Asia Pacific PVC Market Report and Forecast 2025-2034

Asia Pacific PVC Market Size

The Asia Pacific PVC market reached around 12.73 MMT in 2024. The market is projected to grow at a CAGR of 5.0% between 2025 and 2034 to reach nearly 19.75 MMT by 2034.

Asia Pacific PVC Market Outlook

• In 2021, per capita consumption of PVC in India reached 2.4 kg per annum.

• Chinese exports of PVC tripled to $1.6 trillion between January and November 2021 globally.

• Chinese exports of PVC to Egypt increased by 17 times year-on-year in 2021.

Asia Pacific PVC Market Growth

PVC is a critical raw material for nearly 29% of all Indian industries. To achieve an economic size of $10 trillion, India is injecting INR 65,600 crores to boost PVC production capacity and meet the rising demand for PVC, which is estimated to reach 70 million tons by 2030. Pipes and fitting are the leading applications of PVC (73%) in India, whose key beneficiary is the agricultural sector. The construction sector, with a 9% share of the Indian GDP, is also a key end-user of PVC.

Nearly 60% of the domestic PVC demand (2.4 from 4 million tons) in India in 2023 was met through imports from China and other countries. However, the implementation of the Atmanirbhar Bharat Program is expected to incentivise domestic PVC production by increasing tariffs on foreign exports and extending financial support to producers through the PLI scheme.

The annual PVC production capacity of China is nearly 25 million tons. It is one of the leading suppliers of PVC globally, with India and Vietnam being its top export destinations. In 2021, PVC exports to Vietnam surged by 274% despite an increase in freight rates, due to its persistent demand across various industrial sectors and domestic supply chain challenges.

Asia Pacific PVC Industry Segmentation

Asia Pacific PVC Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Product Type

• Rigid PVC

• Flexible PVC

• Low Smoke PVC

• Chlorinated PVC

• Others

Market Breakup by Stabiliser Type

• Calcium Based Stabilisers (Ca-Zn Stabilisers)

• Lead Based Stabilisers (Pb Stabilisers)

• Tin and Organotin Based Stabilisers (Sn Stabilisers)

• Barium Based Stabilisers

• Others

Market Breakup by Application

• Pipes and Fittings

• Film and Sheets

• Wires and Cables

• Bottles

• Profiles, Hoses, and Tubings

• Others

Market Breakup by End Use

• Automotive

• Building and Construction

• Electrical and Electronics

• Packaging

• Healthcare

• Others

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Asia Pacific PVC Market Share

Based on country, the market is segmented into China, Japan, India, ASEAN, and Australia, among others. Over the forecast period, India and China are expected to grow at a CAGR of 5.8% and 5.2% respectively. This can be attributed to the rapid growth of infrastructure development in these regions.

Leading Companies in the Asia Pacific PVC Market

Major PVC producers are establishing carbide-based PVC manufacturing facilities in China due to the presence of abundant coal reserves in the north/northwestern regions of the country.

• INEOS AG

• Westlake Corp.

• Formosa Plastics Corp.

• LG Corp. (LG Chem Ltd.)

• Hanwha Solutions Corp.

• Sinochem Holdings Corporation Ltd.

• Shin-Etsu Chemical Co. Ltd.

• Xinjiang Zhongtai Chemical Co. Ltd.

• Chemplast Sanmar Ltd.

• Reliance Industries Ltd.

• Others

Key Highlights of the Report