Polyvinyl Chloride (PVC) is one of the most widely produced synthetic plastic polymers in the world. Also, it’s a highly renewable plastic that’s available in various forms and has numerous rigid and flexible applications in day-to-day life. As with various other polymers, polyvinyl chloride is derived primarily from fossil fuels.
With the introduction of stringent regulations and growing emphasis on circular economy, the demand for specialist, renewable PVC like biobased polyvinyl chloride has increased. Read on as we detail the advantages and applications of biobased PVC and cover the industry analysis and top factors driving the biobased polyvinyl chloride market growth.
Quick Overview of Biobased PVC
Simply put, biobased PVC are polymers that make use of non-phthalate plant-based plasticizers procured from renewable feedstock. This is in contrast to traditional PVC, which makes use of petroleum-based plasticizers. Biobased PVC is known for having the same strength and feel as its traditional counterparts. Also, they can’t be differentiated from traditional plastics other than through scientific analysis. Biobased PVC can be used for both injection molding and extrusion processing.
What’s Driving the Market Forward?
The market for biobased PVC is anticipated to grow at a healthy rate. The biobased polyvinyl chloride market size was USD 630.15 million in 2022 and is anticipated to grow to USD 3,488.72 million at a CAGR of 18.7% during the forecast period.
The market growth is driven by several factors, including:
- Growing concerns over plastic pollution and the need for eco-friendliness
- Introduction of new policies and regulations by governments and regulatory bodies worldwide
- Changing consumer preferences towards eco-friendly products
Advantages of using Biobased polyvinyl chloride
There are numerous benefits of using biobased PVC. Here are some of them:
- Lower carbon footprint
- Lower water and energy consumption during the production lifecycle
- Energy savings during production
- Significant reduction in Volatile Organic Compounds (VOCs)
- Same performance characteristics as general PVC
- Can be customized to meet regulatory requirements
Applications of Biobased PVC
Biobased PVC manufactured by Biobased polyvinyl chloride market key players has a wide range of applications. Here are some of them:
Pipes: Biobased PVC is largely used to manufacture pipes for municipal and industrial applications due to its good chemical resistance and ease of jointing.
Electric cables: Biobased PVC also finds applications in the production of electric cables. This is because biobased PVC is comparatively more affordable than other materials.
Construction: In the construction industry, biobased PVC is extensively used as a low-cost material. Its common uses include substitutes for painted wood or replacements for older single-glazed windows.
Clothing: Biobased PVC is water resistant. As such, it’s used in certain clothing items such as coats, skiing equipment, jackets, and aprons.
The Flexible Segment Garnered the Largest Market Share
The flexible segment accounted for the largest share of the biobased polyvinyl chloride market. Flexible biobased PVC is manufactured using renewable feedstock such as plant-based resources. This helps reduce the dependency on fossil fuels and lowers carbon emissions. With more and more consumers becoming environmentally conscious, there is a growing requirement for environmentally friendly solutions. Flexible biobased PVC caters to this demand by allowing businesses to market their products as sustainable.
Asia Pacific Region Dominates the Market
The growing emphasis on ecological sustainability primarily drives the market’s growth in the region. Other factors that are driving the region’s growth are the enforcement of environmental standards and growing consumer preference for products having a lower environmental footprint. In APAC, both governmental bodies and corporations are looking for ways to lower their reliance on fossil fuels during plastic production.
To conclude, biobased PVC utilizes renewable feedstock like plant-based sources. This makes them an attractive option for businesses looking to diversify their sources or raw materials. The recyclability and cost-effectiveness of biobased polyvinyl chloride are anticipated to contribute to the increased biobased polyvinyl chloride market demand in the upcoming years.