, significantly increased its capacity of CPVC resins by 170,000 metric tons per year, and CPVC compounds by 200,000 metric tons per year, by expanding its manufacturing sites in Thailand, India and Texas between 2014 and 2017 (including its joint ventures). In the same period, Chinese CPVC resin manufacturers increased their total capacity to over 150,000 metric tons per year.”
Regulatory Considerations Play a Major Role in Product Approvals
Understanding the regulatory environment for CPVC products is important when considering market movements. In the United States, CPVC has been accepted at the national level since 1982, though some states did not approve use of the materials until 2007 and later. In the United Kingdom, CPVC is permitted for use. In 2016, the government in Wales approved use of the material for new and converted housing fire protection systems.
Editors/reporters requesting analyst interviews should contact Eric Surber at firstname.lastname@example.org.
Chlorinated Polyvinyl Chloride: Global Markets to 2023( CHM083A )
Publish Date: Nov 2018
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher. For media inquiries, email email@example.com or visit www.bccresearch.com/media to request access to our library of market research.