Global Vinyl Chloride Monomer Market to Witness Rapid Development During the Period 2023
It is one of the largest producing petrochemical in the world, with the U.S. producing the largest chunk of VCM globally due to its cost advantage in chlorine and ethylene raw materials. On the other hand, China is the largest consumer of VCM. Global vinyl chloride monomer market is poised to grow substantially owing to rising building & construction sector in developing nations which will boost PVC demand for piping applications over the forecast timespan.
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Evolution in medical technologies which involves fabrication of medical equipment such as blood and intravenous bags, cardiac catheters, and artificial heart valves will augment product demand resulting in propelling market growth. Vinyl Chloride is described by the U.S. Department of Health and Human Services National Toxicology Program (NTP), as a known human carcinogen. Prolonged exposure to VCM in humans and animals is known to cause angiosarcoma of the liver. Environmental concerns such as carbon emission, global warming along with health-related issues are likely to hamper the global vinyl chloride monomer market size in the near future.
Product act as a precursor to polyvinyl chloride (PVC), which is then utilized by building & construction, automotive, healthcare, electrical sector etc. Growing applicability of PVC in such end-users for pipe & fittings, floorings, windows, cable & wires, floorings, tubes, etc. has created new possibilities for vinyl chloride monomer market. Growing industrial activities which involves piping in food & chemical processing, landfill liners are likely to trigger product demand, thus likey to drive the overall vinyl chloride monomer (VCM) market size by 2025.
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Asia Pacific is projected to be the major vinyl chloride monomer market due to high degree of industrialization and construction activities in Asia Pacific countries and presence of huge production capability of VCM in the region. On the other hand, U.S. is the principal VCM manufacturer on account of technological development and low-cost raw materials availability. Availability of inexpensive ethane feedstock derived from shale gas, has led to gradual expansion of the U.S. vinyl chloride and PVC production capacities which will ultimately boost exports during the forecast period.
Company Profiles of Vinyl Chloride Monomer Market:
Occidental Chemical Corporation, AGC Chemicals, Jubail Chevron Phillips, Ineos Styrolution, Lyondellbasell Industries, Petroquimica Innovay, Bayer, Nova Chemical, DowDupont, BASF, LG Chem, Formosa Plastics Group, Axiall, Georgia Gulf Corporation, Reliance Industries, Qatar Vinyl Company
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