Manufactured by heating plastic and molten resin to create a desirable shape, polyvinyl chloride fittings (PVC) are used in different forms in sewage management, irrigation, water supply, and the construction industry. PVC pipes are characterized by their high temperature and corrosion resistance and have the added benefit of being cost-effective and recyclable. PVC pipes have largely substituted their metal and concrete counterparts in houses and across various industries. PVC fittings also find application as an insulative coating for electrical wires.
Chemical reactions with metal fittings lead to ‘Eureka’ moment for PVC
Recently, there has been notable innovation witnessed in infrastructure development projects and water management & distribution techniques in emerging markets. The former is anticipated to play a vital role in the growth of the fittings market. PVC is preferred because of its manifold benefits to replace existing iron and steel fittings that have fallen victim to natural wear and tear. A few industrial chemicals even react with metal fittings, making the use of PVC fittings all the more compelling. This shift is not only in developing but also developed markets such as the US, where corrosion steel pipes are being replaced by PVC pipes as a result of high operational costs and a ‘safety-first’ approach.
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Could cheaper, better, and eco-friendly substitutes steal PVC’s thunder?
However, some factors limit the growth of the PVC fittings market and must be taken into account. The long-term usage of PVC pipes to supply potable water makes the taste of the water undesirable and potentially hazardous. The disposal of PVC fittings can release greenhouses gases into the atmosphere which directly contribute to global warming. Furthermore, the threat of replacement by alternatives such as acrylonitrile-butadiene-styrene (ABS) and high-density polyethylene (HDPE) is always looming on the horizon for the PVC fittings market. Both are more eco-friendly, cost-effective, lighter, and more flexible and are particularly well-suited for underground installations, in the oil & gas industry, and indoor piping, when compared with PVC fittings.
PVC fittings and the construction industry have win-win combination
The PVC fittings market can be further subdivided into construction, irrigation, oil & gas, sewer & waste management, water supply, plumbing, and heating, ventilation, and air conditioning (HVAC). More than half the PVC fittings are deployed in the construction industry and it is unlikely to change anytime soon. Along with construction, sewer & waste management are an area to closely keep an eye on for future prospects in the PVC fittings market.
Focus on APAC and MEA to keep cash registers ringing
The World Bank estimates that 4/5th of the global rural population lacks access to safe potable water. It needn’t be said that poor water quality causes many avoidable diseases. When it comes to Sub-Saharan Africa, the statistics are even more dire with less than a fifth having indoor or lawn taps. Thus, non-governmental institutions are working in close coordination with national and regional governments to guarantee access to clean and safe drinking water. In addition to this, the vast majority of new construction projects are anticipated to be in the APAC and MEA region for the foreseeable future. An economic survey suggests that India alone needs to spend US$1 trillion from 2020-2025 to become a US$5 trillion economy. The subcontinent will require timely investment in high-quality infrastructure projects, and companies tapping this demand before their rivals in the PVC fittings market stand to gain immensely.
Companies playing their cards in the PVC fittings market
Major players actively involved in the PVC fittings market are China Lesso Group Holdings Ltd., Advanced Drainage Systems, Inc., Finolex Industries Ltd, IPEX Inc., Egeplast a.s., JM Eagle Company, Inc., North American Pipe Corporation, Pipelife International GmbH, Royal Building Products, Formosa Plastics Group, Polypipe Plc, Tessenderlo Group, Tigre SA, and Sekisui Chemical Company Ltd.
COVID-19 coping strategy – short term tweaks for long-term success
The impact of COVID-19 on the PVC fittings market is projected to be moderate as large-scale infrastructure projects are put on hold or delayed due to a liquidity crunch. On the other hand, the need for potable water and sewage management in the agricultural, industrial, and residential areas continues unabated, and organizations would do well to tweak their short-term business plans accordingly.
KEY QUESTIONS ANSWERED IN THE REPORT
- What is the market size and growth rate of the global and regional markets by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market during the forecast period?
- What factors are anticipated to impact demand and supply trends in the market during the forecast period?
- What factors are likely to drive market revenue growth during the forecast period?
- What are the key technology and other trends shaping the market?
- What are the key opportunities in the market?
- What are some of the strategies implemented by key companies operating in the market?
- What is the COVID-19 impact on the market?
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